Maxims to Maximize Your Resources and Improve Business Performance

Posted by Kevin Wessels on September 4, 2020

In our last post, we talked about three more ways you can work on maximizing your current resources. So far, we’ve covered six areas in total:

  • Recognize the obvious
  • Unconventional breakthroughs
  • Face the facts
  • Reveal your business’ soul
  • From breaking even to breaking the bank
  • Stand up and stand out

Today, we’ll dive into three more additional techniques you can implement to ensure you’re getting the most out of company’s current resources and improve your performance. They are as follows:

  • An offer they can’t refuse
  • Would you like fries with that?
  • Stay away from the edge of the cliff

An Offer They Can’t Refuse

The secret to success is to stay ahead of your competitors…to maintain a competitive edge. To do that, you need to make it easier for your customers/clients to say “yes” rather than “no”.  You do this by eliminating all the psychological, financial, physical, emotional, and other roadblocks they may have.

You can mitigate the risk for them by offering warranties and guarantees that make the customer feel more confident in you, your business, and your products/services. You also must be serious about your offer and follow through if a situation does arise. The quickest way to the bottom is to play games or take back a warranty or guarantee.

Would You Like Fries With That?

It’s the oldest trick in the book from McDonald’s. I mean, really, how many times a week do you fall for it?  They really were one of the pioneers of the cross-sell.  Those salty fries are tough to resist!  Very few foods are enjoyed by people of all ages.  Full disclosure, I go there quite frequently much to the chagrin of my wife to pick up some happy meals for our kids.  Though my wife might prefer a healthier option from time to time, she likes their fries, too.  Who doesn’t, right?

Every time you sell a product or service, you need to offer an add-on, upgrade, or back-end product to go with it. These products must be complementary to the original product being purchased and must create a higher perceived value.

Avoid the Edge of the Cliff

Continuing to test and measure your systems, products, marketing methods and all other aspects of your business allow you to see problems before they happen and therefore avoid falling off the edge of the cliff.

 

 

 

Here are a few specific areas you can test for potential improvements:

  • Marketing and Client Communication
  • Sales Copy, Letters, and Presentations
  • Customer Service and Client Escalations
  • CRM, BI Reporting, ERP, Support Ticket, and Document Management systems
  • Internal Notification and Approval Processes

Through testing these different areas you will find products/services where you can raise the price, maybe others where you can lower the price or offer that product as an incentive item, and find many other areas for improvement that will better utilize your current resources.

This wraps up our series on how to maximize your current resources.

If you found these brief insights valuable or you have already experienced success deploying them, you’ll love our Small Business Growth Online Training Academy and E-Learning Marketing System. It’s ideal for early-stage entrepreneurs looking to expedite the launch of their new venture or veteran business owners wanting to ignite their firm’s turnaround more efficiently and cost-effectively.

CLICK HERE to learn more and enroll today!

Back to Basics Before You Break On Through

Posted by Kevin Wessels on August 29, 2020

Our last blog highlighted the first three areas to work through in maximizing your current resources to better equip your business to “break on through to the other side” (the doors).  They were:

  • Recognize the obvious
  • Unconventional breakthroughs
  • Face the facts

Today, we’ll cover the next three, which are:

  • Reveal your business’ soul
  • From breaking even to breaking the bank
  • Stand up and stand out

Is your business ready for a breakthrough? Photo by Ivana Cajina on Unsplash

 

Reveal Your Business’ Soul
Every business has a soul and you likely felt it the strongest when your business was just starting.

Sometimes that passion, newness, and momentum you had at the very beginning can get lost along the way as your business gets stagnant and set in its ways. You have to break out of that rut and get back to your business’ true soul.

The philosophy of putting your client’s needs above your own is the true key to success.  You need to serve your clients rather than sell to them. They want to build a relationship based on trust, not a used car. Add to these responsibilities your ability to solve problems, handle special situations, be a friend to your clients, and focus on offering valuable, high-quality products/services. Only then will you get back to the basics and find you have more resources than you thought.

From Breaking Even to Breaking the Bank
One of the classic and most used ways to attract clients is to offer them a ridiculously low price on their initial purchase and lock them in for future purchases. You see this approach with movie or book clubs and even credit card companies that offer lower interest rates for the first 6, 12, 15, 18, or even 21 months.

Essentially, you are offering them a deal on their first purchase and then you offer them back-end and add-on products along the way. These are naturally higher prices and will bring them into more of an intimate relationship with you and your company.

