1. Lack of controls on discounting. Discounts and special offers may have their place, but if used as a standard closing tool, it costs you a lot of profit. Have a strategy and purpose when it comes to offering discounts.
2. Cost-plus pricing. Setting your prices based on a standard mark-up and cost ignores key elements like value and competition. Some products or services end up over-priced; but more often in small businesses, many are under-priced – leaving profit on the table. Know your costs and have a profit margin goal – but raise or lower your selling price based on competition and value.
3. Poor execution on price changes or increases. Changing prices is part of doing business. But how you communicate and implement the changes can make a big difference in retention and new business.
4. Sales versus profit incentives. Sales incentives or commissions based on revenue instead of profit can have a big impact on margins. It tends to encourage discounting and easy sales (lower margin products) – instead of high-margin premium products.

Find this helpful? Then share it with others. 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.

The key to attracting and retaining customers is consistency. It is better to do five or six lead generation strategies consistently than do ten or more erratically. So as you plan your marketing this year…

Decide what you want to do
Commit to a frequency – daily, weekly, monthly, quarterly
Do it – no excuses!

For additional tips to improve your marketing, check out my article, How to Choose the Best Marketing Strategies.

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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.

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.

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.

So when it comes to setting goals do you take the safe road or reach for the stars? Goals are important because they keep you focused and on track. But a list of goals will rarely create excitement that propels us into action. They are measures that feel like a ‘to do’ list and often lack emotion. So before you start setting personal and business goals, create a vision for your life.

Your vision is a picture of the future YOU create with your imagination. It’s the WHY behind everything you do. It brings together all the elements of your life – family, relationships, financial, business, spiritual, health and community. It speaks to you. You can see it and feel it.

And, because your vision is sometime in the future, it allows you to THINK BIGGER. Your practical nature and inhibitions don’t act like a road block, the kind that produce little, safe goals.

So ask yourself this question, “What would I like my life to look like in 5 years?” Now take the time to create a visual picture of what that life looks like. Create your vision!

Need additional help? Check out my article, How to Create a Vision that Inspires and Motivates. It provides additional information and exercises that can help you create a clear internal image for your future.

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Think about it. How much time do you waste each day on tasks that add no real value to your business. As a small business owner, your time needs to be invested in activities that produce sales or revenue, increase profit or help you achieve your goals. It’s that simple.

So before you start attacking the to-do list, ask yourself this question. How does this activity link to my goals? If it doesn’t, then delegate it, defer it or simply choose not to do it. By asking this question, high value tasks rise to the top so they get done.

Prioritizing your tasks and managing your time is a lot easier IF you have specific goals for your business and life. Without them, every task appears to be important. With goals and a simple action plan (what you need to do to accomplish your goals) you have a foundation to prioritize your work, manage your time and get more done. And that is a key to sustainable growth and profit in your small business.

Need help with planning and goal setting? Then check out The Ultimate Planning & Goal Setting 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, check out my free Business Builder Success Checklist or join my mailing list to receive my monthly eNewsletter and a complimentary copy of my eBook, Mastering the 7 Elements of Business Success.

It starts with follow up and follow through! Your actions and communication before, during and after the sale go a long way toward building customer relationships – the kind that gets people talking and coming back.

Here’s 4 ways to set yourself apart from others:

If you promise to get back to a prospect or follow up on a decision, do it. It sets the expectation for your relationship when they buy. If you don’t follow through on commitments before the sale, why would a customer expect more after the sale is finalized?

Make sure deliverables are on-time. Whether you sell products or deliver services, customers should be able to count on you to deliver WHEN you promise. If an unexpected problem occurs, inform the customer immediately regarding delays and rescheduling. Nobody likes to deliver bad news, but most customers appreciate the honesty and will work with you.

Make sure the quality of your products or services is consistent. Customers expect this, so don’t disappoint them. If something isn’t to your standards, fix it or get another one. Communicate any issues or potential delays. Don’t cross your fingers and hope customers won’t notice. They typically do.

After the job is done or the product shipped and arrived, follow up! Are they happy with the product or work? What could you do better? This is a great way to differentiate yourself, show customers you care and build raving fans. It’s also a great time to encourage or ask for referrals.

Make follow-up and follow-through a priority and do it consistently. Build it into your systems and procedures. Your customers will notice and reward you with repeat business and referrals.

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, check out my free Business Builder Checklist or join my mailing list to receive my monthly eNewsletter and a complimentary copy of my eBook, Mastering the 7 Elements of Business Success.

He had some great ideas and was certainly putting in the resources. Unfortunately, when it comes to marketing, effort alone won’t guarantee results. It’s not about doing a lot, it’s about doing it WELL!

So why do so many small businesses struggle getting results from their marketing? There are a lot of reasons – but here’s my top 7:

1. LACK OF PLANNING. You only have so much time and money. Planning helps you prioritize and build synergy by integrating a variety of tactics with the same message so it gets through the clutter.

2. FAILURE TO KNOW YOUR PRODUCTS/SERVICES. Products and services are not created equal. Focus your resources – time and money – on those that are most profitable or unique. Let the others sell themselves.

3. FAILURE TO DEFINE YOUR TARGET. Don’t try to serve everyone. Figure out who the ideal customers are for each of your products or categories — and market with them in mind. Speak their language, understand their needs and solve their problems.

4. INADEQUATE FOLLOW-UP. Few sales are produced with one call or discussion. Moving an individual from lead to potential buyer to paying customer takes multiple contacts – 7 to 10 is the average. Regardless of which methods you use to generate leads, follow up and stay connected. You’ll turn more prospects into paying customers.

5. INCONSISTENT IMPLEMENTATION. When something works, keep doing it. Build a system to make it easier next time around. Document what you do and say and how you do it. It will save you time and money so you can do more with less effort and generate more profit.

6. INADEQUATE INFORMATION. The more you know about your customers, your strengths, competition, and past performance (results), the better your marketing will be. You’ll stop wasting money and chasing after the wrong customers for your small business.

7. LACK OF PATIENCE AND COMMITMENT. Marketing is a process, not a one-time event. You need to be in it for the long-haul. Focus on doing a few things consistently well and you will build a pipeline of ideal customers now and in the future.

If you want to attract more quality customers into your small business, address these issues and make marketing something you do every day. To learn more, check out my earlier post, The #1 Rule to Get More Customers.

Find this helpful? Then share it with others. For additional resources to grow your small business, visit my website. While you are there, check out my Business Builder Success Checklist and join my mailing list to get my monthly eNewsletter plus a complimentary copy of my eBook, Mastering the 7 Elements of Business Success.

It’s easier than you think if you keep these four things in mind:

Set the right goal. Setting a goal to complete a ‘how to’ manual is just plain boring and overwhelming. Instead, set a goal to build systems into your business – as you are building it. You will end up with a practical, how-to manual, but you’ll build profit along the way to keep you motivated.

Take it one system at a time. For every procedure you document and implement, you will see improvements in efficiency, productivity and profit. Things will run more smoothly without your day-to-day involvement.

Start with the most critical. Procedures, like customers, are not all created equal. Focus first on the ones that impact YOUR sales, delivery, profit and time.

Keep it simple. Procedures must be understood by those who implement them if they are to deliver results. Include scripts and samples where appropriate to help people perform the task at hand.

Still stuck and not sure where to start? Check out my Ultimate Systems Guide . It’s packed with practical help, tools, templates and samples so you too can put the power of systems to work for your small business.