THE CORE
The heartbeat of every business starts - or stops - right here, with your customer.
DEFINE YOUR CORE VALUES
People working together with limited resources -- focused by core values -- create the long-lasting foundations of a dynamic and innovative business. Recent business development research reported: "Behind every success story there's usually a company culture that encourages more one-of-a-kind products or proves more adaptable than rivals, often by learning to think like their customers."
KNOW YOUR CUSTOMERS
The more you know about your customers, the more likely it is you can offer the right product, at the right time, at the right place with the right price.
PRICE IS LEAST IMPORTANT
Most people don't believe it until they think about it. Price only becomes important when all other comparative values are neutralized. That's when the product becomes a commodity where price is the only value.
CUSTOMERS ARE NOT ALL ALIKE
Discover their differences and set up your own classification criteria. Remember Vilfedo Pareto's principle, the 80/20 Ratio: 80 percent of your sales and profits come from 20 percent of your customers. So define who are your ‘‘key'' customers. Get to know your top 10 personally. Develop a replacement strategy in case one or more drops out.
NEW PRODCUTS, NEW REVENUES
Start by examining your present customers' potential. They're your best and least expensive source of new revenues. After all, they know you and your present products and services.
FOCUS WORK HABITS
Complete vital tasks during your peak performance hours. Prioritize and define your action steps. Establish SMART objectives: Specific - easy to understand; Measurable - clear criteria; Attainable - no blue sky; Realistic - you can take action; Time Table - when it will happen.
BUILD YOUR NETWORK
We all depend on others for our successes. Networking is a two-way street, give and take. Networking, combined with your ability to leverage information, helps you build revenue. Trading information is at the heart of a successful networking relationship. It's not what you know; it's who knows you.
DEVELOP AN ELEVATOR TALK
Become an expert at describing what you do for others. It's indispensable to networking and opening doors to new business. Your aim is to set yourself and your company apart through your unique capabilities. Compact your thoughts. Aim at no more than 60 seconds, the time it takes an elevator to go up one or two floors. Make sure you pass the ‘‘Mother will understand'' test!
MANAGE CASH FLOW
Some managers fail to understand cash flow principles. They say, "We're very profitable but short on cash! I don't know why!'' Cash in the till has nothing to do with profits. Make it a habit to know your actual daily cash balance. Avoid managing from bank statements. Learn to recognize potential cash flow problems. Create strategies that support a healthy cash flow and generate cash reserves. Cash flow basics tend to be plain common sense for most small businesses.
