On today’s episode of The Business Mentor Podcast, Jay talks to Richard Fuller, the Managing Director of County Battery Services Ltd. Jay and Richard discuss investing in sales, expanding the business, being flexible on changes, having a mentor, valuing your staff, and so much more.
Richard’s business started in 1974. It was his father’s back then. At the early age of ten, he was already learning the ins and out of their business. Like any other kid, Richard wasn’t fervent with the idea of working with his dad selling batteries, tires, etc. But fate has a mind of its own. At the age of 23, he was left leading the business when his father died that year. Richard was able to expand their business for over 4 decades. It’s bigger than ever and now has three branches.
Richard tells Jay that it wasn’t very easy at first. He faced ups and downs in his personal and career life just like any of us. He experienced having his focus shifted, not having enough cash flow to sustain his family’s everyday life, and not sharing his ideas to grow. There’s more to know about Richard’s journey in which we could learn from so make sure to tune in!
- Invest in sales so you’ll be able to expand your business in the future.When Richard started leading the business, he was just trying to survive on a little cash flow. Sales are very important to make sure your business is growing in the long run.
- When you do it, make sure you know everything about it. Make sure your prices are set. Look at how your competition’s way of doing it. Find your target audience. Know the profit margins.
- Find a mentor. Your mentor will give you the guidance you will need. He’ll give you better options. Just like everyone else, we should seek help when we need it.
- When you start not focusing on your business, your business will suffer. There won’t be any cash flow when this happens. You might lose a source of income.
- Your staff is your business’ greatest asset. There are times when entrepreneurs want to keep their plans inside their heads. Try sharing it with your staff, it will be easier in the process. Besides, they know the job better.
- Tough times will come so be prepared. Don’t live day by day. You have to have backup plans and reserves.
- Flexibility is necessary. You have to adapt to changes quickly. We live in an ever-changing world. Find ways on how you still be on top of your game. You can concentrate on a certain niche.
- Technology is a big factor in every business lately. If we can use it properly, it will greatly affect our business. For example, Richard’s company is exploring on e-batteries.
- “The bond between (father and son) is probably better because we’re working together.”
- “If you’re not careful and you don’t plan your sales, then you’ve got a big problem.”
- “If you’ve got an idea and you think it’s great, get a mentor you could bounce the idea around. Chances of success are gonna be higher.”
ABOUT THE HOST
Jay Dhillon is a serial entrepreneur, investor and philanthropist based in the UK with a proven track record of growing businesses from start-up to success- and helping others do the same. From humble beginnings, Jay grew his first business from 0-500 employees and three locations, racking up sales of over £30 million – all without any investment other than a small amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota and New Look, to name a few.
Its huge success inevitably brought about outside interest and at the age of 33, Jay eventually sold the company to a London investment firm in Doyen Resources. Today, Jay owns several businesses in different sectors and helps entrepreneurs achieve success.
A calling to give back and help others led to Jay being chosen for the highly-coveted role as a Prince’s Trust mentor, where his achievements were marked by a personal invitation to Buckingham Palace to meet Prince Charles.
After helping several young entrepreneurs to success as a mentor for the Trust, Jay’s burning desire to bring his wisdom and knowledge to a wider audience ultimately triggered the concept of The Business Mentor Podcast.
Jay feels that anyone can achieve success in business with the right advice and mentoring and is now sharing his knowledge with his growing audience via his podcast.
In the UK alone 95% of business fail within the first five years and Jay’s aim is to reduce that number.
Backed with the hard-earned knowledge and experience from his time in business, The Business Mentor Podcast will share Jay’s personal business lessons as well those of other successful entrepreneur guests who share their wisdom and secrets on the show.
ABOUT THE GUEST
Richard’s been working with batteries since 1974 and over the years, have gained a wealth of experience in all battery types. He is the Managing Director of County Battery Services Ltd, a one-stop battery shop.