How to Improve an Already Successful Business
Here at the-Coaching Blog-run by Gerard O’Donovan, our aim is to constantly bring value to those seeking to improve their lives. Therefore we have a policy of publishing articles and materials by guest authors whom we value and appreciate. Today’s guest author is Anne Bachrach (USA).
You already have a successful business and you have good repeat clients and word-of-mouth clients. You are successful at making a profit. Have you ever thought of improving your already successful business so that you can be number one or in the top 10 or 20 firms in your niche? There is nothing wrong with wanting to improve your business strategies in order to have your already successful business even more successful.
The 80/20 Rule
The 80/20 rule in marketing puts into motion that 80% of your profits are coming from 20% of your products or services. With your top products or services being the focal point of your sales and profits, how can you make these products or services even better? So, how do you make them stand out more than they are? Take into consideration what is making you the most sales is what people are looking for most. You have created something that is in demand. So how do you create even more demand for it?
Start to focus on these successful products or services that are making your business successful and start improving on them. Ask your clients for feedback on your website: Is there anything that we can do better and improve upon? What is it that you like about our product or service? Did you choose us over someone else? If so, what did you like better? Clients love to give feedback, and whether it is good or bad feedback from your clients it is an important part of your business success. You want to keep your clients coming back and you want them to tell their friends about how wonderful your products or services are. People like the personalized interaction. Offer to include them in a drawing for a prize for their feedback (for example, an iPad, iPod, iPod Mini, etc.).
If your top sellers are different than the other products or services are, why not focus on that certain niche? By focusing more on what the best sales items are you will increase your profits. Add more products or services that support the top sellers or improve on them.
Believe in Yourself and Set Goals
Your clients certainly believe in you and your company so why don’t you believe in yourself even more? We all know that by believing in yourself, you are more self-confident and self-reliant. When you are confident with what you are doing you are going to be successful in whatever goals you want to achieve.
Goal setting should be taken in baby steps. Short term goals turn into long-term goals. You already had goals set when you started your business and what you need to do now is to upgrade those goals for a more successful business. Write down your new goals on how you are going to improve your business and outline how you are going to go about reaching those goals. Goals need to be modified from time to time to ensure your business grows successfully and doesn’t just stay stagnant. Ideally, you would create a business plan with key business metrics that you execute every year — all year long.
Balancing Work and Home
When you are a business owner it can be difficult to find an equal balance between home life with your family and life with your business. You don’t want to end up spending more time at work than at home as this will put more unwanted stress on your life. Stress can negatively impact your work and your home life. Stress causes mistakes, lack of productivity, and can even ruin your business reputation.
You don’t want to be married to your work, you want to be married to your wife or husband. As a business owner, your family is the most important part of your business as they are part of your support group.
Make sure you always take the time for your family and friends. This not only strengthens your family bonds and affirmations, it also helps you find that balance between work and home life that will make you an even more productive business owner. When you are happy at home and happy at your business, you will be able to achieve your goals quicker and more efficiently.
Remember, believe in yourself, believe in your product or service, believe in your team, make goals that are attainable, and balance your home and work life. Following theses, simple steps will turn your already successful business into an even more successful business so you can be happier than you are today.
About the Author
Anne M. Bachrach is known as The Accountability Coach™. She has 23 years of experience training and coaching. Business owners and entrepreneurs who utilize Anne’s proven systems and processes work less, make more money and have a more balanced and successful life. Anne is the author of the books, Excuses Don’t Count; Results Rule!, and Live Life with No Regrets; How the Choices We Make Impact Our Lives and The Work Life Balance Emergency Kit.
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