Small Business Minute #46- Make It Better Later

Small Business Minute #46 Make It Better Later

 

Far too often I come across entrepreneurs who can’t seem to launch their new business, product, service or even a new strategy. They are constantly tweaking it, in an attempt to make it better or even perfect the final offering.

What they fail to realize is that they’re wasting valuable learning time by not being in the market. Regardless of when they finally do launch, chances are they are going to need to make adjustments anyways once they receive customer feedback, so why wait?

“Far too often I come across smart people who create wonderful solutions for problems that don’t really exist.”

If you have a working prototype or framework for your service, my advice is get to market as soon as you can. By waiting you could be wasting valuable resources on developing features or benefits that no one cares about. Far too often I come across smart people who create wonderful solutions for problems that don’t really exist. It’s better to find that out sooner rather than later.

Going to market as soon as possible with the minimum acceptable product or service will get you that all important feedback from the initial clients or presentations That way you can now focus your efforts on things that really do matter to the customer and not what you think matters.

So, if you’re wondering when to launch, do it now, because you can always make it better later.

I’m Greg Weatherdon and this has been your Small Business Minute.

Copyright © Greg Weatherdon 2017

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Small Business Minute #45- Branding vs Reputation

Small Business Minute #45 Branding vs Reputation

There’s a lot of time and energy wasted by small businesses on the whole concept of brand building and little on reputation. So much of this noise can be traced back to the explosion of Social Media and if the truth be told, that’s all most of it is, noise.

To be honest branding any kind of service business has always been a challenge and is best suited to products. The exception to this is when a service business reaches a size and scope that no longer qualifies it as a small business. The primary factor is that most small businesses have difficulty defining what business they’re actually in and any attempt to develop a brand is a lesson in futility.

Personal Relationships

Think about how you react to certain businesses. There are many large organizations whereby you don’t have a personal relationship with anyone, yet you have come to trust their products or services. That’s because they have consistently lived up to or exceeded your expectation and you’re more likely to try a new offering from them. Contrast that now with a small business. Typically, you’ve met the owner and/or received a referral from someone who has. The distance from the top of the organization to you, is very short. It’s a personal relationship, their reputation.

What most successful entrepreneurs focus on is not creating a brand but of creating a great experience for their customers. Doing so, has built a reputation that is far more powerful than any manufactured brand.

Delivering a consistent service that customer are willing to tell their friends about is something that can’t be created. It has to be earned and is far more enduring and profitable as people will be willing to be put on a waiting list in order to deal with a company with a good reputation. For those who aren’t willing, they are probably not our target anyways.

The Smaller The Company, The Less Your Brand Matters-It’s About Your Reputation

Focusing on your reputation is a far better use of your time and effort than trying to create a brand. By simply making sure you treat the customer fairly, do what you say you’re going to do and fix any problems immediately. Doing so, goes a long way to building a great reputation. I don’t know about but I would much prefer to deal with a small business that has a great reputation over a great brand.

I’m Greg Weatherdon and this has been your Small Business Minute.

Copyright © Greg Weatherdon 2017

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Small Business Minute #44- Want More Sales? Follow Up!

Small Business Minute #44 Want More Sales- Follow Up!

One of the simplest ways to increase your sales closing ratio is by simply following up with your prospects in a timely manner.

All too often I encounter entrepreneurs who lament at how difficult business is or that they just don’t get sales even though they are pitching and quoting.

Digging a little deeper quickly uncovers one of the main reasons for their poor sales performance, they don’t follow up. It is estimated that 85% of sales contacts are never followed up.

When I enquire as to why they don’t follow up, I usually get the same answer- “I don’t want to bother them or come across as pushy’. To this I typically respond by saying “they asked you to quote, so a few follow up calls is not considered pushy, if done in a professional manner”

People Are Well Intentioned

When you consider that people lead busy lives and although well intentioned, they sometimes need a little friendly nudge in order to take action. I can’t tell you how many times a prospect has thanked me for following up with them- which is certainly in contrast to what we would expect.

By following up, it also gives the serious prospect the opportunity to ask questions or get answers to things they thought of since our last meeting and more often than not, if it doesn’t result in an immediate order, it certainly moves the process along and keeps me in contact with the prospect.

So if you want more sales, follow up.

I’m Greg Weatherdon and this has been your Small Business Minute.

You may also enjoy No Sales, No Business or The 80/20 Rules For Sales

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Copyright © Greg Weatherdon 2017

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