When answering your own questions about business development issues, it can be challenging to remain unbiased. If you want to learn more about your business, here are some questions to ask not only yourself, but your clients and staff. Just be sure you want to hear the truth, and commit to using the results in a positive manner to better your business, not to berate yourself over any less-than-encouraging responses.
Ask your clients:
· What do you think are the elements of excellent customer service?
· When you experience exceptional customer service from us, what is it you are experiencing?
· Have you witnessed obstacles to us providing better customer service? How can we overcome them?
· What are the specific benefits of doing business with us?
· What two services could we provide that we don’t currently offer?
· What have we done to show you appreciation for being our customer? Did this expression of appreciation hold value for you?
· Do you refer us to your network? Why/why not?
Ask your Employees:
· What do you think are the elements of excellent customer service?
· When we demonstrate experience exceptional customer service, what is it that our clients experience?
· What are the obstacles to providing better customer service? How can we overcome them?
· What do our clients see as the specific benefits of doing business with us?
· What two services could we provide that we don’t currently offer?
· What could we do to show you appreciation for being our customer that would be meaningful to them?
· Are there new initiatives we could implement that could lead to more referrals from clients?
Cross reference the answers from clients and staff for an insightful 180 degree perspective. Add in a competitive SWOT analysis to make it a 360 approach to propelling your business forward.
Friday, October 28, 2011
Monday, October 17, 2011
Best Start-Up Advice
I had the pleasure today of appearing on Rogers TV In Business, hosted by David Wojcik, to talk about small business month (October, Canada-wide) and small business in general. After an engaging half-hour, the host’s final question was, “What is your best small business start-up piece of advice?” I went blank! Not because I could think of none, but because rush of them came to mind, and on the spot I didn’t know which one to chose. I went with something like this:
“When doing your pro-forma financials, double your estimated costs, slash your estimated sales in half, and then give a good second look at profit potential.”
Here are some of the others that crossed my mind in that split second:
· Open a business in an industry you love – your passion is what will get you through the tough times
· Open a business in an industry you know – your experience will mean you don’t have nearly as many rough operational spots to deal with
· If there is more than one owner, sign a partnership agreement
· Choose a name that tells your customer something about who you are or what you do
· Make sure there is a problem (need/want) in the marketplace that your company can solve
· Figure out your competitive advantage – without one, you won’t be able to lure any customers away from competitors and towards you
· Don’t make low price your competitive advantage
· Choose a niche – you can’t be a big box store in a boutique-sized space (this tip is not just for retailers)
· Don’t conduct market research for your business through friends and family
· You will have to be your company’s best sales person – so take a sales course if you don’t have sales experience
· You can never spend too much on marketing…but you can spend it on the wrong tactics
· Ensure you have a crystal clear picture of who your primary and secondary target markets are
· Provide a customer experience that builds your great reputation from your very first customer
· For the first few years, you are the business’s brand
· Don’t make your spouse keep the books – unless he/she is a bookkeeper
· Address the risks in your business and develop contingency plans before launching
We had already spent a portion of the show talking about the importance of preparing a business plan in advance, so many related ideas had already been covered, but in case you don’t catch the show, here they are:
· Write a business plan, even if you’re self-financing
· Research, research, research
· Write the plan yourself, so the business model is based on your vision, experience, skills, education and passion
· Don’t make any major investments (inventory, lease, employees) until your plan is complete
· Use your plan not just to launch, but as a management tool once you’re operating
And, of course, as my quick-witted counterpart said, visit your local Small Business Enterprise Centre for support!
“When doing your pro-forma financials, double your estimated costs, slash your estimated sales in half, and then give a good second look at profit potential.”
Here are some of the others that crossed my mind in that split second:
· Open a business in an industry you love – your passion is what will get you through the tough times
· Open a business in an industry you know – your experience will mean you don’t have nearly as many rough operational spots to deal with
· If there is more than one owner, sign a partnership agreement
· Choose a name that tells your customer something about who you are or what you do
· Make sure there is a problem (need/want) in the marketplace that your company can solve
· Figure out your competitive advantage – without one, you won’t be able to lure any customers away from competitors and towards you
· Don’t make low price your competitive advantage
· Choose a niche – you can’t be a big box store in a boutique-sized space (this tip is not just for retailers)
· Don’t conduct market research for your business through friends and family
· You will have to be your company’s best sales person – so take a sales course if you don’t have sales experience
· You can never spend too much on marketing…but you can spend it on the wrong tactics
· Ensure you have a crystal clear picture of who your primary and secondary target markets are
· Provide a customer experience that builds your great reputation from your very first customer
· For the first few years, you are the business’s brand
· Don’t make your spouse keep the books – unless he/she is a bookkeeper
· Address the risks in your business and develop contingency plans before launching
We had already spent a portion of the show talking about the importance of preparing a business plan in advance, so many related ideas had already been covered, but in case you don’t catch the show, here they are:
· Write a business plan, even if you’re self-financing
· Research, research, research
· Write the plan yourself, so the business model is based on your vision, experience, skills, education and passion
· Don’t make any major investments (inventory, lease, employees) until your plan is complete
· Use your plan not just to launch, but as a management tool once you’re operating
And, of course, as my quick-witted counterpart said, visit your local Small Business Enterprise Centre for support!
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