The Edge
These brief thoughts are here to inspire you to action - not just to have a minute's fun.
Customer complaints are a fact of business. A customer who takes the time to complain rather than to take their business elsewhere may well be speaking on behalf of the silent majority. If the complaint warrants a systemic change or if you have taken action as a result of the complaint thank the customer for bringing the matter to your attention and advise them on the corrective steps that you have taken.
While evaluating the close of one year and making plans for the upcoming year ahead, it is a valuable tip to remember the worth of a reward. Simple tokens of your appreciation towards customers, staff and team members can pave the way to smoother transactions throughout the year.
It is the time of year when parties are in full swing and the atmosphere is filled with excitement for the upcoming holidays. Parties are a great opportunity to network and meet potential contacts for the New Year. It is also the perfect time to thank your customer, suppliers and employees for all their help and support during the year. A little bit of holiday cheer can go a long way.
This holiday season make a difference in your community and secure your company a brighter future. By being a part of a local charity, organizing a fundraiser or donating products/services to local giveaways and holiday raffles, you're not only participating in the holiday spirit and helping those in need, but you are spreading your company name with little to no effort. You will be garnering positive attention while securing widespread marketing techniques at the same time.
Studies show that 'turning off' for at least a small part of your day can help you relax and return focus during hectic work hours. Select a time every day where you will power down all of your devices. Combine the time with your coffee break and maximise your rest period, returning to your day revitalized and refreshed.
Would you keep an employee who wasn't pulling their weight? Clients are the same, and let's face it, some clients are worth the investment of time and energy and others aren't. When a client relationship is difficult and you are constantly frustrated and seeing no returns, it's okay to let that client go.
Cloud computing is an online server that can make your IT systems simple and cost effective; and when provided by a reputable vendor, it can make them secure. Look into this web phenomenon and encourage your colleagues and employees to do the same.
It's easier than you think to reach outside of the so-called box and generate new clientele. Don't be afraid to ask your loyal customers to refer your services to their own contacts. Often classic word of mouth tactics can open up an entirely new world of business.
When a valued employee decides to move on, take the opportunity to get some insight into your operations. Your employee won’t have anything to lose because they are leaving anyway. Listening to criticism can be difficult, but also very valuable. Don’t waste the opportunity.
Customers like to know that a business has a local presence. If you have developed a large customer base in another location, consider renting a phone number with an area code for that location. Even if there is no local office, customers in that location will appreciate the acknowledgement - and the cheaper calls to a local number.
In the excitement of starting a new business, make sure you check that the business name hasn’t already been taken. It’s a detail that can cause a major headache if left too late.
Effective systems for collecting money from customers are vital to a business. Make it easy to pay by adding as many payment options as practical on your website. You don't want to lose a sale because the preferred payment method is not available. And don't forget to include a phone number on the sales page for customers wanting to discuss payment extensions or methods.
Air conditioning and heating can be a surprisingly large cost to businesses. Ask staff to wear a sweater in the office during winter and lighter clothes in summer then adjust the thermostat to a less demanding setting. Just watch out for rogue heaters or fans under desks - they can send power bills spiralling.
The next time you make a public speech at a company event don’t forget to thank your colleagues. Businesses succeed because of the efforts of all employees working together, from the CEO to the receptionist. Showing them that you are aware and grateful for their contributions will foster loyalty and give them greater reason to continue giving.
Christmas parties are notorious for turning into scenes of excess or embarrassment as staff unwind and sometimes let their guard down. It is important to remember that although alcohol is being served, it is still a work event and any mishaps will follow them into the workplace the following day. Instead of holding your Christmas party in the evening it might be wiser to celebrate during daylight with a long lunch, and those that want to continue can do so on their own time.
Many people attempt to fix internal cash flow problems by seeking additional financing, but if they ran their businesses better they might not need it in the first place. To reduce pressure on working capital, pay debts on time and maintain good relationships with suppliers. Then, a bit of give and take between you all might help you ride out a tough spot. And make sure you tightly control receivables. Typically, a bank doesn’t want to see any more than 2.5% in overdue debts.
Whether you like Facebook or not, it’s here, with the same population as the world’s 3rd largest country. So while you may not love it, your target market does! Facebook Pages act as the business area of Facebook. Create a Page and build an online community. Facebook has a lot of options for customising your Facebook Page, including general information, notes, photos, a discussion board and of course, a Facebook wall that acts like a blog.
