When you feel that you have all your i’s dotted and t’s crossed and your business has finally found its groove, now is the time to start working on “more“. Any success that your business has is only temporary and you must constantly strive to do “more“. Let’s define this “more“; remember, change is the only constant in business life. Back to our definition; The areas we need to do “more” in, are:
marketing, customer/client relations, communications, budgeting, and improving your products/service.
I define more as the re-invention of each of the previous mentioned areas, in order to improve customer service and increase the bottom line. Status quo in any of these area can lead to a lack of growth, and your business is like a tree, if it doesn’t grow it dies.
Marketing: Read, attend conventions and seminars for your product/service, go back over my previous blogs and stay current with my new ones , revamps your marketing program every six months and test it’s effectiveness. Step our of your box and investigate the latest marketing trends in other industries and then re-work them to fit your business.
Customer/client relations: if you don’t have a follow up report card process in place for your customer/clients to evaluate your performance, establish one now. Always ask, not only how you are doing, but what additional products or services they would like you to offer. Make them part of your team and they will support your growth.
Budgeting: In any business, especially in today’s economy, cash is king. Have a goal of growing your reserves to have on hand 8 months of operating funds, assuming that all your business stops. This emergency fund will allow you, a no pressure opportunity, to re-evaluate your direction and get back on the right or a new track.
Communications: Examine your frequency and type of communications you use not only with your customers/clients, but also with vendors and other associated people that are part of your business enterprise.
Improving your products/services: If Ford did not improve its designs, motor, etc, we would all be driving Model-T’s.Any product or service must constantly strive to make improvements. It not only makes your cusomters happy but it put’s you on the forefront of your industry. Don’t wait until someone else in your industry offers something new, strive to set the standards by challenging yourself every day on how to make improvements.
My role as a mentor is not to come up with these changes, but to listen to you and hold you accountable (with a gentle nudge)to make sure you stay on course.
“Thinking is the hardest work there is, which is the probable reason why so few engage in it.”
Have a great day!