Stand Up and Stand Out
You need to stand out from the pack among your competitors. They only way you can do this is through consistency and value. You do this by discovering what your USP (Unique Selling Proposition) is and perfecting it. Here are some tips to help you find and develop your USP:

  1. Look for unfilled needs in your industry.
  2. Use preemptive marketing.
  3. Use a technique that is clear and to the point.

If you need help with any of these areas and techniques, please CONTACT US.

This wraps up this post.

In case you didn’t know, you can also always receive top-notch (and free) strategic marketing, sales, business growth, CRM process improvement, customer experience transformation, and leadership development advice, insights, and motivation on our social media sites:

Give us a follow and let’s stay in touch there, too.  Thanks!

Priming Your Business and Resources for a Breakthrough

Posted by Kevin Wessels on August 23, 2020

Over the next few posts, we’re going to talk about how to take a hard look at your current resources and get the most out of them. This can help your capital go further and increase your profit margin.

Today we’ll cover three different ways to maximize what you already have. These include:

  • Recognize the obvious
  • Unconventional breakthroughs
  • Face the facts

Recognize the Obvious
Sometimes when you are too close to something, you can’t make out the big picture. You need to step back and really take a hard look at the resources you currently have in front of you. You are surrounded by opportunities that can boost your career and help your business become more successful.

Unconventional Breakthroughs
Don’t sit around waiting for breakthroughs. You need to create them yourself. A breakthrough is merely a new way of doing things or finding a new thing to do for the same or better results. You should be having regular brainstorming sessions and encouraging your team to come forward with breakthroughs or ideas any time they have them.

How’s your business performing? Are you ready for a breakthrough? Photo by Rafael Pol on Unsplash

 

Some great examples of breakthroughs are:

  • The founder of Nike pours rubber onto a waffle iron and creates the most innovative and successful running shoe ever.
  • A company creates a roll-on deodorant inspired by the shape and size of a ballpoint pen.
  • A health and beauty company discovers a side effect of a product that can be re-marketed and sold.

When attracting or strategizing for a breakthrough there are some key objectives you need to keep in mind. They are:

  1. Look for the hidden opportunity in every situation.
  2. Look for at least one cash windfall for your business every three months.
  3. The more value for your client, the better your breakthrough.
  4. Create multiple streams of ideas to find the best breakthroughs.
  5. Effective breakthroughs remove all risk or resistance.

Face the Facts
Before you can put your breakthroughs to work you need to face the facts of the processes and systems that are not working for you and work to correct or get rid of them. System analysis is a good way to do this. Once you have a listing of your strengths and weaknesses, you need to compare those to the strengths and weaknesses of your competitors.

There are some great questions you can present to you and your team to get a handle on where your business is right now. They are:

  1. Why did I first start this business? Why am I in this industry?
  2. What products/services did I offer then? Which were the most popular?
  3. Why are my customers/clients buying from me right now?
  4. How did I generate new customers/clients then?
  5. Which of my marketing efforts were bringing in the best results?

Once you’ve got some answers to these questions, you’ll know better how to approach your weaknesses.

These three areas we’ve gone over give you a jumping-off point for how to utilize your current resources to their fullest potential. If you need any help with the current state analysis of your client engagement management strategies and resource utilization, CONTACT US to work with one of our business process improvement design experts and profit acceleration advisors.

Intro to Mitigating Small Business Cash Flow Mistakes

Posted by Kevin Wessels on August 15, 2020

The last 2 posts covered the first four of the killer mistakes you can make that will not only make you lose your biggest and best client but possibly your entire company.  Our first blog post in this series covered:  1) Not meeting the client’s expectations and 2) Mishandling a client crisis.  Then, our second related blog post addressed:  3) Taking on more than you can handle and 4) Putting all your eggs in one basket.

Today, we’re going to talk about the fifth killer mistake:

“Up Cash Creek Without a Paddle”

Even when business is good there’s still a chance of running out of cash flow. You have to always be prepared for a slow in sales or a surge in expenses.

 

 

One of the keys to balancing your cash flow is to get your clients to pay on time. This can seem like a nightmare at times, but it’s absolutely essential to running a successful business. Here are some tips to speed up the payment process:

  • Always send invoices on time and adjust your records for potential audits.
  • Learn how the client processes payments on their side and find out precisely where to send invoices.
  • Find out who’s in charge of processing orders and payment, so you know who to contact if needed.
  • Have a follow-up procedure in place, just in case.
  • As a last resort, call your contact to ask questions.
  • Always make sure your invoices are correct before sending them out.

