"The great thing in this world is not so much where we stand, as in what direction we are moving."
- Oliver Wendell Holmes
Like a ship facing a storm, the past 18 months have been tough on most industries. Just about every business has readjusted and redirected their efforts. As far as I can tell, the only two industries untouched by the stormy economy are the funeral and healthcare industry. If you have been unaffected by the economy, consider yourself fortunate.
Cut back, or invent new and different services? When things get tight, most businesses cut services, lay off employees, and wait for the storm to clear. As a business owner, I have chosen not to cut out, but add new services to meet the needs of my customers. Many of those changes are now bringing in new sources of revenue. During these changing times, it is critical to rethink the "who, what, where, when, and how" of doing business. When you look at new alternatives, the opportunities are unlimited.
Despite the gloomy past, I am preparing for a more invigorated economy in the new year. I do not know when it will come, but the signs are evident. Even media outlets are sounding more optimistic.
Here are 10 resolutions to consider for planning for the New Year.
Be different and stand out. Roberto Goizueta, former CEO of the Coca-Cola Company said, "It is very difficult to be the captain of your own destiny, when you are always a passenger in somebody else's ship." Many organizations suffer from what I call mental constipation or the "We've never done it that way before" syndrome. If you are a business owner, ask what makes you different from your competition. If you cannot answer that question, you are in trouble. One hotel tried a new marketing strategy by placing these words on their hotel marquee; "Have your next affair here."
Know what is important. Identify the most important tasks you have-the effort that generates business success. Ask yourself, "What has the greatest impact or value on my staff members or clients? What will increase sales?" Write it down, make it a performance standard, and let everyone know how he or she can help achieve it.
Control costs and eliminate waste. The beginning of the year is the best time to analyze your work processes. Determine what is wasteful. Eliminate the causes of poor performance. The Ritz-Carlton hotels created a form called the "Internal Defect Form" (IDF). Any employee noticing a deficiency or defect during the workday completes an IDF. All forms are forwarded to a central office for action. This simple process contributed to a sales increase of $75 million using 500,000 less man-hours.
E-mail marketing. Just about everyone in the United States has an e-mail address. Provide a designated place in your business, on your forms, registers, and websites for people to give you their e-mail address. Make sure you have their permission to e-mail them information. Begin sending an e-mail notification, newsletter, or sales notice one or two times a month. Use an e-mail program like Eudora Pro to manage your e-mail lists. I emphasize, do not e-mail people without permission, and always give them the option to be removed from the list.
Do not let your top performers abandon ship. Employee retention begins the first day on the job. Put extra effort in your employee orientation programs and let them know why your company is a good place to work. Managers should meet with new employees during the first week, and conduct a new hire survey approximately 30 days after they have been on board.
Learn to delegate. Many people have trouble delegating. If you do not learn to delegate, you will become like a matchstick…burn brightly for a moment then burn out like a puff of smoke. It is not necessary for a manager to personally handle every task. One very successful regional sales manager attributed his success to the fact that he trusted his administrative assistant to handle routine items that did not require his personal decision. This left him free to concentrate on growing his outside sales force.
Put a shopping cart on your website. Online sales are growing at a dramatic pace. According to Jupiter Research's forecast, the U.S. holiday season is expecting to see about $13.2 billion in purchases online, a 17 percent growth rate over last year. This increase of sales is coming from people who want to save time, followed closely by avoiding the crowded stores, and the ability to shop outside of store hours. Make an audit of what services and products you can offer online. You can download a simple and effective shopping cart system for a 30-day free trial by going to www.ChartCourse.com
Make them say "Wow!" Most businesses lose 15-20 percent of their customers each year. Why? They never hear from you, they are bored! By applying a small amount of effort, you can boost your profits by as much as 40 percent. Cutbacks and layoffs have created a new standard for poor customer service being the norm. The good news is it is easy to stand out by allowing a real person to answer your telephone.
Remember the 80/20 rule. In most cases, 20 percent of your customers generate 80 percent of your sales. Do you know who your top customers and clients are? Design a marketing plan to communicate with them at least once a month.
Pay-per-click advertising. As a business owner it is difficult to stand out from the crowd. One way to do this is a pay-per-click ad on major search engines. Advertisers bid on keywords. The more popular the keyword, the more expensive the advertising is. Prices vary between a few cents to many dollars. For example, you can pay 10 cents a click for the keyword, "pool supply store". Using pay-per-click can insure you receive top visibility on websites, driving more customers to your door. Many business owners are eliminating classified advertising in lieu of pay-per-click. Most of the major search engines are now offering this service. My favorite is found on Google.com. A good strategy would be to purchase something like "Atlanta Pizza," or your city's name and the word pizza.
Energize and recognize your workforce. Many businesses are building a more positive work environment. We conducted a survey and asked people the following question. "What causes you the greatest dissatisfaction with work?" The answer with the most responses was "Lack of appreciation." Setting up a program to make a positive work environment is not difficult. A well-administered program builds camaraderie, values, and makes people feel good about themselves and their jobs.
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