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Monday Morning Motivators – November 6, 2006
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Espresso business tips are designed to "caffeinate" your mind
while your java gets you going. Subscribing and Unsubscribing at www.mondaymorningmotivators.com
"Do what you can, with what you have, where you are."
--Theodore Roosevelt
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Table of Contents
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1. Lean Business Math – Linda Fayerweather
2. Marketing Monstrosity #5 – Can the Target Afford You? - Rebecca Booth
3. Remember: P + C + E + R = Business Growth - John Meyer
4. Fine Print
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1. Lean Business Math
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Big Businesses know their numbers. These numbers are benchmarks or metrics and they are tracked to illuminate the path to business objectives. To start your own business math, get your business objections or goals in front of you (maybe 2007 needs a plan, too). Once you have your time sensitive goals, you will want to decide what to track. Most businesses track and compare their goals to Sales and Gross Profit as starters. Now, think about other things that impact your business. Here are my favorites from the “lean” world:
• Costumers time in a waiting queue,
• Time customers spend from first contact to sale completion, and
• Your waiting for supplies or internal work.
Time is the only resource we can never make and waiting is waste! Spotlighting wasted time is a first step in Lean Business Math.
Copyright 2006 Linda Fayerweather
Changing Lanes LLC
www.ChangingLanes.biz
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2. Marketing Monstrosity #5 – Can the Target Afford You?
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What’s worse than not having a target market or having a target market that’s too narrow? Why having a target market of those who can’t afford you! When was the last time you assessed affordability when it comes to marketing your business? Go back into your historical archives. Look at who’s hiring you. Look at how big that company is, as well as what their revenues and employee ratios are. Do you see a commonality between customers? Can you lump them into A, B and C groups needing different things but having some similarities? Look at the types of projects you want to sell. Who’s buying those? The worst client you could have is that guy who’s “giving their business one last shot by hiring you.”
Make sure you avoid this marketing monstrosity by:
• Knowing what types of businesses can afford you
• Identifying those businesses which have long-term potential for new and repeat sales.
Copyright 2006 Rebecca Booth
Marketing Goddess
Imagine That!
www.marketingsolutioneers.com
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3. Remember: P + C + E + R = Business Growth
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The four essentials to being a successful networker are participation, communication, education, and reciprocating. You need to put into action all four of these areas to get a full return on your investment in a networking organization. By participating, communicating, educating and reciprocating you will be remembered and that is the key!
Copyright 2006 John R. Meyer
District Director, BNI Ohio
http://www.bni-ohio.com
