Ok, so you’ve quit your job and started up your own business.
You’ve got passion, you’ve got drive and you have a great concept
that you think people will love.
But you say to yourself “Hang on a minute, there’s got to be
more to it than that”.
Well, you are right...and the scary thing is that if you don’t
learn the ropes fast, there is a high probability of failure.
Depending on which statistics you look at, it has been said that
within the first 5 years, 4 out of 5 new businesses go out of
business.....and within 10 years, only 1 in 10 businesses will
survive.
If you were a betting person, you probably wouldn’t like those
odds. And yet every day, many people lay it all on the line and
enter the business world with the hope of fulfilling their
dream...a dream of freedom, lifestyle and prosperity.
So what can you do to move the odds more in your favour and
improve your chances of success?
There are a wide range of strategies and processes for businesses
to address and there are a thousand books around to tell you
exactly how to do it. The problem is, where do you start?
To help simplify the process, I have made a list of 10 steps that
as a minimum, every business owner must follow.
1. Business Plan. A business plan is critical to achieving
consistent growth in any business. The benefits of a
business plan are realised immediately through the process
of just thinking clearly about your business for an extended
period of time, and through illuminating the areas of your
business that need fixing.
2. Customer Database. At the end of the day, your customers are
the most valuable asset you have in your business. You
should be taking every opportunity to collect the names and
contact details of your customers and communicating with
them on a regular basis.
3. Systems. Systems are essential for ensuring that you provide
a consistent level of service to your customers and so that
you understand the financial performance of your business.
They will also enable the business to run without you being
there every minute of the day.
4. Staff Incentives. You’ve probably heard the expression “If
you pay peanuts you get monkeys”. That expression directly
translates into bad people equal a bad company. To attract
great people, progressive companies are keenly aware that
they need to foster personal responsibility and provide
direct reward for measurable results.
5. Staff meetings. Meetings are an opportunity to inspire your
people and thereby your business. They also give your people
a sense of belonging through the process of sharing
information.
6. Marketing. Marketing is not just about getting more
customers, it’s also about retaining the customers you have,
generating ongoing sales from existing customers, increasing
your profit through value adding, creating a sense of loyalty
within your team and creating an image of your business in
the minds of the consumer. In fact marketing is the most
important of all success strategies in your business, because
if you can’t find a buyer for your product or service, nothing
else you do will matter!
7. Branding. Branding is about creating and communicating a set
of values to the consumer of your product or service. Your
aim should be to stamp your logo onto the brains of your
customers every time they are in the process of buying your
product or service.
8. Business Image. First impressions count for a lot.
Addressing your business image is all about paying attention
to the little things that will exceed your customers
expectations.
9. Guarantee. How does a customer truly believe they are going
to receive value from doing business with you? They will
only know this if you are prepared to take more risk in the
transaction than they are...and this promise is delivered
through your guarantee.
10. Customer care. Every business should have a follow up
system that extends sincere thanks to every new customer and
for their ongoing patronage. When was the last time you
received a “thankyou” from someone that you did business
with? Probably never...so how do you think your customers
will react when they receive a thankyou from you?
If you take action in each of these 10 areas, you will not only
be 2 steps in front of your competition, but you may very well be
within touching distance of living your dream.
So go ahead, don’t wait a moment longer...take action today
because it is only massive action that will bring you massive
results!
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