Posted by Chris Kauza on June 10, 2009 under Mid-Week Mindset, Service | 
One owner of a California wine store takes the time to find out the food and occasion for which the customer is purchasing their wine. And even though the customer may be inclined to purchase an advertised or more expensive type of wine, the wine store owner may actually talk them out of it. Why? Because of the product experience.
While he might lose a few dollars of profit on that one sale, he tends to gain more through repeat business. The customers come back to his store because they trust him and they trust his recommendations. He also can spot trends in his market more quickly and easily, allowing him to better manage his inventory. Better inventory management leads to lower costs and higher profits! When your customers know that you are sincere and trust you, they will believe in you and willingly come back for more.
This simple step can be applied by anyone – it only costs you the time to have a conversation with your customers. Anyone can (and should!) do it.
Action Step: talk to 5 of your new customers and make sure they are getting the most appropriate product or service for their needs. Record them in your customer management system, and track their purchases and see for yourself!
Posted by Chris Kauza on April 22, 2009 under Management, Mid-Week Mindset, Service |
Straight and to-the-point, here are 10 things you can do right now to make sure you are on the path to a successful business – and if you’ve “heard it before”, then our question to you is, “Why aren’t you doing it?” Knowledge is not power. Knowledge is potential power. Here are 10 ways you can turn that knowledge into real power:
- Formulate, then write down, your goals and how you intend to achieve them. If you cannot state them clearly, you probably aren’t going to achieve them. “Clearly” means defining the metrics you will use to measure your progress. And be prepared to update and revise them as needed; unanticipated events may occur that will require you to change course.
- Learn to do as much as you can for yourself. It’s your business. One of the best ways to know how to manage an area is to have some first-hand experience in that area. You don’t have to master an area, but first-hand knowledge is irreplaceable, and will help you make better decisions when it does come time to hire someone or else outsource that to another partner. Just remember that there will come a day where you will need to have other people help you. But your first hand knowledge will give you greater awareness about what you are doing – and you might be able to help out in a pinch, too!
- Ask. Watch. Read. Think. Do. (…and usually in that order). Don’t substitute an “expert’s” opinion for your own good judgment. And don’t forget to regularly talk to your suppliers and partners; you will be surprised at what you will learn. And once you’ve learned it, be determined to creatively apply it to your own business (that’s what we help you do here, at AskABusinessGuy.com)
- Always keep some money in reserve. You never know where your next opportunity may come from, and it’s good to keep some cash in reserve to be able to take advantage of those opportunities. In many cases, it’s better to have “lost opportunity” than it is to have “lost Capital”.
- Any time is a good time to start a business. There is never a “good” or “right” time. There are always excellent reasons to NOT start a business.The time to start is when you are “ready-enough”. The time to start is NOW!
- It doesn’t take money to make money. It might “feel” a little easier, but don’t let that sidetrack you. Start from where you are with what you can afford, or feel comfortable risking. If you need something, can you partner with someone else to get it? Can you barter services for what you need? One of my clients has a 12-person company earning $1.5/yr, and they don’t pay for their accounting services. Instead, they trade some of their unused office space, and give them a deep discount (and in some cases – free) access to their services, in return.
- Don’t believe the naysayers who say you won’t be able to compete with the “big dogs”. Small companies are more flexible and nimble by nature, than the larger companies. Small companies are the creative and economic growth engines of virtually any economy. They make decisions, change directions, innovate, produce new products and services faster, and are better able to find and service the niche markets that tend to experience faster rates of growth. Find your niche and exploit it to the fullest!
- Be honest. With your customers. With your partners. With your employees. With those who support you. But most importantly, be honest with yourself.
- Don’t pass on spending money, if that purchase will improve your business. This might sound like the opposite of #4, but at some point you have to take your shot and move forward.
- Courage and perseverance, followed with humility and self-confidence, are very important traits for business owners. Using these to guide your decisions and relationships will establish a strong foundation upon which to build your business.
Anything we forgot? Let us know, below…
