5 Steps to Achieve Your New Year Resolutions December 27, 2011
Posted by Joan Nowak in Planning.Tags: new year resolution, planning, set goals
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This time of year, many of us set new year resolutions or goals – to lose weight, spend more time with family, work less or make more money. We start with great intentions; but the passion and commitment soon fades away – and another year goes by!
If you really want to make a change in the coming year, here are five steps to help you turn your resolutions into results.
First, put your goals in writing! Written goals are far more effective than those we keep in our head! And remember to look at your goals daily.
Second, make your goals specific and measurable. Vague goals create vague results. If you lost one pound or made one additional dollar next year, would you be happy? Of course not but you would have accomplished your goal!
Third, identify what you must DO in order to achieve your goals. These may include actions or tasks, new skills, or simply changing some habits or behaviors. Here’s a few examples:
- If you want to lose weight, you might consider taking a 30-minute walk at lunch each weekday, eating a healthy breakfast each day, join a gym and work out at least 3 times per week, etc.
- If you want to enjoy more time with family, you may need to go in to work earlier, delegate non-essential tasks, hire a virtual assistant, improve your time management skills, plan and prioritize your work using a calendar, etc.
- If you want to earn more, you may need to learn new skills, attend networking or industry events, develop an action plan to improve your business (or a personal development plan for yourself), hire new or better people, etc.
Fourth, reward and celebrate your success or a job well done! Rewards can be small or large, depending on the goal. If you have goals that cover a longer period of time, consider establishing some milestones along the way with some small rewards to celebrate your progress.
Finally, share your goals with someone who is supportive like a spouse, friend, mentor or coach. Sharing your goals with someone else adds a level of accountability that motivates us to keep moving forward.
Find this helpful? Then share it with others or subscribe to my weekly. For additional resources and ideas to grow your small business, visit my website. While you are there, join my mailing list to receive my monthly eNewsletter and a free copy of my eBook, Mastering the 7 Elements of Business Success.
Why Cost Cutting Isn’t Enough December 15, 2011
Posted by Joan Nowak in Profit.Tags: build profit, efficiency, small business, systems and processes
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When sales and profit are down, most businesses, big and small, look for ways to cut costs. It’s a natural reaction. And while managing costs, in any economic climate, is important – you can only cut your payroll, marketing and operations so much – and still have a business.
But what if you took a different path? One that put more profit on the bottom line without cutting stuff that is essential to growth?
Instead, of cutting expenses, focus on improving efficiency and productivity. Get more with a lot less resources – time and money. Here’s a few examples to demonstrate this.
First, take a look at your current sales and quote process. Is it efficient and effective? Does it convert a lot of prospects into paying customers or do you waste a lot of time and money chasing opportunities that never materialize? Improvements in targeting and implementation can double (or even triple) your conversion rate – getting you more revenue while saving you a lot of time and money!
Second, take a look at your billing and collection procedures. Are they efficient and effective? Are you billing customers in a timely fashion? Are they accurate? Do you follow up quickly and efficiently when customers fail to pay – or simply wait until the cash is low to start making contact? Again, improvements here will put more cash in your pocket and ultimately save you a lot of time and money.
These are just a few of the areas where profit is potentially slipping away. Cut costs when they are out of line – that just makes good sense. But don’t overlook the profit opportunities that come from system improvements in all areas of your business. Unlike cost cutting that has limitations, improved systems offer unlimited profit potential for many small businesses.
Need systems, but not sure where to start? Then check out my Ultimate Systems Guide for Small Business Owners.
Find this helpful? Then share it with others or subscribe to my weekly blog. For additional ideas to grow your small business, visit my website. While you are there, join my mailing list to receive my monthly eNewsletter and a free copy of my eBook, Mastering the 7 Elements of Business Success.
Are You Missing Out on Sales Opportunities December 8, 2011
Posted by Joan Nowak in Sales.Tags: buy more, current customer, repeat business, small business, stay connected
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If you could generate 20% more revenue without acquiring new customers – would you do it? Of course you would. Yet many small businesses miss out on these sales opportunities because they fail to stay connected with current customers.
Studies have shown that about 25% of your customers will purchase from you again – if their first experience was good and you stay in touch. So make sure you communicate with customers on a regular basis, ask for their valuable feedback and provide them with value over the long-term.
Whether you do it by phone, mail or email, make sure your customers know you are thinking of them. The frequency may vary based on your business or industry … but quarterly contacts should be a minimum goal. Here’s a few simple, easy ways to stay in touch:
- Thank you and holiday cards are always a nice touch. Want to stand out – replace your typical Christmas or Hanukah card with a New Year card!
- Call them for feedback about your business – prepare 2-3 questions and pick up the phone!
- Drop in and say ‘hello’ when you are in the neighborhood – leave your sales stuff in the car! Or better yet, drop off some donuts or soft pretzels to the staff – they’ll remember you!
- Do a customer satisfaction survey (online or onsite) – and share findings and ideas you are implementing with your customers. It’s a great ‘excuse’ to mail or email them!
- Develop special VIP offers just for them – exclusivity is a great way to make customers feel special.
- Start up a blog or newsletter with helpful information and tips that your customers would like to receive.
- IF your ideal customers are big social media fans, add some fun and interactive applications to your social media site and/or periodically build contests into your updates or posts.
Remember, staying connected only works if that initial ‘buying experience’ is positive. Make sure it is. Then stay in touch and enjoy the extra revenue!
Find this helpful? Then share it with others or subscribe to my weekly blog. For additional ideas to grow your small business, visit my website. While you are there, join my mailing list to receive my monthly eNewsletter and a FREE copy of my eBook, Mastering the 7 Elements of Business Success.
