A moment's insight is sometimes worth a lifetime's experience.
Oliver Wendell Holmes Jr.
The following are a few quick 'gems' that when applied could give you some real benefit.
There are many more in the free resources section and naturally with our comprehensive products, coaching and consulting.
Enjoy!
Customers vs. Consumers
Today, there is a difference between consumers and customers. Consumers are people looking for the quick bargain . . . they shop and run . . . have no loyalty . . . and are only consumers while you serve up the bargains.
Customers on the other hand are the backbone of your business. They are customers because you offer excellent service, good location, quality merchandise...and price is not necessarily the key.
Apply the 80/20 rule in favour of your customers and continue to provide the little extras they appreciate. At the same time, work on converting consumers into customers by alerting the consumer to the things you do extra well.
Retailing Today, USA.
Keep a Comparative Prices Register
Keep a "Comparative prices" register for all products that are purchased by your business. Encourage competitor suppliers bidding for your business to send circulars and price lists so that you may be kept abreast of the keen prices that may be available in the market place from time to time. Assign one person the responsibility of keeping the register up to date and to bring significant variances to the attention of management.
Small Business Today, London, UK.
Smart Cost Cutting Questions for Key Empolyees
Ask these questions of key employees and get set for some stimulating yet productive discussion.
- If you had to reduce each business expense by 10%, what would you cut?
- Would any real value be lost?
- If you had to reduce total expenses by 10%, what would be the key areas to slash?
- If you reduced just one expense each month by 5%, how would annual profits increase?
The Small Business Bible: The make or break factors for survival and success" by Paul Resnik, John Wiley and Sons.
In Advertising..... Use Specific Facts
When explaining the benefits of your product or service, use specifics rather then generalities.
Reason: They add interest and credibility
Specific advert:
"Last Year, 8536 customers entrusted us with their hair care"
replaced this general advert headline:
"Why do more people entrust us with their hare care?"
Better Business Newletter, Sherman Oaks, Calif.
Ten Most Common Mistakes Made in Employee Selection
- Inadequate screening
- Inadequate preparation for interview
- Lack of knowledge for the position to be filled
- Unintentionally "coaching" the candidate as to the answer expected
- Ineffective use of questions
- Dominating the interview
- Stereotyping the candidate
- Failure to probe for depth
- Evaluating solely in relation to other candidates
- Premature evaluation and selection
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