Dear Wise Chicks,
I wanted to share with you what I’ve found to have the greatest impact in the transformation to a successful business;
- FOCUS. Clearly define your company’s vision and values and align them with yours. Post your mission statement for all to see, including you. Each time a decision needs to be made go back to your vision and values.
- Establish strong financial controls. Doing so produces a solid foundation to grow on and reduces the risk of failure. Knowing your numbers protects you from poor decision making, expensive loans and even theft. Know where every penny is going.
- Create operational excellence. Streamline your systems and improve your efficiencies. Every dollar of improvement will result in greater business equity.
- Document your procedures. The hallmark of a successful business is consistency and quality control.
- Protect your brand. By reputation and legally. Don’t forget trademarks, names, designs and methodologies.
- Increase sales by improving your value. Yes, this is an obvious to do, but it’s important to remember big companies can deal with challenges much easier than a small one. Referral business can grow your business by leaps and bounds – just ask.
- Reduce your employee turnover. An employee could be the one and only contact with your customers. Be sure you hire the right person, set good expectations and train them based on your company’s vision and values.
- Know your competition inside and out. Who are they, what do they offer and what are their growth plans. Keep your friends close. Keep your competition closer.
- Adapt your products and services by knowing your customer’s living and buying habits. A customer survey may be a helpful tool.
- Avoid competing on price. Your customers should choose you because of the value that you provide and the expertise you offer. If you have adapted your products, services and business model to speak to your ideal client price should seldom be a factor in your sales process.
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