Best Practice: Embrace Your Clients
Whether you call them clients or customers, they are the single most important component of any successful entrepreneurial venture. Without them, you have nothing … no matter how great your products, services, or technologies. You must be available to your clients and must learn to embrace them in every interaction (e.g., phone, email, snail mail). You want them to feel as though you truly value their business (you do!) and that you will consistently respond to their needs and concerns (you will!). If your clients feel valued and cared about, they will be yours forever. You own the client relationship, so it’s up to you to keep it or lose it.
Contributed by Wendy S. Enelow, CCM, MRW, JCTC, CPRW
Best Practice: Build A Steady Client Referral Stream
Satisfied clients will refer their colleagues and associates to you, allowing you to build a strong customer base without the usual marketing and advertising costs generally associated with capturing new clients. In essence, referrals are “free” new clients and, as such, are your single best source of business. Dedicate yourself to building your client referral streams.
Contributed by Wendy S. Enelow, CCM, MRW, JCTC, CPRW
Best Practice: Charge What You Are Worth
Whether you offer a product or a service, it is essential that you charge what it is worth. Do not think for one minute that just making your product or service the least expensive will generate clients. In fact, it’s often better to be at the higher end of the pricing scale so that customers will appreciate the inherent value of your product. Consider two pairs of identical looking shoes. One pair is $49.95 and the other is $149.95. Which is better? We’re all inclined to believe that the $149.95 pair is better made, will last longer, etc. Use this same principle when developing your pricing schedules. Don’t be the cheapest … be the best!
Contributed by Wendy S. Enelow, CCM, MRW, JCTC, CPRW
Best Practice: Make Money Doing What You Know & What’s In Your Heart
If you’re considering starting your own business, know that 9 times out of 10 you will be more successful if your business focuses on something that you already do well. For example, if you’ve done meeting and conference planning for years for a major hotel chain, launching your own meeting planning business is a great idea. You’ve got the knowledge and the contacts, so you’re already one step ahead. Conversely, if you decide to start a candle manufacturing company, the learning curve will be tremendous. You don’t know the “tricks of the trade” of that industry and won’t be using your already existing intellectual property. Doing what you know – or at least have some experience and knowledge in – makes a world of difference in how quickly you will succeed. What’s more, if it’s something that you know and something that you’ve already succeeded in, it tends to be “close to your heart.” As an entrepreneur, you’re going to be working very long hours and, as such, it is best to do something that you already value and cherish.
Contributed by Wendy S. Enelow, CCM, MRW, JCTC, CPRW
Best Practice: Understand Your Money
For all too many start-up entrepreneurs, their lack of knowledge about how their money “works” has been their downfall. Here’s a prime example: A career coach charges $100 an hour for her services and thinks she’s making $100 an hour. Wrong! If you subtract business overhead costs (e.g., phones, computers, office space, utilities, office supplies), then subtract state, federal and FICA taxes, that $100 is much closer to $35–$40 if you’re lucky! To succeed in business, you MUST have a true understanding of how your money works, where it comes from, where you spend it, and what your bottom-line profits truly are. Unless you happen to be an accountant yourself, get an accountant now … before it’s too late!
Contributed by Wendy S. Enelow, CCM, MRW, JCTC, CPRW
Best Practice: Build A Market Niche
Businesses that tend to stand out from the crowd are often those businesses that focus their products and services in a particular market niche. A prime example is a law firm that specializes in real estate. Rather than being lost in the enormous number of general law practices, this firm stands out and has immediate market recognition as an “expert” in real estate law. In turn, they have a unique market position that attracts the specific clientele they want. What’s more, they have substantially less competition. A niche marketing concept will give you significant market visibility and, over time, build a substantial customer base. And do not feel as though you have to limit yourself to just one niche. Consider two or three related niches and watch your business grow!
Contributed by Wendy S. Enelow, CCM, MRW, JCTC, CPRW
Best Practice: Get Published
If you’re published, people think that you’re an expert. It’s that simple. Whether a book or an article, it gives you and your business instant credibility. And, it’s so very easy to get published today. There are thousands, if not tens of thousands, of websites that are hungry for content. Sometimes they will pay; other times, they will not. However, the exposure and visibility you get is well worth the time to write a quick article. Start by contacting one of your industry’s professional associations to ask if they need an article – for their website or newsletter. Before you know it, you and your business will come to be recognized as experts. Can you think of any better way to build your customer base and credibility?
Contributed by Wendy S. Enelow, CCM, MRW, JCTC, CPRW
Best Practice: Network … Network … Network
Building your market visibility, network of contacts, and network of referrals is vital to your long-term success. You cannot rely on business just knocking at your door no matter how much you spend on advertising. Instead, you have to go get it … sometimes through direct sales calls; other times, through more passive networking channels such as participation in your local chamber of commerce, local lead exchange group, or other business/professional association. Consider sending a quarterly e-newsletter to your existing customers to share company news, introduce new services and products, and ask for referrals. Commit yourself to making 2–3 new business contacts every month, separate and apart from any direct selling and/or marketing activities that you do. These may be people you want to do business with and/or they may know others who would be interested in what you have to offer. Remember, the larger your network, the more visible you and your company will be, the greater name recognition you will achieve, and the more customers who will, indeed, come knocking at your door.
Contributed by Wendy S. Enelow, CCM, MRW, JCTC, CPRW
Best Practice: Market Through Multiple Channels
No single advertising, promotional, or marketing strategy works in isolation. True marketing and business development is a culmination of wide variety of strategies, tactics, and actions that will generate clients from a diversity of sources. The marketing, advertising, and promotional channels you use will depend entirely on your product or service and the customers you are trying to reach. Your objective is to create a plan that integrates all of the primary marketing channels appropriate for your business (e.g., print advertising, Yellow Pages advertising, website, online advertising, online social media, targeted direct mail, public speaking, networking, incentives). When creating your marketing plan – for today and tomorrow – be sure to identify and develop ALL channels that will lead you to your targeted customer base.
Contributed by Wendy S. Enelow, CCM, MRW, JCTC, CPRW
Best Practice: Find Balance or Blend
Learning to balance (or blend) your entrepreneurial life with your personal life will most likely be a lifelong challenge. It can be extremely difficult to “walk away from work” when 1000 things are happening, but it’s time to go home, make dinner, care for your children, love your spouse, and spend time not working. It’s a constant juggling act that you must work hard to manage. Try scheduling time for family, friends, and YOURSELF into your calendar, and realize that these activities are just as important to your overall success as the time you spend working in your business. A happy and healthy individual is a vastly more productive individual, able to meet constant challenges and demands and move forward. The energy you get from interactions with family and friends, and the quiet time you devote to yourself, are rejuvenating and critical for any successful entrepreneur.
Contributed by Wendy S. Enelow, CCM, MRW, JCTC, CPRW
