How to Identify Your Goals for Success!
* Would you like to be more successful?
* Would you like to improve the net profit for your company?
* Would you like to increase the opportunities for/with your company?
* Do you need help to achieve more success, raise the `Bottom-line` and increase the opportunities with/for your company?
-->>> Right then, you are at the right place for us to share with you how to -
Prepare for Your Journey to Success with my tips on - `Raise the Bottom-line for `Your` Success`
* Remember: Success is a Journey - Not a Destination...
Now let us go on that journey `together`.
Maximise Profits the Ultimate Aim
Sales are only `one` barometer for success. Your ultimate goal is to increase profits in order to achieve the greatest possible return on your investment of money, time, and energy. Every customer, activity, product, or service yields a specific profit of a specific amount. In some cases, you may actually be losing money in one or more of these three areas. One of the most important things you can do for your growing business is to determine where to focus the investment of your time and money based on the return thrown off by this investment. Every job/every customer should be measured by `net profit return` and `positive cash flow` payments.
To truly analyse the profitability of your business, you must first examine your personal rate of return. From this personal perspective, what is your major expense? It's your time. By now, you should have developed the habit of continually asking yourself this basic question: Would I pay someone else my hourly rate to perform this task? If not, you are failing to maximise the return on your time. In other words, you are investing your time in an area that yields less than the optimum rate of return. You are incurring a "loss of opportunity" cost. This, in turn, affects the overall profitability of your business. This method also is how to measure personal profitability for every employee.
Payroll represents one of the largest expense items for most businesses. As a business grows, it typically hires additional staff according to the most pressing need at the moment. Once a person has been hired, often she or he can become a `permanent fixture`, even when the company's needs change. Many entrepreneurs are too busy creating products, designing services, and generating revenues to pay close attention to employee performance. Over time, the result can be an inefficient and ineffective staff and a bloated payroll. Every employee should be measured by the `net return of profit` to the business he/she contributes in their job performance.
Some customers are more profitable than others; some may actually be costing you money. Can you identify your most profitable customers? Do you know any who are unprofitable? There is not necessarily any connection between the size of the customer or the volume of business he produces and his profitability. There are several questions you should ask as you examine your customers profitability: How often does each customer purchase from you? What is the average size of each purchase? What is the net profit margin of the product(s) purchased/service(s) provided? How much time is spent providing customer service after the sale? What is the "product returns" record of each customer? What is the overall `net profit return` from each customer each month/year?
Concentrate on Profitable Customers
Many companies regularly “fire” the top 10 percent of their customers. They stop doing business with those who generate the least revenues or yield the lowest on their return purchases, choosing to concentrate on their more profitable customers and attracting more like them. At the very least, be diligent in rooting out those customers who actually cost you money—regardless of the revenues they generate. You cannot afford to carry this unprofitable load. Every customer should be measured by `net profit return` by job/by month/by year!
Building Long Term Relationships Brings Success
Did you know that building and maintaining long-term selling relationships is the key behaviour and skill of the top ten percent of the money earners in sales. If you could take everything we know about communications, put it all in a large pot, boil it and distill it down into its critical essence, it is about the importance of `relationships` in successful selling. Building and maintaining long-term selling relationships is the key behaviour and skill of the top ten percent of the money earners in sales, in every field, selling every product and service. Concentrate on building these customer relationships and they will bring more `net profit return` to the company.
The Reason for Success
Most of your success in life will depend on your ability to get along well with other people (customers/employees/suppliers), and on the quality of your relationships. Psychologist Sidney Jourard, found that 85 percent of a person's happiness in life comes from happy interactions with other people. The reverse holds true as well: 85 percent of a person's unhappiness or problems/issues in life comes from difficulties in getting along with others. So measure your success at all times to be happy and raise the `net profit return` for your company.
Sell to Lots of People
Anyone can sell to a few people, some of the time. But only the very best human relations experts can sell to a wide variety of people, and sell to them repeatedly. The only way that you can make the kind of big money that you are capable of is by selling more easily, and more often, to the prospects you talk to, and by having those prospects open doors to others through testimonials and referrals. All top salespeople build and maintain high quality business relationships with their customers and sell to them repeatedly year after year. Measure all activity by `net profit return` at all times and implement the `right` business models in your business to measure all activities.
Decide Emotionally, Justify Logically
We are all sensitive to the quality of our relationships with other people. We are primarily emotional and we make most of our decisions on the basis of how we feel inside. We may carefully consider all of the logical and practical reasons why or why not with regard to buying a product or service, but in the final analysis we tend to go with our gut feeling. We listen to our inner voices. We obey the dictates of our hearts. We buy on the basis of how we feel about the relationship that we have with the other person. Where there is no relationship, there is no sale. Also, we measure all sales by `net profit return` as this is how all excellent business relationships work long term.
Focus on the Key Variable
Everything that you ever learned of value in the profession of selling, regarding your product or service, or personality, is only helpful to the degree to which it contributes to the building of high quality relationships with customers. Remember, we are only in business because our customers allow us to be! Measurement of your business is all about `net profit return`, therefore you must have the `right` ingredients to be successful in business at all times as follows;
* Have an open learning mind at all times to be successful
* Employ the `right` people with the `right` attitude and they will return you the `right` net profit return
* Everyone within the business builds long term relationships with the customers/suppliers/and fellow employees
* Implement the `right` business models to measure the business at all times
* Everybody within the business is an expert in their job area and continues that learning curve to improve at all times
Preparing for `Your` Journey to Success with my tips is only the start, as business is for life and therefore I share with you - "Learn Faster. Read Faster. Remember More."
`Accelerate with Impact`
Get Started on Your Own Personal Success Journey Today!
Invest in the comprehensive publication `Accelerate with Impact` - YOU will benefit from reading this book to make you success.
`Accelerate with Impact` -
by Colin Thompson ISBN: 978-1-84549-289-2
Invest in this publication which will help you to be successful in business life and in general life.
Changing Limited People into Limitless People
Turning Limited Companies into Limitless Companies
About the Author Colin Thompson
Colin is a former successful Managing Director of Transactional/Document Manufacturing Plants, Document Management/Workflow Solutions companies and other organisations, former Group Chairman of the Academy for Chief Executives, Non-Executive Director, Mentor - RFU Leadership Academy, Mentor - Coventry University, Mentor - The Chartered Institute of Personnel and Development, author/writer Business Advice Section for IPEX, Graphic Display World, NewsUSA, GraphicStart, many others globally, helping companies raise their `bottom-line` and `increase cash flow`. Plus, helping individuals to be successful in business and life in general. Author of several publications, research reports, guides, business and educational models on CD-ROM/Software/PDF and over 2000 articles and 35 books published on business and educational subjects worldwide. Plus, International Speaker/Visiting University Professor.
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Written and submitted by:
Dr Colin Thompson
Direct: + 44 (0) 121 247 4589
Mobile: 07831 588310
Office: + 44 (0) 121 244 1802
The Cavendish Academy
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How to Identify Your Goals for Success!