This Month's Topic: The importance of identifying your ideal target market.
When you decide to go into business you need to be absolutely clear about who will buy your product and why.
If you’re not shaping your business from the foundations up, focusing on how you can serve your target market, you are going to try to be everything to everyone and actually be no good to anybody.
The more you understand the who, what, where, when, why & how of your target market, the better you'll be able to shape the cut of your business.
This month, we’ll be exploring:
- How to focus on your higher margin sales to achieve more with less
- Effectiveness Vs. Efficiency ratios
- Does your core business make you money? The answer should always be yes!
We’ll also be interviewing Simon and Kylie Frank – husband and wife team – from Powercom Electrical Services who worked on identifying and focusing on their ideal target market, rather than "selling to everyone".
By doing so, they were able to increase their monthly revenue by over 250%.
Highlights from last months event
The M500 group is Melbourne’s premier small business event. Here's just a small selection of highlights from last month's event.
Meeting monthly, the M500 group is Melbourne’s premier small business event for business owners turning over $1M+ per annum. You’ll learn from speakers and interviewees who’ve faced – and overcome – the challenges you’re facing. Then you’ll discuss what you’ve learned with like-minded business owners. Check out the video to find out more.
Simon and Kylie Frank, PowerCom Electrical Services
Simon and Kylie Frank have been clients of Business Benchmark Group for over 2 years.
PowerCom has over 15 years experience delivering Data and Telecommunications and Lighting Design to Domestic, New Domestic, Commercial and Industrial premises, priding themselves on producing a high quality of work and prompt service.
Since joining Business Benchmark Group, their monthly revenue has increased by over 250% - taking the business from the kitchen table to a factory. Key to this was identifying exactly who their ideal target market was, and a subsequent refocus of their business
What is M500?
Success in business comes from sharing information. From challenging others. And from being challenged.
But most importantly, it comes from inspiration. The inspiration that can only come from associating with high-level entrepreneurs.
M500 is all of the above. Held monthly, M500 business advisory events combine educational guest speakers and industry networking. It’s an opportunity to learn from inspiring business leaders who’ve turned small businesses into empires.
It’s also an open forum that encourages interactive business learning and peer networking. M500 brings together like-minded professionals for a welcome break from the isolation that often accompanies business ownership.
Who is M500 for?
M500 is for the business owner turning over $1M+ per annum who wants to start thinking bigger. Being braver. And who’s set their sights on becoming a benchmark of business success.
The result is a diverse community of business owners. From every industry imaginable. Sole traders to CEOs. All united by one passion – the genuine desire for continued business success.
We named ourselves Business Benchmark Group for a reason. Here’s where we showcase the benchmarks of our succesful business community.
How does M500 work?
M500 isn’t your typical business networking event. If you’re looking for another stale lecture, you’re in the wrong place.
M500 is an eclectic mix of reciprocal education and networking in a stand-up style format.
Each three hour session features a healthy dose of business inspiration delivered by a prominent guest speaker.
Past speakers have included:
- Joseph Lattouf, co-founder of Hairhouse Warehouse
- Brendan Dover, owner of The Drain Main
- James Hatzolos, co-Director of Barry Plant Manningham
And you’ll have ample opportunity to pick their brains – one-on-one.
You’ll also hear rousing success stories from our Champion in Business interviewees. This is your opportunity to put your questions to business owners on their way to huge success.
You’ll then have chance to network with ambitious business owners. Swap cards and stories with like-minded M500 community members who want to expand their circle of business contacts.
And of course, enjoy refreshments on the house.
What will I learn?
As much as you want to. M500 is a golden opportunity to escape your comfort zone and learn from like-minded business owners.
You’ll get a rare opportunity to get useful answers to questions like “how do I know my business is on the right track?” And “am I even asking myself the right questions?”
To get the most out of M500, be prepared to:
- Accept the challenge of thinking big issued by big-thinking business owners
- Engage with a supportive network of business owners with big ambitions
- Understand what growth mode really means and how to make it happen
- Speed network to quickly fill your contacts book
- Hear targeted advice on crucial areas of growth
- Put concrete learnings into practice straight away
- Engage in a think tank format that pushes you to keep thinking bigger and braver
What will I gain?
Confidence. Support. Friends in the industry. And the motivation to turn your businesses into a profit machine.
You’ll come away from M500 feeling energised and positive – relishing the challenge ahead. You’ll feel ready to:
- Achieve nothing but excellence
- Find creative solutions to roadblocks
- Attain a better quality of life
It’s the kind of opportunity money can’t buy. But just for good measure, we throw in a few extras you can put a price on.
Each M500 attendee receives:
- Networking opportunities
- Free education from guest speakers
- Think Tank and Brain Stretch discussions
What makes M500 different?
M500 is a refreshing alternative to lecture-heavy small business events and workshops. It’s too easy to passively nod along and take down notes you’ll never read again. And nothing worth having ever came easily.
So we focus on action.
Just like everything Business Benchmark Group does, M500 always centres around action you can take – short and long term – to propel your business towards your growth targets.
So come with an open mind, a head full of questions and a healthy desire to get involved. Bring your business cards. Bring a guest if you like. Just be sure to register today as M500 events regularly sell out well in advance. Don’t miss out! Sign up online today.
Ready for action? Start with this one – register for the next M500 event.
Julie Quinton - Quintons Supa IGA
Case Study: Polyshine Finishing
Having purchased the business in 2008, Chris Galea soon realised that the company was growing too fast and it was impossible for him to manage on his own, but he firmly believed in the product, saw the exporting potential and so he pushed through.