You also need to make sure your cash flow is protected. You can do this by:

  • Always know which accounts need to be paid and when.
  • Negotiate with your suppliers for the lowest cost possible.
  • Have a bank contingency plan in place.
  • Build your own inventory network.

These are all great ways to protect the cash flow of your business and prepare for large client transitions and slow sales.

These last few lessons are all about finding and catching your big fish clients. These clients are essential to your success and your need to take the time to work through each of these steps carefully and correctly for the ultimate and long-lasting customer experience.

If you would like to receive and discuss more in-depth additional Cash Flow Optimization Strategies to insulate and expand your business, please contact us.

On a related note, is your region, business, or favorite retailer impacted by the national coin shortage?  If so, please leave a comment with your firsthand account below.  

14 Signs Your Business Is Taking On More Than It Can Handle

Posted by Kevin Wessels on August 7, 2020

In our most recent post, we covered two of the five biggest mistakes you can make in dealing with “big fish” clients. Now, we’ll cover the third mistake, which is “Taking On More Than You Can Handle,” and the fourth one which entails “Putting All Your Eggs In One Basket.”

Taking On More Than You Can Handle

When you take on too much, your business can’t keep up and therefore you can easily lose control of everything and find yourself barely functioning. No doubt, you want your business to be successful.  However, you need to have a plan for how you will handle the growth. Your clients expect great customer service and high-quality products/services, but they lack a deep understanding and high level of appreciation for your behind the scenes operations to get those things done.  They just expect it.

But, as a business owner, how do you know when you are taking on more than you can handle?

Photo by Hugo Jehanne on Unsplash

 

To uncover whether you are in over your head due to rapid growth and thus negatively impacting your customer experience, be on the lookout for these alert signals:

  • Clients are increasingly upset.
  • Clients’ needs aren’t being met.
  • Clients are suffering from you always trying to keep up with new business.
  • SLAs are being missed.
  • Employee morale is low.
  • Quality of deliverables and service is declining due to the vast amount of work.
  • You have to react in emergency mode to save accounts.
  • You feel as if there is a new “fire” to put out every day or week.
  • Profits are going down.
  • You are just trying to pick up the pieces of your business.
  • Your clients/customers leave.
  • Resources are being reallocated.
  • Resources are vastly lacking.
  • You, your team, and your clients are frequently in a panic.

There’s also a trick called the “Mock Fish Plan”. This plan can help you react positively when you are facing some or all of the aforementioned trouble signs so that you can get your business back on track. Specifically, this plan will:

  • Help increase sales in a short period of time.
  • Alter your products/services for the better.
  • Fulfill the promises you made to your clients.

There are six steps to this plan:

  • Bring in your best team and have them all help to meet the Tier 1 client’s needs.
  • Review your operational system.
  • Anticipate future problems better.
  • Communicate more clearly and proactively.
  • Include costs in your quotes.
  • Always have a back-up plan.

Putting All Your Eggs in One Basket

It’s imperative that you do not allow your company to become dependent on any one large client. Eventually, or for certain periods, there is going to be a slowing down period with your big fish. In order to stay in the game, you need to diversify and not put all your eggs into one basket as they say.

If you’ve ever mishandled a big fish client, you could drive away potential fish as well. In order to keep balance and prepare for a strong future, there are a few things you can do, including:

  • Stay in the loop and try to know what’s going on inside your number one client’s company.
  • Constantly reinvent yourself and stay at the top of your industry.
  • Stay exclusive.
  • Try to secure multi-year commitments and contracts.
  • Spread your contracts out.
  • Price your products/services correctly.

You also need to work to reduce your dependency on your big fish. This can generally be measured in sales or profits. Take a look back at the process in prior blogs we’ve used thus far to snag more fish to keep this all in balance.

These are the ways you can help avoid the critical mistakes that can make you lose your best clients that you worked so hard to win. Next time, we’ll address the last of the killer mistakes and how to prevent it from jolting your business.

As a reminder, our Small Business Growth Academy has all the tips and tricks you need in your marketing outreach, business development, and client retention efforts ranging from lead generation to sales conversion to client nurturing strategies, including many pre-built industry accelerators designed to shorten your learning curve, implementation duration, and time to market or launch.

To better acclimate yourself with the cutting-edge capabilities of the RevSherpas Growth Academy, click here to watch a brief overview.