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The answers to these questions will point you toward the real profit centres of your business. Yet another source for new profit centres is new markets. To discover these new markets, think laterally to expand your customer base. First, look at your customer base and the problems that you have solved for them. Then, have your team consider what other kinds of businesses have similar problems, and then try to solve those problems for these new customers.
Many customers throughout the world are using the same. Strength and comfort lie in diversity and numbers.
If you are looking for new business ideas, seek out the ideas that big corporations have dismissed. Often, corporations will throw out innovative ideas at the slightest critical comment because corporate executives are afraid to take risks.
Do not look down on business opportunities that may seem beneath you. As long as it’s a decent, ethical and moral business, it doesn’t matter if it may seem unglamorous.
There are three words you must remember when you start deciding on how much to price your product or service: price to value. When you price to value, you set your price according to the value your product or service gives to customers. Of course, to enable to do this, you must first evaluate the value of what you offer.
Remember that there are only two reasons why customers buy or avail of a product of service:
1. Customers want to solve a problem.
2. Customers want to feel good.
Speak in the outcome that your product gives. Remember, you are selling the outcome and not your product itself. If you are selling floodlights, you might tell a grocery owner that the lights will serve to attract customers who wish to shop at night. These extra customers generate extra income for the grocery owner (e.g. crisps, milk, snacks etc).
Some businesses exist to steal ideas from small businesses and make them theirown. Therefore, it is important that you patent what you can. If a patent is not possible, then learn to keep it a secret. Remember, if it is valuable to you, it is also valuable to your competitors.
Do not be afraid to make mistakes. Remember that no one will care about the number of sales calls you failed to close. People will care more about that one successful sales call you made. If you don’t try, you will never succeed. Even if you fail in your endeavor, give yourself a pat on the back because you tried to do something that would help the business. Keep attempting. Don’t stop. Sooner or later, you will hit that home run.
If you are not a fantastic salesperson, the first thing you must do is to hire someone to sell for you. In fact, it is right to prioritize hiring someone who can sell the product; rather than hiring someone who can create the product. In your small business, make sure that both you and your staff know that everyone’s main priority is to get and keep revenue-paying customers.