Keep track of what your customers are saying. It’s easy to do. Subscribe to Google Blog alerts for your company and product names. Subscribe to the RSS feed of a Twitter search for terms relating to your organisation. Join forums where people talk about your industry and see what they're saying.
Like many business decisions, replacing older IT systems is a judgement call where you have to weigh up the costs of upgrading against the benefits of the new equipment. But usually the cost is worth it, particularly if you are using an outdated operating system (such as Windows 98 say) which are prone to security and reliability issues, not to mention most new hardware and software won't run on them.
Take time to really think about why you are calling a prospect or a client. Then, reflect on how effective you have been, post the call. Making calls to prospects and existing clients is still one of the most important sales and business development activities you can do on a daily basis. Even with all the electronic communication and marketing options available, most businesses still need to have a person prospecting for them to build real business relationships.
YouTube is the world's second biggest search engine. Businesses who leverage YouTube often use videos for product demonstrations, how something is manufactured, "how to do xyz" or industry commentary. MANY people type
Start watching the phrases Google is using, and then use those in your own copy. Also try to use your keywords in your descriptions and title. These tips will often get you displayed above the rest of the results.
A bit of customer database pruning doesn't go astray. Get rid of the dead wood and work on satisfying the needs of your top 20% of customers (they're probably the source of 80% of your business). We tend to assume our top customers will always be loyal, and we forget to reward them for having got us where we are.
Getting customers to give you referrals can be difficult. A better method is to start recommending other businesses. Create a circle of influence by getting in touch with likeminded businesses and sending them opportunities. Watch the habit spread amongst the group.
Do you feel concerned about sharing financial information with your team? Worried that they’ll feel scared about their job security if the results are poor, or think you’re a miser if the results are good? The good news is that the opposite is true. Employees value transparency and feel more part of the business when they are involved in the numbers.
Shoppers have changed their habits. Budget and cost conscious, they no longer meander through stores; instead they shop fast and stick to a list. But time poor and cash poor customers are more inclined to buy in the one store, the store they are in and that they trust. It’s feeding growth in retail via "category creep", from confectionery in pharmacies to movies in phone shops.
Develop an integrated marketing approach that is consistent because different people respond to different methods. Some people read it in the paper and that’s how they get their message. Others respond to e-mail newsletters. Others respond yet another way. Whatever service area you’re in, cover all parts with a mixed approach.
Focus on quality, and remove as much risk as possible from the purchase. Give away for free something that demonstrates your offering but doesn’t cost you a whole lot, Try to up-sell users to a premium offering that adds unprecedented value.
Probably 90% of the companies have too many products. Review your product range carefully and cut products that are not working. If you convert obsolete stock to cash, you’ll improve your working capital for the next three months because you don't have to re-order. You can put that excess cash into marketing your good products and getting even better profits from those.
If you think about it, you’ll realise you probably have access to information that can help you predict and plan for your business. Your customers and suppliers are great sources. Retail suppliers can fill you in on consumer tastes and buying trends; IT customers can enlighten you about new technologies, and your accountant business advisor will help you with financial and economic trends.
Most business owners understand that they need to know their customers, but they usually rely on demographic data and statistical profiles. But success is about creating products for people, not statistics. Start by identifying a specific key customer; a person who buys enough of your product at a price that generates your best profit.
A budget isn't a plan; it's simply a financial interpretation of a plan. If you want 2010 to be a good year, you need to be serious about planning; and you need to start now. Here's how: book an annual planning day for the entire management team - no exceptions. Hold the day offsite to avoid daily work distractions. Try to meet ahead, or better still the night before, to deal with the socialising before the planning sessions begin.
Construct a cash flow budget starting with a properly structured balance sheet that has all the detail, from inventory and debts, to interest costs. Update and review it regularly using conservative revenue and expense estimates. Rule of thumb: the greater the cash flow uncertainty the business faces, the more often a new cash flow budget should be prepared.
Create reasons to contact your clients and others on your marketing lists. Modifying prices, for example creating discounts for bulk purchases or making early purchases, can give you a good reason to get in touch with your customers and others on your marketing list.
There are always a certain number of customers who simply need what you have to offer - and their buying is relatively insulated from the current economy. Make an effort to promote to them specifically to build buying frequency - and actively try to find more buyers just like them.
Copyright © 2010 RAN ONE Inc
For more information contact your RAN ONE business professionals at
Academy of Business Excellence Limited