Business Success Tips For the New Year
by Dr. Robert Sullivan
Wow, another year gone! You know what this means, don't you? New
opportunities for business success in the New Year! But - What did
you put off this last year that you really wanted to get accomplished?
What changes did you not get around to making?
Start the New Year off right by taking care of a few important items
that can make a difference in your business and have a positive impact
on the bottom line. Start with the following suggestions and add your own.
PLANNING. Review your strategic plan (You do have one, don't you?). Are
you on course to your objectives and goals? Update your plan as may be
necessary and make any additions and/or deletions based on any changes
in your desired goals. Remember the importance of planning - without a
plan in place, effective decision making is difficult if not impossible.
CUSTOMERS. Make a point to contact all your existing customers -
remember, they are most likely to purchase your product or service. Have
a "preferred" sale, send them all an announcement of some kind, ask for
suggestions. Make them feel how important they are to your business. Make
personal individual contact with your larger customers.
TELEPHONE. Review your telephone charges. It may be possible to do a
lot better. Shop around for your long distance and 800/888 service.
SUPPLIERS. Contact all your current suppliers and attempt to negotiate
lower prices. Review your previous year's usage and consider a larger bulk
buys in order to obtain additional discounts.
ACCOUNTS. Contact all overdue accounts. Offer to negotiate payment
terms, if necessary. Decide if you want to continue to work with these
customers.
EMPLOYEES. Do you have employees? If so, make a point to sit down with
each of them and ask for suggestions that might improve your product or
service. Ask if they need anything that might make them more efficient.
Be sure to give feedback at a later date as to how you used any of these
suggestions.
GUARANTEES. Review your product or service guarantee - it is as
generous as it can be? Is a "life time" warranty in order? Exceptional
warranties sell products!
TECHNOLOGY. Are you using technology to the fullest extent possible?
Remember that technology is one of the great equalizers between small and
large companies.
a. Should you have an Internet site?
b. Is your telephone system adequate? (Do you keep customers waiting?)
c. Would a fax-back system help get information into your customers hands
at a lower cost to you?
d. Do you need a fax machine?
CUSTOMER SERVICE. Improve it this year! Review your customer service
policies. Do you need additional telephone lines? Can you ship product
faster? Provide better prices? Discounts? Personalized service? Should
you be accepting credit cards? Would a toll-free number be useful?
MARKETING. Plan your year's marketing budget. Either define a budget
amount or have it vary with total sales.
INSURANCE. Review your insurance program. Are you double insuring?
Shop your policies for better prices. Are any changes required?
ORGANIZATION. Okay THIS is the year you are going to get organized.
Do it - the time savings are amazing. If nothing else, get yourself a
good personal information manager (PIM) and use it. I like ECCO.
Remember, the continued success of your business is dependent on many
factors, some of which are not under your control. It is up to you to take
advantage of those you can do something about.
