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Archive for the ‘Growing Your Business’ Category

What are the things you have STOPPED doing in your business?

Thursday, February 11th, 2010

What are the things you have STOPPED doing in your business and how much is this costing you?

I caught up with a new client recently who was experiencing a pretty major financial downturn in her business. In fact her revenue had dropped by almost fifty percent in the past two years. This decline had been gradual but the end result was that her business was now in big trouble.

We sat and chatted about the things she had been doing over the past couple of years to try and get a grip on what was going wrong. Sure, we could blame some of the impact on the economic conditions, but nowhere near a drop of fifty percent. This lady had built her business up to a very successful level over about five years and then she started to expand, setting up some satellite offices and even a franchise or two.

This expansion started about two years ago – you guessed it, the same time that her main office started to go downhill. Of course it is easy to see that her focus was on the other new and exciting business opportunities, not on her core business and that is what caused the problem. But how did this lack of focus actually translate into day to day activity in her primary business? Well I will get to that.

Once we had figured out the lay of the land and where she was right now, it became clear that we had to put some serious effort and energy into the main business and we had to do it fast. So I started to rattle off the list of things that I would do to get the cash register smoking such as increasing communication with existing clients, develop more targeted and inspirational promotional material, follow up sales religiously, instigate a refer a friend campaign, get out in the community and tell the network what is happening in the business, do some media releases etc etc.

As I worked through this list my client was shaking her head somewhat forlornly and I asked her why? She said she used to do all of these things I am suggesting when she was building up her business, but she stopped doing them a while back, actually about two years back, because she got too busy focusing on her expansion.

Sadly this is a common story that I am hearing on a regular basis. Businesses often struggle financially not because of what they are doing but because of what they are not doing.

Now as we stop doing things the affect is not that clear immediately. The impact is often gradual and it can sneak up on you, just as it did with my client. I know that it is hard to keep going, to keep putting energy into your business day in and day out, but it easier to do a little every day as opposed to having to do a huge amount to save the business if it gets into grief.

My question to you is “what have you stopped doing in your business and what affect is it having?”

Sometimes we just have to be a little brave…

Saturday, January 9th, 2010

A great friend of mine works for Jet Blue, a budget airline in the USA. In September they ran a sensational special offer. For a flat USD $599 passengers enjoyed unlimited travel anywhere in the Jet Blue network for the entire month. Wow, what a bargain. Most airlines wouldn’t be brave enough to make an offer like this, but I am sure the entire industry stood up and took notice when Jet Blue announced it.

Now when you think about it from JetBlue’s point of view they sold hundreds of thousands of their “All You Can Jet” tickets, generating millions of dollars in upfront revenue and they got enormous word of mouth publicity from their offer. And lets not forget the customers, those lucky enough to get the $599 tickets have a sensational deal. The perfect win/win scenario that is the stuff that legendary businesses are made of.

To make an offer like this you need to be brave and smart. I am sure that the team at Jet Blue are both. In these challenging times it is really the brave and the bold who often get the most amazing results. We need to be smart enough to think up new ideas and be brave enough to give them a go. Interestingly enough Jet Blue entered the North American market when all experts said there was no room for another budget airline. They have been consistently profitable, even in the midst of the GFC. We can all learn a lot from them and other similar brave and bold companies around the world.

Now is the time to throw out what doesn’t work and it is a time to try ideas that may be considered a little unorthodox. The best part of the modern business landscape is that if you can come up with a great idea, that is a little out of the box, and you are brave enough to give it a go, the power of social media will kick in and word of mouth marketing will spread your idea like wildfire.

Never before has there been a time that consumers are screaming for new things to buy and new ways to spend their money. Even in the midst of tough times, the new they are looking for is value. Offer this however you can and they will support you, even if it means buying more upfront to save over the long term. Another perfect example of this is Costco – the new discount supermarket in Australia. You can save a motza but you have to pay a membership fee and be prepared to buy toilet paper in lots of 100.

The lesson here is that fortune favours the brave, so be brave in your business. Be bold. If you try an idea and it doesn’t work, it’s not a failure it just means you are one step to closer to an amazing idea that generates a lot of money for your business, so keep trying.

What is your theme for 2010?

Tuesday, January 5th, 2010

This time of year is always pretty good. We are generally feeling relaxed and refreshed and filled with anticipation about the year ahead (this time last year many of us were filled with trepidation so anticipation is certainly a step up). Something I have done for quite some time now is to pick a theme for the year ahead. I find that it gives everything I do in the year direction and clarity as I work on improving one main aspect of my business and my life.

Now some of the themes for me over the year’s have included -

FINISH THE UNFINISHED – I spent a year tidying up lots of things that had been irritating me and taking my attention away from the important stuff I needed to be doing.

THE YEAR OF SIMPLICITY – I found that I had ended up with an overly complex business with lots of processes and procedures that weren’t really needed in a business of my size. So this was the year of simplifying everything I could. It was a good year and my brain felt much lighter at the end.

