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Monday Morning Motivators – February 26, 2007
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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
“Happiness and moral duty are inseparably connected.”
--George Washington
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Table of Contents
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1. Don’t forget: Profit = Price – Cost – Linda Fayerweather
2. Two Quick Survey Tips - Rebecca Booth
3. Leads vs. Referrals - John Meyer
4. To do this Week
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1. Don’t forget: Profit = Price – Cost
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Some business math is pretty simple. Sell your product or service for more than all your costs and you should be profitable. It really is that simple and surprisingly many small businesses forget to monitor their profitability regularly. Both Price and Cost can creep. Price can be eroded by frequent discounts to the point some customers will only purchase with a coupon - think pizza. Costs have a tendency to climb over time and sometimes the vendor counts on you not questioning the subtle increases – think communication costs. Reviewing your profit position monthly will help keep the creeps out of your business.
Copyright 2007 Linda Fayerweather
Changing Lanes LLC
www.ChangingLanes.biz
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2. Two Quick Survey Tips
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Asking your clients to take a survey about your work is a wonderful way to improve your business. Here are two tips to keep in mind when writing your next survey:
• Limit the number of fill-in questions. You’ll increase your response if these are left to a minimum – two at the most. Remember you are asking this person to do you a favor by responding, so keep the survey short, simple and to the point.
• When surveying about a product or service, ask the respondent what they liked most about the product or service. This will help you discover the true advantages of what you sell.
Copyright 2007 Rebecca Booth
Marketing Goddess
Imagine That!
www.marketingsolutioneers.com
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3. Leads vs. Referrals
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One of the main concepts we try to convey to our members in BNI is the difference between Leads and Referrals. Leads are more like tips. A lead is passing along information to someone in your networking group for someone you may be doing business with, but you never pass your fellow networkers name to that person. You just say "use my name when you call". A lead tends to be more like a cold call for both parties. A referral is when you make the initial contact and then you tell your fellow networker that your customer is expecting their call. Referrals are a win/win/win situation. You win for referring business and helping your customer as well. Your customer wins because you personally recommended someone to help with their problem. Your fellow networker wins because you have opened the door for them to your customer. It's not a guaranteed sale, but at least they are in the door. What would you rather receive?
Copyright 2007 John R. Meyer
District Director, BNI Ohio
http://www.bni-ohio.com
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4. To Do This Week
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Review your phone service for cost creep.
