In this video, business coach Glenn Smith talks about a local business in Sugar Land, TX that lives out their core values. He gives 7 reasons why core values are important. Watch to learn more.
In a previous video, I gave some advice on how to write a mission statement. However, there is a lot of confusion between the mission versus the vision of an organization. I mentioned this difference briefly in the video blog, but here is a table that will help you gain greater clarity between the two. If you are still confused, please watch our video “Mission-Vision-Values: The Foundation of Every Great Company“, or contact me directly. I would welcome the opportunity to discuss this with you and help you gain the clarity you need as a business leader.
Sometimes business owners ask me if it is really that important to have a written mission statement. In many companies it seems to just be a plaque on the wall with little or no value. Here is why I think it is critical that every business (even small businesses) have a clear, written mission statement.
Whenever I tell business owners that they can and should work less but make more money, they look at me like I’m delusional. But it is true! The key is leverage.
Archimedes, a third-century Greek philosopher, once said, “Give me a lever long enough . . . and single-handed I can move the world.” He understood leverage. Almost every business owner I know needs to find their leverage.
The question is: Where do we gain leverage?
Let me introduce you to two importance concepts related to business growth – efficiency and effectiveness. Both are vitally important! In a nutshell, here are the definitions:
Efficiency: Doing things right to produce consistent and rapid results
Effectiveness: Doing the right things to produce the results you want
The significant problems we face cannot be solved at the level of thinking that created them. –Albert Einstein
In order to take your business to the next level, you must become a Strategic Business Owner. The first step in becoming a Strategic Business Owner is to face reality. Now consider the second step: your mindset shift from technician to CEO.
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” -Peter Drucker
The best and fastest way to increase your revenue is to focus on your customers. They already trust you and buy from you. So what you want to do is look for more ways to serve them! This will enable you to increase the average transaction size and/or increase the frequency of the purchases.
To be successful at getting your current customers to spend more with your company and to spend more often, you must increase the “perceived value” of what you offer. You must educate your customers so that they desire your products/services even more.
Here are 10 ways to increase the average purchase size and frequency of your sales, and in turn, increase your revenue.
Most of us started our businesses because we wanted to have freedom, flexibility, fun, and fortune! But how’s that working for you?
“If the marketplace isn’t talking about you . . . there’s a reason. The reason is that you’re boring. And you’re probably boring on purpose. You have boring pricing because that’s safer. You have a boring location because to do otherwise would be nuts. You have boring products because that’s what the market wants.” – Seth Godin, from The Referral Engine, by John Jantsch
In his book, Jantsch says, “To build a business, territory, or practice based primarily on referrals, you must first discover or create the remarkable thing about you or your products, the thing that gets people talking—that almost forces them to tell others about you. Boring people, products, and companies are hard to refer!”