Contrary to popular belief, building a business…growing a business…creating a successful and profitable enterprise that commands a dominating position in the marketplace, doesn’t automatically require hard work, frustration and enormous costs.
There’s no question, and you probably won’t get much debate, that there’s more competition and stiffer competition than ever before, in nearly every industry and profession.
But there’s also more opportunity. Especially for businesses whose owners and managers understand a few basic and fundamental concepts.
You see, it really doesn’t matter if you head up the largest corporation in the country or if you run a one-person, home-based business, there are just a handful of things you need to know to gain a massive competitive advantage in your marketplace. Mastering just three of the most important of these things will enable you to write your own ticket to success.
Now you and I both know that this prosperous country, even in the good years, a huge number of businesses…even large and well-established businesses, will close their doors never to do business or provide products or services to their customers again.
The Real Cause Of Business Failure…It’s Not What You Think
Some analysts say that the major reason for business failure is under funding…a lack of capital.
Others say it’s because of poor business management practices.
There’s another school, which teaches that some businesses are started by the wrong people…that those people lack entrepreneurial skills. That they would be better off working in the business as technicians or employees, rather than trying to run the business.
But when you get right down to it, for a business to even be a business in the first place, that business has to have customers…someone to exchange their hard-earned money for the products and services the business sells.
You see, you can have all the funding in the world…you can have great management skills…and you can even have a tremendous entrepreneurial mindset, but unless and until you have someone to purchase your products and services in sufficient numbers, you’ll never have much of a successful business enterprise and you will only generate an average income, at best.
Now, here’s a fact: Most businesses fail because they don’t have enough customers buying from them on a regular basis. Either they don’t attract a sufficient number of new customers, or they let their existing or current customers slip away.
It isn’t always because they don’t try. Most often, it’s a result of not understanding and implementing effective ‘customer-getting and customer-keeping’ strategies.
The bottom line is, if you really want your business to be successful, you’ve got to make getting and keeping customers your number one priority.
That brings us right back to three of the most important…three of the most powerful…three of the most profitable things you can do…in fact, that any business can do to build, to develop and to grow their business.
Three Simple, But Powerful Things You Can Do To Grow Your Business
The number one strategy, and one of the most important things for you to realize, is that there are three ways…three principal ways to grow a business…any business (the Business Multipliers—discussed below).
The second strategy (and this will give you an incredible advantage over your competition) is to determine the Lifetime Customer Value. In other words, how much is your average customer worth over their ‘buying lifetime’ with you?
The third most important strategy you can adopt is to identify a clear, compelling and quantifiable USP (Unique Selling Proposition)…and then articulate and communicate that advantage to your market at every chance you get.
That’s it. Three simple things. And they’re not all that difficult to do, either.
So, if you’re ready, let’s get started with the first proven method…
