Tag: systems

Maximize Your Resources – Part 1

Maximize Your Resources – Part 1

Title Photo

Over the next few posts, we’re going to talk about how to take a hard look at your current resources and get the most out of them. Your resources can help your capital go further and increase your profit margin.

Today we’ll cover three different ways to maximize what you already have. These include:

  • Recognize the obvious
  • Unconventional breakthroughs
  • Face the facts

Recognize the Obvious

Sometimes when you are too close to something, you can’t make out the big picture. You need to step back and take a hard look at the resources you currently have in front of you. You are surrounded by opportunities that can boost your career and help your business become more successful.

To identify your resources, I suggest starting with setting aside 1 hr a week to look at an aspect of your business. Make sure you select a location that is not your place of work or your home. Go to an area, that it will be challenging for someone to interrupt you. Then ask yourself any of the following questions:

  • What is the one thing you need to change or do differently that would make you more successful?
  • What is the one thing I could teach my employees to make them better at the tasks I’ve asked them to do?
  • What is one thing about my business that I need to know more about?
  • What is one thing I could do to bring additional value to my customers/clients?

This process is scalable; as you become comfortable with 1 hr a week, you can add, setting aside an entire day a month. Then, when you get to the Bill Gates level, you can take a whole week-long retreat to just focus on yourself and your business. 

If the lesson of “seeing the obvious” is not clear, it is as simple as setting aside time to identify the problem, plan a new course of action, and go back with energy to make a change.

Unconventional Breakthroughs

Don’t sit around waiting for breakthroughs; you need to create them yourself. A breakthrough is merely a new way of doing things or finding a new process or system for the same or better results. You should be having regular brainstorming sessions and encouraging your team to come forward with breakthroughs or ideas any time they have them.

Some great examples of breakthroughs are:

  • A health and beauty company discovers a side effect of a product that can be re-marketed and sold.
  • A company creates a roll-on deodorant inspired by the shape and size of a ballpoint pen.
  • The founder of Nike poured rubber onto waffle iron and created the most innovative and successful running shoe ever.

When attracting or strategizing for a breakthrough, there are some key objectives you need to keep in mind. They are:

  1. Looking for the hidden opportunity in every situation.
  2. Looking for at least one cash windfall for your business every three months.
  3. The more value for your client, the better your breakthrough.
  4. Creating multiple streams of ideas to find the best breakthroughs.
  5. Effective breakthroughs remove all risk or resistance.

Face the Facts

Before you can put your breakthroughs to work, you need to face the facts of the processes and systems that are not working for you and work to correct or get rid of them. System analysis is an excellent way to do this. Once you have a listing of your strengths and weaknesses, you need to compare those to the strengths and weaknesses of your competitors. 

You can present some great questions to you and your team to get a handle on where your business is right now. They are:

  1. Why did I first start this business? Why am I in this industry?
  2. What products/services did I offer then? Which were the most popular?
  3. Why are my customers/clients buying from me right now?
  4. How did I generate new customers/clients then?
  5. Which of my marketing efforts were bringing in the best results?

Once you’ve got some answers to these questions, you’ll know better how to approach your weaknesses. 

These three areas we’ve gone over give you a jumping-off point for how to utilize your current resources to their fullest potential. If you need any help with your strategic or systems analysis, please don’t hesitate to reach out. I look forward to offering what advice I can. 

I appreciate you taking the time to read this article. If you have enjoyed it, please share it with someone you feel could benefit from it and leave a like.

5 Killer Mistakes – Part 3: Up Cash Creek Without a Paddle

5 Killer Mistakes – Part 3: Up Cash Creek Without a Paddle

Now to conclude our killer mistakes series, we will talk about the worst mistake you can make that will not only cost your clients but might even cost you your company. Today we’re going to talk about the fifth killer mistake: Cash Flow.

Even when business is good, there’s still a chance of running out of cash flow. You have to always be prepared for a slow in sales or a surge in expenses. One of the keys to balancing your cash flow is to get your clients to pay on time. Managing your cash flow can seem like a nightmare but is essential to a successful business.

Here are some tips to speed up the payment process:

  • Always send invoices on time and adjust your records for potential audits.
  • Learn how the client processes payments on their side and find out precisely where to send invoices.
  • Find out who’s in charge of processing orders and payments so you know who to contact if needed.
  • Have a follow-up procedure in place, just in case.
  • As a last resort, call your contact to ask questions.
  • Always make sure your invoices are correct before sending them out.

You also need to make sure your cash flow is protected. You can do this by:

  • Always knowing which accounts need to be paid and when.
  • Negotiate with your suppliers for the lowest cost possible.
  • Have a bank contingency plan in place.
  • Build your investor network.
  • Having a weekly, not monthly, cash flow management system.

