Uncommon Common Sense – Know What is the Most Important Thing in Your BusinessWritten by Gordon Goh
Over 3 of my meetings with 3 business owners last week, what really shocked me was how uncommon common sense was. 2 out of 3 I spoke to do not know what is most important thing in their business. They keep on trying on other things that are not important. As we know, every business has ONE most important thing in their particular industry. You need to do well in your most important thing and rest will take care of itself.For Manufacturing: Most important is your quality consistency and how low is your unit cost. It doesn't matter if you have a proprietary technology but if you can't produce goods in a consistent manner, nobody will buy it. Look at failed air purifier industry and you'll know what I mean. For Trading: As you are a pure middle man (like CAO), you need to be cash rich or have access to cash at very low funding cost. This will allow you to buy goods in bulk at substantially lower price than rest. It' doesn't matter what goods you sell, high or low tech. As a trader, you make money from buying and selling, nothing else. Not putting your faith in latest high tech products, you must sell what moves or you will be moved out of industry. For Retail: (service or goods, including food & beverage): Most important is location, location, location. Next is engagement with customers, for retail is an experience, and it can only be experienced through passionate retail service staff. If your retail staff is not passionate about their work, change their passion or change them! If your location is good and rental is high, capitalize on it by getting your customers to buy at higher dollar value, or do more 'pay first and collect goods now' business. Like one Chinese dim sum restaurant in Tanjong Pagar (one of busies town with expensive rental in Singapore) did, they added one take-away counter outside their restaurant and see their sales increased by 27%.
| | 10 Blazing Ways To Sky-Rocket Your Profits Written by Eugenijus
1. Use a "P.S." at end of your ad copy. This is were you either want to repeat a strong benefit or use a strong close like a free bonus. 2. Publish a free ebook and give it away from your web site or in your e-zine. This will increase your traffic, sales and e-zine subscribers. 3. Create multiple streams of income with your web site. You could sell your own products, join affiliate programs, sell advertising space, etc. 4. Give your visitors compliments in your ad copy. This can earn their trust and put them in a good mood, in return they will be easier to sell too. 5. Create new products or services only if there is a strong need for them. You won't have anyone to sell them to if you don't have a market. 6. Sell your backend products to your customers right after they order. Take them to a "Thank You" web page that includes other products you sell. 7. Sell a few products on your web site instead of selling a large amount of products. To many choices can overwhelm your visitors and they won't buy.
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