Create a “Destination” for Your Business

Posted by AndyM on April 28, 2009 under Business Growth | Be the First to Comment

Do you know where you are taking your business? Have you determined a destination? Let me put it this way, if you want to go on a vacation, you first have to decide where want to end up (on the slopes in Tahoe, or sipping a tasty cocktail by the beach or pool). Only after making that decision, can you set out. Otherwise, you wouldn’t know what to pack, and whether to head to the airport, train station, or just hop in the minivan.

The business “journey” you are on requires the same simple determination. If you don’t know where you want to head (which will become your current reality when you get “there”), how will you know what decisions to make in the meantime? “There” is coming, whether you like it or not — it’s the year 2010, 2015, or 2050 for that matter. Do YOU want to decide what the destination will look like, or do you prefer surprises?

Check out the quick exercise below to take control!

Set a “Vision” for Your Business
Creating a vision statement will focus your thinking and guide your decisions. Sharing it, printing it, and posting it will help you keep it at the forefront of your mind, and therefore your actions. It is important to keep in mind that a vision that leaves out your customers/clients, staff, and your own personal ambitions will quickly become just another empty statement.

Creating a Vision is Simple. The tough part is setting aside the time to do it. Save your self some anxiety — don’t overthink it. It is o.k. to alter your vision over time. The important thing is to have one, and to keep it around and visible in your daily activities. Be sure to write the statement in the present tense. If you write that your business “…will be…” then that will forever be the case. You will always be reaching toward that vision, instead of actually arriving. Here is a hypothetical example:

“XYZ Plumbing is the recognized leader in residential plumbing services in the Tri-State area through an unparalleled on-time record, quality practices that ensure problems are ALWAYS fixed on the first visit, and a commitment to employee development that makes XYZ the most desirable place to work in the industry.”

Try writing several statements for a couple different points in time — 1 year, 3 years, 5 years from now, etc. If you are struggling, that’s good! That means you haven’t thought about this yet, and the exercise will provide you with dramatic benefits!

Here are some questions to ask yourself that may get you un-blocked:

• Imagine you are one of your customers X years from now. Describe your experience in doing business with you (in your customer’s words).
• Imagine you are one of your employees X years from now. Describe your experience in working for you (in your employee’s words).
• Now imagine a spouse, significant other, or anyone else who is close to you. Describe his or her perspective on you and your business X years from now.

Good luck!

Follow Up Continues After the Sale

Posted by AndyM on April 8, 2009 under Business Growth | 2 Comments to Read

We all have to take a little of our own medicine from time to time. Just as I advise people to keep tweaking, testing, and experimenting, I’ve got to do the same in my business. You may have noticed that my newsletter from March looks a whole lot like my newsletter from February, and pretty darn similar to my newsletter from September.

With the growth of micro-blogging (like on Twitter, for example), it’s also clear that brevity is valued. I’m going to try (really hard!) to shorten up my posts, focus on just one thing, and (maybe) do them a little more often than once per month.

I’m eager to hear your thoughts!

A Simple Formula for Getting the Most from Each Sale

Gaining a new customer is exhilarating, but it’s important to remember that your relationship is just beginning. You celebrate getting married, but does that guarantee the ongoing relationship that you’d like? Of course not.

Retaining customers over the long term, and maximizing the profit you generate as you go, is a HUGE subject, of course. And I just promised above that I’d be brief. So let’s just take a look at the honeymoon period — the first few weeks after the sale, usually. Here is a simple 3-step formula that is guaranteed to set you apart from 90% of your competitors.

1. Verify that your customer is receiving the value you promised. Is the product functioning properly? Did the service you delivered exceed their expectations? Simply wait a little while after the sale and check to find out. You may need to have a staff member or even a 3rd party do this step to be sure you’re getting a straight answer, but it will be worth it.
2. Thank them for their business. Don’t muddy the above step with a thank you, keep it for a separate communication (letter, email, phone call, etc.) AFTER you concluded step 1 and resolved any issues. Your customers have other options — showing them your sincere appreciation for their business is just smart. Have some fun with it by including movie tickets, a gift card, or even just a note signed by all the people on your team.
3. Ask for referrals. Like I said, this process should easily set you apart from 90% of your competitors. If you do the above two steps, you’re likely to have a very satisfied (and even impressed) customer on your hands. Simply ask if any of their friends or relatives would also benefit from what you do. If you’d like to get more sophisticated, you can use postcards or even develop a formal referral incentive program. Whatever you do, don’t skip this step!

Follow this formula and watch your profits soar!