Over the years I have been surprised to see how many business owners and managers measure their total sales, cash flow and profitability – and micromanage where not necessary – only to fail to give consideration to individual measurements that can really help them understand their business. This is particularly so in sales. KPIs (Key […]
I have always been intrigued by this quote from Henry Ford. It challenges my approach to business every day. Isn’t Ford contradicting the basic principles of marketing that have been taught in business schools for decades? Isn’t it the role of marketing to determine what consumers want, help businesses address these wants and position that […]
Some time back I wrote a blog that suggested you should ‘play golf to grow your business’. This was based on UK research that suggested sales people and business executives who play golf experience an 85% better chance of securing a business deal on the golf course than through conventional methods of marketing. Now not […]
The following tips will help you perfect your sales pitch so you are presenting your product or service in the best possible light for your prospective client. Know your prospect It is vital that you have a solid understanding of your potential client’s business. You can use the Internet to do some background research on […]
It’s not just a marketing plan, although these plans have to be based on an appreciation of a vision for the firm. The irony is that a vision is something that never exists in the physical sense – it simply can’t be seen with the eyes. A vision is a product of the imagination. It […]
Goal setting is a great way to motivate your staff in either the long term (financial year) or short term (project). Make sure your team are fully involved in the process of setting their goals. If you simply tell them “these are your goals for today” they won’t respond, whereas if they have set the […]
Very few businesses have a monopoly, as almost any product that is worth buying or selling will generate competition. But you need to have a detailed understanding of the products and services offered by your competitors, given that strong competitors could poach some and perhaps all of your business. A business usually strives to offer […]
Budgeting is part of good management. No business can expect to succeed unless it has a plan for expenditures that is related to its revenue estimates. Companies that spend more than they earn won’t be in business long. But businesses generally have a number of budgets operating concurrently. There are budgets for categories like stationery […]
Think about it. We receive ‘loyalty’ points by spending money with certain retailers or using specific credit cards, and in exchange for the points we accumulate get free travel and other goodies. Since nothing’s really “free” we’re actually providing the funds that are used to purchase our loyalty. “Loyalty” is really supposed to mean fidelity, […]
Providing a high and consistent quality of service is a key to business success. That is because high service quality promotes customer satisfaction and customer satisfaction has a direct link to business revenue. Advertising may win new customers, but quality service will keep them. And most businesses get between 60 and 70 percent of their […]