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Bullet-Proof
Your Business | |
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Today's business environment isn't getting any easier, nor will it get
easier anytime in the future. Learn some proactive measures to bullet-proof
your business.
by Kelley Robertson
Contributing Author
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Today's business environment isn't getting any easier, nor will
it get easier anytime in the future. I m not psychic but I have
learned that business NEVER gets simpler. More competition,
shrinking profit margins, increases in fixed and operating costs
are just a few of the issues we deal with everyday. You can
lament this fact or, you can take proactive measures to
bullet-proof your business. Here are few strategies that can
help:
(article continued below ...)
Clearly define your business.
The most successful business people know what they are in
business for. They have one or two areas of specialty or
expertise and they stick to what they re good at. They avoid the
temptation to try to become everything to everybody. In many
fields, specialists tend to do better than generalists and, in
bookselling, it s no different.
Have you created a niche market for yourself? Is your niche
viable in your location/city/town/market? Are you the best at
what you do in your trading area? Do you stick to what you re
good at or do you stray from this when revenues are lean?
Mounting bills, a slow month or months, pressure to generate
dollars to the bottom line; it's tempting to take on new work or
do something in an area you don't have a lot of experience.
Unfortunately, this spreads our resources thin and can cause us
to lose focus in our specific area of specialty. And, because we
re in an area that isn't our strength, the quality of our work
may not be as good. This causes customer dissatisfaction which
leads to lower repeat and referral business. It then becomes a
vicious circle; we take on more work that falls outside our area
of expertise because we need the sales. We don t execute at 100%
and we lose a customer. Our sales continue to drop so we pick up
more work. And so on.
Create and maintain customer
loyalty.
In today s competitive environment, many business owners think
that consumers are concerned only with getting the lowest price
for the product or service they are buying. So, they spend money
trying to attract new customers based on price which means they
constantly erode their profit margins. Although price is a
factor in every sale it is not always the most important factor.
It is much more effective, not to mention profitable, to create
and maintain customer loyalty. Here are a few questions to
consider:
Do you keep a data base of clients and stay in regular
contact with them? Do you know and use your customer s names? Do
you give them a reason to continue doing business with you? Do
you know what your customers want or expect?
The benefits of investing your time, effort, energy and money
to create loyalty include: more referral business, higher
margins, and reduced advertising costs. It s important to note
though, developing customer loyalty is not something you do once
in a while, it is the way you conduct and run your business.
Deliver outstanding customer service. Virtually every business
recognizes the importance of delivering excellent customer
service. Yet, few actually consistent execute. The excuses run
from I have to reduce my head count to My employees are just
here to collect a paycheck to I can t be in the store
twenty-four hours a day. Again, it comes back to why you are in
business. Obviously, if you want to deliver great customer
service on a consistent basis you won t be the lowest priced
vendor; it s economically impossible to achieve this goal.
To deliver outstanding customer service you need to get
personally involved. You need to determine what great service
means to you and, even more critical, what it means to your
customers.
Improve your selling skills.
Constant refining of your sales skills will help you close more
sales and/or increase the value of each sale. I don t suggest
you adopt or use aggressive, hard selling tactics. Instead, I
recommend you develop your skill at uncovering your customer s
needs, suggesting solutions that are appropriate to their needs,
and overcoming objections. Learn how to engage the customer in
the sales process and how to ask for a referral. There are many
selling skills books on the market; review a few and adapt some
of the concepts to your specific situation. And make sure you
teach your employees how to apply these concepts too.
Running a small business is not easy. Define your business,
give people a reason to buy from you, hire and train the right
employees and get involved in your community. These strategies
will help you remain competitive now and in the future.
About the Author:
Kelley Robertson, President of the Robertson Training Group,
works with businesses to help them increase their sales and
motivate their employees. He is also the author of Stop, Ask &
Listen Proven sales techniques to turn browsers into buyers.
Visit his website at
www.RobertsonTrainingGroup.com and receive a FREE copy
of 100 Ways to Increase Your Sales by subscribing to his
59-Second Tip, a free weekly e-zine.
August 2, 2004
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