Archives for June 2011

Successfully running a thriving business depends on timely, accurate information that aids you operationally as well as financially.
For many owners, the only information system they have is their accounting software. These programs are usually set up by accountants for the primary purpose of financial and tax reporting. These purposes are certainly very important and appropriate. But when it comes to running your business the tools and resources that your accountant finds useful may not provide everything you need to make informed decisions. For instance:

• Making real-time decisions about deploying cash or acting on potential collection issues
• Tracking profitability by channel, product line and customer
• Measuring productivity along with the true cost of delivery
• Understanding trends and comparing your performance with industry standards

Even if your software (e.g. Quickbooks) has the necessary reporting capabilities, your accountant may not know to provide you with this type of decision support information. If you are not getting it, ask for it.
When it comes to utilizing your information systems remember that you are in the driver’s seat of your business and your needs come first.

As I write this it’s 4am. I’ve been lying awake since around 3am (which is the middle of the night for me). This happens with all too much frequency, where I wake up and then I lie there ruminating about things real or imagined like:

• All of the things on my to-do list that have been there for … years?
• Things (not on the list) that I know I should be doing that I am not
• Financial doom & gloom, etc., etc

I don’t know what it is about the middle of the night. Maybe it’s the quiet or the dark (both inside the house and inside my head). I do know that there are probably thousands of other business owners out there lying awake right now too (most with much weightier issues than mine – but not blogging about it).
I wonder how many of the things that keep us awake at night are real/objective issues versus those ‘ghostly voices’ of inadequacy, insecurity and self doubt that haunt (many of) us.
So I ask the question (if anyone should even read this), what keeps you awake at night?

Did you know I’m one of my local Safeway’s best customers?
Neither did I; at least not until last week, when I dropped in early to pick up a few things.
I had just checked out when a gentleman approached and introduced himself as the store manager. “I’m very happy to meet you Mr. Janssen,” he says. “You’re one of our best customers and I wanted to personally tell you how much we appreciate your business.”
How did he know who I was, and that I was in the store? When I used my Safeway club card a message was sent through the system to this phone. A pretty simple process in this day and age.
Now, it’s easy to be a little cynical and say that this guy was just following corporate-mandated protocol. But you know what? It felt good to be recognized, and the manager was sincere in this thanks.
I already liked Safeway. But now I like it a little bit more.
For many businesses, 80% of their revenue and profits come from 20% of their customers. That’s why you should always be on the lookout for ways to recognize your best customers and thank them for their business.
In a competitive marketplace and especially where you and your competitors may have similar products and prices, some customers will decide who to patronize simply on which business he or she would rather give their money to.
If customers feel more appreciated by your business, they’re more likely to spend with you. After all, they already like you. And with your recognition, they’ll like you a little bit more.
And that can make a big difference in your business.
Related Posts:
Simple AND Easy: Acknowledge your Customers
10 Ways To Lose Good Clients (or at least their referrals)