I base a lot of the consulting I do on simple principles which then are applied with specificity to the particular client. I have 10 that I work with on a regular basis. Well, 10-10-10 was last year so that doesn’t really work today. But I think I can come up with an 11th for the sake of this post, but you’ll have to wait to the end to know what it is. I’ll say just a few words about each principle as I will be expanding on each in detail as the weeks go on. Here are the 11:
- You must have a compelling offer – At the root of all business is the idea that you sell something for a price. Is your offer to customers compelling? If not, think about getting one.
- You must communicate with customers constantly – Want referrals? Want to keep the customers you have? Communicate with them all the time and you’ll get what you want.
- You must have a referral system – It isn’t enough to ask for them. It’s about how you ask for them, being sure you do it consistently and at the right time.
- You must survey your customers – This includes asking in person and passively. Not all customers will tell you what they really think to your face.
- You must have documented systems – The best way to have effective products and services delivered efficiently, is to have everyone doing it the way that is best…every time.
- You must open your monthly bank statement – This is one financial move you don’t offload. Open the statement, ask questions and follow up and you’ll be doing a lot to prevent theft.
- You must know your customer lifetime value – How much is each customer worth to you? When you know it, you’ll do a lot more to keep them and market much more aggressively to get them.
- You must know the highest and best use of your time – For sure it isn’t working the cash register or doing the books. If someone can do it 80% as well as you can, let them do it!
- You must have a problem resolution program – When mistakes happen, everyone in your business should know what to do, and it should be impressive.
- You must have an advisory board – Either formally or informally, you must collaborate with others to help you solve your business challenges. You simply must have people to advise you.
- You must implement – That’s a great business plan. Would have been nice if you implemented it. Failure to implement is why most businesses fail to achieve their objectives.
So there are the 11. The difference between success and failure usually lies in maximizing the value that the ownership brings to the table. Owners must create leverage with their time. Managing their own time, those of their key people and having everyone on the same page is critical to success. By sticking to these principles and having laser-like focus to them can bring about the results you desire.
Happy 11-11-11 to all but particularly to our brave folks in uniform. You are the reason we have the freedom and liberty to succeed. You’ll always be loved.
Larry