Without a doubt, financial sufficiency is very critical to the growth and survival of any enterprise. Money is the livewire of any business, without money, your business will die.
Of course, we all know the only way to generate real revenue in business is when customers buy your goods and services. Every business has the potential to become a multi-billion naira business depending on their number of customers and the purchase rate. When you have a lot of customers and they buy so much and frequently too, your business will be rich as cash inflow will be high. But when you lack customers, your business will eventually go down.
Truth is, your business is under threat if your customers are not adequate or high spenders. Customers that are occasional buyers are not really strong supporters of your business operations. Hence, what makes any of your customer a real king in is how much they spend and how well and on time they pay for goods and services. Customers who buy on credit and wouldn’t pay in good time are not really suitable for the health of your business.
One of the most daunting task for any business today is the ability to win and retain valuable customers. That is, customers that buy much and pay in good time.
Business owners work hard daily trying to convert valuable customers and win new ones in order to grow their business revenue and profitability.
When the business environment becomes more challenging, the pressure for survival becomes even more intense for business owners. However, irrespective of the season, whether great times or hard times, some business owners have discovered the secret of retaining and gaining great customers. Even when things are really difficult, they know and have mastered the tactic for retaining and growing their customer base.
A new year is here, and I believe many business owners are looking forward to growing their businesses. Many want more money, more revenue, and higher profit margins with more customers. Of course every business would like to sell more and the only way is to ensure they retain their valuable customers and gain new ones.
But we must realise customers are not items, they are not concepts, they are not commercial substances, or marketing specimen, customers are human beings; intelligent, rational, logical, emotional, sentimental and of course with the power to choose what they want. For Audio Version Click here
They have the power to decide who to buy from and who not to buy from. You cannot force them or coerce them into buying. It doesn’t work that way.
Now, many business owners tend to want to carryout academic or statistical analysis on their prospective buyers or potential clients – trying to understand what their needs are, what their preferences are, how they would like to be served better and what they are willing to pay more for and the likes. This exercise of course is very important and relevant to any business, but think about it, every significant competitor is expectedly doing the same and perhaps even more.
In fact more competent and richer competitors are spending more and researching more on customers and can possibly know more and satisfy them better than you can.
I’m sure you’ll agree that every day, cash is consistently flowing within the business circle and environment. People are buying stuff and selling stuff. Customers are buying from even your own industry and competitors are selling as well. If however, you are not selling enough to sustain the life and growth of your business, it apparently means you are suffering from financial exclusion in the cash loop within your industry. The money is moving around but you’re excluded from the mainstream circular flow.
In today’s market, quality is given, as rife efficiencies and surplus information are blurring differential gaps among similar products. Any new innovation or creativity in product or service design can be easily and quickly copied by competition. Hence it takes more than a good product, knowledge of the market, strategy and planning to keep winning and retaining valuable customers in a competitive market.
For you to experience inclusion in the industry financial loop this year, you must do something different from your regular routine and business approach.
Knowing that customers are logical and emotional human beings just like you, your customer relationship strategy and approach must be superior to that of competitors for you to win.
As emotional creatures, many times business owners feel negative emotions when treated and handled in ways they do not appreciate in the bid to win businesses and retain customers.
Some customers can be very rude, disrespectful, condescending and spiteful.
Some customers and clients suffer from inferiority complex and seek every means and opportunity to show off the power of their position. Some other customers and clients are obnoxious and can’t handle the success of business associates, partners, suppliers and dealers, hence jealousy and envy will reflect in the way they treat you, talk to you and relate with you as a supplier. Nasty but valuable customers come in different shades and varieties. If you allow their weaknesses, negative dispositions and issues affect your business ambition, you may suffer preventable losses.
Ladies and gentlemen, as a business owner, your priority is your business growth, expansion ambition and your beautiful dreams, don’t allow any nasty client or customer derail your dreams and business vision. Your dreams are more valuable than the weakness of any individual customer.
As a wise business owner, mastering the principle of rewarding nasty customers with civil response and decorum is your express way to financial inclusion in business.
It can be very upsetting, annoying and discouraging when treated badly for doing nothing wrong, but business is beyond feelings, it’s about goals, dreams and ambition. You cannot afford to be sentimental in business, your focus and priorities must remain unshaken. It is possible the bulk of your income this year is currently in the pockets and bank accounts of nasty clients and customers, make sure you don’t miss it.
Don’t react, respond or deal negatively with a nasty client or customer. Remain you good, respectful and nice self no matter the discouraging attitude of that customer or client. That’s being professional.
You see, many customers and clients subconsciously prefer to do business with people they are comfortable with, not suppliers with the best products. Your products may be fantastic, yes, your price may be good and your abilities on point, yes, but as emotional people, if potential buyers feel awkward in dealing with you, they may opt for your competitor, though not as good, but more amiable for them to deal with.
A good attitude, a kind demeanor, patience, tolerance, respect and humility works wonders with any customer even the nasty ones. Once your product and pricing are on point, making potential buyers comfortable with you is the joker in your pack.
Dear friend, to enjoy financial inclusion in your industry, to grow your customer base and win new valuable customers, let go of any offence and ignore ill-treatment of the past by a client or customer, it’s their issue not yours. Stay focused on your goal, he that is determined to have a taste of the honey hidden within a rock is not distracted by the potency level of the axe.
Beyond your good product and strategy this year, a superior business attitude is your master key to superlative financial success.
Ladies and gentlemen, “Frankly Speaking Interactive seminars”. The first in 2018 goes down tonight at 6pm. Join me online to discuss FINANCIAL HEALTH IN 2018. I’ll be sharing realistic principles that will keep you as an individual in a healthy financial position this year. To participate, simply text your whatsApp phone number to 0706 349 6599 for inclusion details. Registration ends by noon today. Please prepare all your personal financial questions and worries in 2018 for the interaction tonight from 6pm to 8pm. Let’s deal with them together. It’ll be fun and you shall be glad. I look forward to having you.
Also remember, FRONTIERS BUSINESS ACADEMY 2018 Lagos holds this Saturday January 20th. Topic: Business leadership and corporate strategy formulation. Guest lecturer Mr Segun Oloketuyi, Managing Director WEMA bank, And also with us is Dr. Abimbola Agboluaje, Managing Director WNT Capitas and alumnus of Cambridge University UK. Come learn to articulate an effective business/corporate vision, mission and culture for your business or employer organization this year. Be there on Saturday. Radisson blu anchorage hotel, 1A Ozumba Mbadiwe Avenue, Victoria island Lagos. Also Call 0706 349 6599 for registration details.