FEEL THE FEAR AND DO IT ANYWAY – This was a year when I needed to make some big changes in my life and I was feeling afraid to them. So I started the year off by embracing the fear – and going for it. It was a tough year but made easier with my new found motto (thanks Susan Jeffers – Author of Feel the Fear and Do It Anyway).

CHARGE WHAT I AM WORTH – Like many small business owners I found myself slowly going broke because of under charging – not valuing my services accordingly. So during this year I removed my emotional attachment to the outcome of getting projects (or perhaps the fear of not getting them) and I charged virtually twice what I would normally charge. Did my business go up or down? It went way up and I learnt a great lesson. Someone has to be the most expensive – it may as well be you as long as you can deliver the goods.

The point I am making here is that when we have a really strong central theme that guides us during the year we tend to achieve more. It may be a theme that focuses on fixing up problems or a theme that is all about striving forward. Develop your own theme for 2010 and put it everywhere – on the wall by your desk, on your dashboard, in your wallet or purse, in the toilet, on the fridge….. put it every where. Do this and your chances of achieving this dream will be dramatically increased.

So what is my theme for 2010 – LISTEN TO MY INTUITION. I intend to become a better listener so that I can hear my intuition loud and clear, in every single aspect of my life.

I wish you well for the coming year and I will do my utmost to give you as many ideas, tips, pieces of advice and so on to help you build the business of your dreams and the life you deserve.

Cheers,

Andrew

Adding a little fun to your business

Saturday, December 5th, 2009

I was sent a link to a website called The Fun Theory (www.thefuntheory.com) the other day. It is a concept backed by Volkswagen and it shows how human behaviour can be influenced in a very positive way by making day to day tasks more fun. There are a series of short videos that support the concept – and show that all the signs, instructions and rules could be replaced by simply having some fun.

I think this principle can be applied with HUGE benefits in a business. I have been talking about this for years and I see those businesses who incorporate a healthy dose of fun into what they do striving way ahead of their competitors.

ENJOY.

Managing Expectations – master this and your business will never look back.

Wednesday, November 18th, 2009

If you want to build a hugely successful business, one that has customers rushing in the door, regardless of what industry you’re in, you absolutely, positively have to learn the power of managing expectations.

In the modern business climate customers have become incredibly demanding. I know I certainly have and the reason is that we all have a lot more choice when it comes to where we will spend our hard earned cash. If a business can’t meet my expectations I’ll gladly go elsewhere. Customers have total power and they are most certainly not afraid to use it.

The sad part is that very few businesses are actually able to meet, or ideally exceed, customer expectations. In the past this has been OK, because the customers lower their expectations (dare I mention Telstra, Banks, Airlines), but with the advent of the internet and the resulting increased competition, this flaccid strategy won’t work anymore.

Customers have expectations at every level of their interaction with a business. Some people call these interactions touch points or love points and they may be face to face, over the phone, online or simply via a product that is delivered in the mail. To meet and ideally exceed these expectations we need to know what our customers actually do expect from us and that means we need to communicate with them.

One of the biggest reasons people stop using a particular business is because that business over promises and under delivers. Simple as that.

10 simple ways get more customers than you can ever imagine simply by managing expectations.

1. Talk to your customers and clarify what they expect from you, what are their main issues and what can you possibly do better.

2. Overestimate how long it will take to deliver and then deliver early (for example tell them it will be ready Friday, knowing full well it will be ready on Wednesday).

3. Be proactive – don’t wait for your customers to contact you, always be one step ahead.

4. Don’t be bullied into over promising by demanding customers – it always tends to backfire on you.

5. If you say you will do something, make sure you do it.

6. Review every aspect of your business to determine what things you could to do to exceed your customer’s expectations or even better, get an external person to do the review. A fresh pair of eyes will see what you can’t.

7. Be clear on the information you’re giving your customers. Is it factual and is it accurate?

8. Communicate, communicate, communicate. Customers hate it when they don’t know what is going on and can you blame them?

9. If there is a problem, get to the customer as soon as you can.

10. Go the extra mile. Often the littlest of extra service can totally exceed a customer’s expectation and therefore their experience.

How do we apply this to meeting the expectations of our customers when it comes to doing business online? Well it’s simple – apply the exact same principles. Be clear in your online communication, respond quickly, don’t leave your customers “waiting” in a cyber que and get feedback from them wherever possible.

Have an external company review your site for customer expectation management. Have your business mystery shopped – online, face-to-face, over the phone, it doesn’t matter. Use SMS to update clients or pass on short, but informative messages where possible. This is all sending a very clear message that you’re making an effort to meet and exceed your customer’s expectations and they will appreciate it.

Master this and you will never, ever struggle in business because the bush telegraph will keep as many customers coming your way as you want.