Profit (defined as the gain resulting from the use of capital) is the keyword here because most businesses are set up with the bottom line goal of making profit. Otherwise, the company would simply be a non-profit, charitable or humanitarian establishment.
Running a business is an art, a science and a complex exercise in human dynamics and diplomacy all rolled into one. Being in business involves interconnected activities that necessitate expertise culled from experience and study – from thinking of a business name to hiring employees, scouting for suppliers, pricing, balancing books, taking stock inventtories, being aware of market trends, assessing economic climates, making future projections, closing deals, taking calculated risks, filing taxes, and so on. And then there are those unpredictable "luck" and "timing" factors that baffle even top economic experts.
Starting a business is easy; staying in business is the test! Remember this: If it ain’t busy making money, it ain’t a business. Here are some business secrets (which are actually business basics!) that can get you ahead in the game:
2. Be sincerely concerned for your customers. Real concern is what you need to give your customers. Treat them warmly, nicely, sincerely. You have to win their trust in order to get their support. Give them more than their money’s worth. This will be paid back through the ultimate compliments any businessman can get from a customer – word of mouth and loyalty. Satisfied customers spread the word around, and stay loyal to you.
3. Be the best in your field. What does it take to be the best in your field? Knowing what the market wants is of extreme importance. For a business to thrive, you must fill a need, and your product must be the best answer or solution for that need. Knowing the competition and surpassing what they offer will help make you the leader in your particular domain. You have to be abreast of what is available in the market as well as of new product developments to keep your business advantage.
4. Advertise. How will people know about your wonderful product and service unless you beat your own drum and call attention to its features and benefits? An attractive and creative advertising campaign can enhance awareness of your product and boost your sales and profit. The "Prince of Promotions," P. T. Barnum (of the Barnum & Bailey Circus fame) declared: "Without promotion, something terrible happens – nothing!"
5. Network. Networking is building powerful customer alliances through direct personal contact or dialogue. Where do you network? At parties, conventions, exhibitions, seminars, church socials, actually, almost anywhere. It is the best, most accepted and least expensive way of promoting yourself and your business or profession. But don’t confuse networking with selling. Networking is gathering information; selling is making a deal.
6. Provide the best sales service. Train your salespeople well. Selling is an art and it takes mastery of human reactions to various sales techniques and stimuli. Some people are turned off by over-enthusiastic salesmen; others need a lot of sales pitch and convincing to buy. Salespeople should be friendly, courteous, knowledgeable, efficient, sincere and cheerful, and should never scare potential buyers away. Be sure your buyers feel at ease while browsing around, and happy and satisfied after making a purchase. And make them walk away wanting to go back to buy more.
7. Provide the best after-sales service. Give your clients the best after-sales warranty or guarantee. Try to establish a direct personal communication line to your customers. Always follow up a sale with a written, telephone or e-mail inquiry about their satisfaction regarding the item, appliance or service they bought or availed of. Reassure them that you are always there, willing and ready to help in case something goes wrong. This elicits something that is priceless – your customer’s trust.
8. Packaging is important. How you look is how you are perceived. The same is true with your product. Today’s market is very package-oriented and so many people actually choose items from store shelves because they are attracted to the packaging. The overall design and look of your product and the lifestyle it evokes help you reach your specific target market.
9. Quality is paramount. Trash wrapped in gold is still trash. Be very exacting about the quality of your product or service. After the packaging is opened and thrown away, it is the product and the use it was bought for that will stay on with the customer. Beauty, design and packaging are vital but quality, reliability, and durability in the end are of paramount importance.
10. Constantly improve your product and service. Always work at improving your product or service. Keep improving it, adding new features and attractions. Research, product development and market surveys can define new elements that will add the extra premium that will make buyers prefer your product to your competition’s brand. There is always room for improvement; a classic can always be reinvented to fit the times.
11. Pioneer and trail blaze. Anyone who pioneers in any field usually reaps great rewards. Plus, his product gets to be known as the generic name of the item much like what Kodak, Colgate, Frigidaire and Xerox have become. Set up a research and development laboratory or a creative pool to provide you with trailblazing products and innovative ideas that can revolutionize and change the world.
12. Encourage feedback from your customers. Maintain an open ear to your customers. Encourage them to make observations, comments and suggestions. Set up feedback hotlines, an e-mail address for complaints or install that ever-trustworthy suggestion box. Teach your employees who have direct contact with your buyers and customers to be on the look out for valuable remarks and criticism. Not listening to your market can be detrimental to your business growth.
Are You Waiting To Be Called? |
The young man filled out his form and sat down with the seven other applicants in the waiting area. After a few minutes, the young man stood up, crossed the room to the door of the inner office, and walked right in. Naturally the other applicants perked up, wondering what was going on. They muttered among themselves that they hadn’t heard any summons yet. They assumed that the young man who went into the office made a mistake and would be disqualified.
Within a few minutes, however, the employer escorted the young man out of the office and said to the other applicants, "Gentlemen, thank you very much for coming, but the job has just been filled."
The other applicants began grumbling to each other, and one spoke up saying, "Wait a minute, I don’t understand. He was the last to come in, and we never even got a chance to be interviewed. Yet he got the job. That’s not fair!"
The employer said, "I’m sorry, but the last several minutes while you’ve been sitting here, the telegraph has been ticking out the following message in Morse Code: ‘If you understand this message, then come right in. The job is yours.’ None of you heard it or understood it. This young man did. The job is his." – Author Unknown, forwarded by Candice C. Makki
Practical Business Tips |
• People (especially secretaries) often answer phone calls with, "May I know who’s calling please?" This opening line may make the caller defensive and not want to give his name. So that the person won’t feel rejected, say, "He is busy at the moment. May I tell him who’s calling?" This will make the caller soften up knowing that there is a chance he could be put through.
Try calling your competitors and notice how warm, friendly and efficiently they answer phone calls. If you feel they sound nicer and friendlier than the ones who answer your phones, re-train your employees or assign somebody better to take incoming calls.