These are all great ways to protect the cash flow of your business and be able to serve your clients. However, these last few lessons are all about finding and maintaining your big fish clients. These clients are essential to your success, and you need to take the time to work through each of these steps carefully and correctly for the best success.

I am here to help with any of the processes we have discussed; feel free to ask me how to get access to a wealth of Free tools and resources and our business coaching staff.

Take the One Thing Challenge!

If you feel frustrated with sales and marketing, the reason may not be a lack of effort or investment. Instead, the problem may be inadequate or inefficient service delivery to your customers. 

Remember, the best time to make a change was yesterday, so you better get started today! What is the one thing you need to change or do differently that would make you more successful?

Complete this quick form, and I will respond within 48hr with one action you can take to make your one thing a reality?

 

I interrupt our regularly scheduled blog for an important customer service announcement.

I interrupt our regularly scheduled blog for an important customer service announcement.

the image is call attention the fact that this not my typical blog but sharing a personal experience

In the last post, we talked about figuring out what your customers want out of a positive buying experience. Today I was going to talk about the concept of Deliver +1 and how this concept can take your customer service to the next level. Instead, I need to share a recent experience as an example of what not to do in your customer service system. 

Over three weeks ago, STX hockey ran a BOGO special. Anyone who knows me knows I love STX equipment. As you can imagine, I was excited. It was the chance for me to pick up their top-of-the-line sticks for $100 or less, which, if you are a hockey player, it’s a steal.

However, when my order arrived, it only had two of the four sticks I had ordered; the box was ripped open. I was shocked. I immediately went online to look up the customer service number. I called no answer; upon listening to the customer service message, it stated that they do not have customer service hours on the weekends and suggest sending an email. 

I left a voicemail and then followed up with an email to highlight my issues and my desire to speak with someone. I expected them to get back to me on Monday. 

Monday afternoon rolls around, and no replay. So I decided to call again, no answer. I leave another voicemail and email. Two days later, I called again. This time added how they could resolve the issue to my satisfaction. (see email below)

Apr 16, 2021, 13:54 EDT
Hello,

I am following up because I have now left three voice messages and have not heard anything from you. I was a major supporter of the STX, but I am now becoming extremely frustrated that you have been unable to get back to me about the issue with my stick order within a week.

I would like to either receive the other two sticks that I ordered with your BOGO deal or a refund for the product I didn't receive.

Please call me at (edited to remove personal information)

I waited another two days and no response. I left another voicemail and an email. At this point, I have created three support tickets and was starting to get frustrated. I am a massive fan of the brand and love their equipment, but the lack of support was ridiculous. 

Once again, the weekend  was approaching, so I knew I could not get a hold of anyone. So I decided to try the hail marry of getting shit done before I just cut my losses and move on, never to buy from them again.

I looked up the CEO, email, and phone number using a prospecting tool, shout out to Seamless AI. I sent a final email highlighting my displeasure and how I would like to see it resolved.

Apr 22, 2021, 9:34 EDT
Hello Kenneth,

I am reaching out as a concerned customer and business owner myself. I have been trying to reach someone at STX customer service for over two weeks. I have left 4 voice mails and sent 3 emails and have not heard back from them.

I had an issue with your recent BOGO sale, in which I only received two of the four sticks I should have received as much as I am pissed that I did not receive what I ordered. I am more concerned about my favorite hockey brand.

I have truly enjoyed using your products, but I am now considering switching because of the lack of customer care. It is ridiculous that not one person could reply to a voice mail or email in two weeks. I hope that you, as the owner, have taken the time to read this email and will hopefully respond to me.

My phone number is (edited to remove personal information)

My support ticket (26556)

Later that afternoon, I got my first response. Now it took me over two weeks of messaging and calling to get a response. You would think they would have taken the time to read my emails and listen to my voice mails, where I spell out my problem.

No, the first thing is two different customer support agents contacted me—each one asking for my order number, which I had shared with them twice in earlier emails.

After giving them the information, they credited my account and have sent me the two missing sticks, which seems like a desired result. I got everything I wanted and then some; however, they still made several significant mistakes. These were the ones that bothered me the most.

  1. Their customer service agents were called agents instead of having names, which made the limited interaction feel impersonal. To be honest, this was a characteristic of the entire experience.
  2. They were extraordinarily unorganized and failed to communicate how they resolved my problem. Suddenly, I got an email from my credit card company that I had received credit and a similar message from UPS that a package was on the way. 
  3. Lastly, no apology. I am glad they resolved the issue, but seriously they took no ownership and left the experience feeling cold. 

As you continue to read this series on customer service, I hope you take my experience to heart while developing your customer service systems. Next week I will introduce the concept of Delivery +1 and the 1% rule.

In the meantime, if you need help building a holistic customer experience that turns your clients into raving fans. Then don’t hesitate to contact me.