CUSTOMERS GROWING BUT REVENUE NOT?

I’ve seen it too many times as a business consultant:  A new business takes off running, building quickly within the first two to three years of operations and then suddenly they stall!  They are attracting new customers by leaps and bounds yet  revenue is staying steady.  Some businesses are so focused on new customers they never stop to evaluate the retention rate of existing customers.  If your customer base is growing but your revenue is not, it’s time to look at your retention rate for existing customers.  If you have just as many customers going out the backdoor as coming in the front, you need to identify the problem and fix it, fast!
Customer Satisfaction is a major key to the success of any business and if you’re not keeping them happy, you’re not keeping them.  It’s that simple!  So just as important as the strategy to attract customers is the science of keeping them.  There must be a plan in place for guaranteeing your customers are getting the service and attention they need to keep them coming back. It’s a simple strategy but one of the most important for the success of your business.

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THE KEY INGREDIENTS TO YOUR BUSINESS’ SUCCESS

As a Business Consultant I see many businesses struggling through their day to day functions, overwhelmed with frustration at the lack of results. Management blames lack of dedicated employees but more than 90% of the time the problem is not employee dedication or skills but lack of training. With no consistency in processes there will be no consistency in results and this creates frustration throughout the entire company. This is a scenario I see over and over again which is easily corrected with two key ingredients: Documented Processes and a structured Training Program.
Every company, no matter how big or small needs solid, documented processes for the repeatable tasks that they perform on a daily basis. There is a one best way of doing things and it needs to be identified, documented and adhered to. With solid, documented processes in place, you will get consistent results and that is a key in your business success and growth. Notice the emphasis on documenting the processes. Having them in your head and passing them on verbally is not sufficient. It’s like the game where you whisper something in someone’s ear and they continue repeating it through a chain of people. By the time it gets to the end of the chain, the message is entirely different than when it started. YOU MUST DOCUMENT!
The second ingredient is a proper training program. Many small to mid-sized companies are so inundated with work and employees wearing more than one hat that they do not take the time to create a solid training program. New team members are briefly introduced to what is expected of them and then ‘thrown to the wolves’ so to speak. So they fumble with the little information they are given and figure out some way to try to get to the end result. No consistency. It is not a lack of dedication causing your employees not to perform to your standard but rather a lack of processes to follow and training on these processes. The time and money spent on adequate training is far more efficient than the cost of retraining new employees.
If these two key areas are not solid it can affect every area of your operation. If you have difficulty with customer retention, company growth, cash flow or any key areas of your business, take a good look at your processes and training programs. A solid foundation creates a solid, prospering business and these are your keys.

The Importance of Adding Structure to Your Business

Many people go into a business ‘flying by the seat of their pants’ as I like to describe it. They have a great idea and they charge full steam ahead, which is not necessarily a bad thing.  Statistics show that the most successful people react quickly and make decisions on their instincts.  They are risk takers:  they see the need and the opportunity and they go for it.   This can create a great return to start but it’s sustaining the growth and profitability that suffers without a solid infrastructure.  If you want to create a strong, self-sustaining long term operation you have to have a solid foundation for your business.  What exactly does that mean? Read the rest of this entry »

A Hobby or a Business?

 

Many times over the course of my life I dabbled in businesses ‘on the side’.  I held my full time position as someone’s employee but would create side businesses for additional income, always with the intent of someday owning  a business.  All of them had great potential, but Read the rest of this entry »

Are You Attracting the Right People?

We’re all familiar with The Law of Attraction:  you have to project what you want to attract. Some people find that easy in their personal life but somehow lose the translation when it comes to business.  Are you attracting the right clients for your business or do you feel like you’re in a drought? Let’s take a look at some significant signs to determine who you are or are not attracting.

First, do you know who your perfect client is and where they Read the rest of this entry »

Are You Committed?

 

How many times do we use the word want or interested when we are talking about our business?  As a Business Transformational Consultant, I ask my clients, “How can I help you with your business?”  The most popular responses are “I want to increase my revenue;”  “I’m interested in expanding into new modalities;”  “I want to work less but make more;”  They want it all, but then when they realize what they need to do to make it happen, hesitation and procrastination take over.  They don’t want to spend money, take the time or put in the effort.  I used to say “What are you willing to do to achieve the goal?”  Well the new question is “What are you committed to doing to achieve your goal?  Read the rest of this entry »

FROM THE HEART:

For most of my career, both as an employee and as a business consultant, I have worked in a predominately male environment:  First in engineering, then executive management and even in Operations consulting.  I spent the majority of my career censoring how I expressed myself in ‘a man’s world’ because you were often told ‘don’t take it personal’ or ‘don’t let your emotion get in the way.’

In the modern workforce, there has been a shift towards women owned businesses and there is a lot of talk about speaking from your heart and being Read the rest of this entry »

THE POWER OF EXPECTATION

“If I accept you as you are, I will make you worse; however if I treat you as though you are what you are capable of becoming, I help you become that.”  Johann Wolfgang  Van Goethe

The power of expectation can change the outcome of a situation.  Think about it.  We’ve all heard it:  positive breeds positive and negative breeds negative.  You are what you think. If you believe it will happen, it will.  Faith works both ways:  positive and negative.  These are all saying the same thing:  What you expect most likely will be.

Think of the people you know that no matter what is going on in their life, they stay positive and upbeat and they somehow always seem to come out smelling like a rose.  We all know them.  THEY BELIEVE! They expect the positive results!  Those are the same people when the chips are down will always have a positive, upbeat word for you.  So despite the fact you arrived feeling in the dumps, you leave with an extra pep in your step.  You feel better because you absorbed some of their belief.  You now expect a different outcome.

In every aspect of life, the power of expectation is Read the rest of this entry »

Obstacles Exist Only in the Mind

Obstacles don’t exist except in our minds.  We create them.  One of my favorite sayings is things don’t happen to us, they happen for us.  I believe this.  I believe in the law of attractions and I believe that positive thoughts breed positive outcomes and negative thoughts breed negative outcomes.  So when an obstacle shows up, don’t look at it like it’s an obstruction; look at it and Read the rest of this entry »