Small Business Minute # 26 – The 80/20 Rules For Sales

Small Business Minute #26

 

Wilfredo Pareto discovered the 80/20 rule when he wanted to determine who owned all the lands in Italy in the 18th century. He found out that 80% of the lands holdings were owned by just 20% of the families. As he continued his research he soon discovered that many things fit that profile.

So how do we apply the rule to sales? Well as entrepreneurs we seem to manage to bog ourselves down doing all sorts of non-productive activities. Sure we justify them as necessary activities but in many cases we’re just doing busy work that could easily be delegated or maybe not even done at all.

Because sales are such a critical element of our businesses, it is the #1 item that owners ask for help or guidance when I advise them. Continue reading

Posted in Business | Leave a comment

Small Business Minute # 25 Teaching Moments

Teaching Moments, Small BusinessLet’s face it, employees will screw up. But how we manage the situation can have greater importance and do more damage to your business than the actual mistake.

It has been my experience that most mistakes occur because the information or directions issued were not clear or detailed enough yet as managers we assumed they understood.

In many situations, we’re so busy or stressed that we’ve issued just enough instructions to get the item delegated without considering whether they have ever done the task before or are clear about the end result. The employee on the other hand may not want to look foolish, or frustrate you any more by asking questions all in an effort help you out. Continue reading

Posted in Business | Tagged , , , , , , , , | Leave a comment

Small Business Minute #24 – Customer Lifetime Value

Small Business Minute #24There really isn’t a better testament for your business than having repeat customer sales. It tells you you’re doing something right because your customers are coming back for more. But the true magic of repeat business is understanding the frequency a customer buys, what they buy and the value of their purchases.

In Small Business Minute #21, I discussed how profitability increases when you deal with existing customers, but now I want you to leverage this information so you can enhance a customer’s lifetime value to your organization. Continue reading

Posted in Business | Tagged , , , , , , , , | Leave a comment

Small Business Minute #23 – Who’s Got Your Back?

Superhuman, contingency, backup, delegateAs entrepreneurs we are use to doing everything because in the beginning there wasn’t anyone else. As they say, old habits are hard to break so when a staff member gets sick or overwhelmed, we’re usually the first ones to jump in and cover the situation. But who covers for you when you get sick? Who’s got your back?

I know we think we’re superhuman, and sometimes we really are, but most of the time we’re just frail human beings just like everyone else and we need to seriously consider a contingency plan. How would your business operate if you we’re sidelined for a week or even worse a couple of months? Continue reading

Posted in Business | Tagged , , , , , | Leave a comment

Small Business Minute #22 – Define Your Own Success

Small Business Minute 22

 

 

 

 

 

Have you ever taken the time to actually inventory your achievements? Every once in a while we should stop and look back over our shoulder to appreciate really how far we’ve come since we stepped into the abyss of self-employment

Success has many definitions. To some it’s a state of mind, to others it’s a financial achievement or the accumulation of possessions. Unfortunately, many have yet to create their own definition. Continue reading

Posted in Business | Tagged , , , , , | Leave a comment

Small Business Minute -EXTRA – Algonquin College BIZ Break Interview- Part 2

Small Business Minute Extra Part 2

Part 2 of a 2 part Biz Break interview with Chris Dore at Algonquin College

 

Posted in Business | Tagged , , , | Leave a comment