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Is there a Winning Formulae for Business Success!

Success Formula

A question often raised. Is there an answer! 

In the current inflationary trading environment small Businesses and not so small are looking for answers, ‘fixes’, ways to get an edge and keep the cash flowing.  Reinvention, revival, survival!

Sound familiar? What does it take! 

A Winning Formulae!  

Start by going back to sound Business basics, learning from mistakes, turning disappointment into opportunity, and keeping your belief and passion. No simple answer but consider the following gained from experience and research.

10 Tips and Snippets, check if you tick the list.

  1. Build Trust: Who wouldn’t like to be ranked highly on the ‘most trusted brand’ list. According to a recent report Bunnings scored top with its pillars of trusted brand, including, great customer service, solving customer problems, being an active part of the community, communicating what it stands for and product knowledge. 
  1. Understand your market and develop a solid, sound Business Plan. Find your niche, know ‘the what’, why and how you will deliver your product to achieve the results you are wanting to achieve.
  1. Invest in yourself. To stay ‘current’ be prepared to further your knowledge, with formal education and learning new things to grow as a person, be informed and help stay ahead of your competitors. You are never too old or young to learn or keep learning!
  1. Raise Brand awareness through social media. Whether an inclusive product or Business name raising a positive profile has benefits and rewards. We know ‘Kim K’ is the icon in this field, but we can all take her lead with active ‘customer engagement’. 
  1. Networking has benefits. Connect and engage with others, whether like Industry or a collective of businesses. If you don't reach out, you are limiting your chances to sell yourself and learn about others, including your competition.
  1. Deliver Customer Service with a positive attitude. Delivered by interested and committed staff, along with a friendly greeting. Attention to small details no matter what the product or service is. You know when you have received this quality!
  1. Listen to Want your Customers Need. Build an honest close rapport with your customers, ‘be in touch with’, invite and listen to feedback. In the words of Wesfarmers CEO; ‘targeting further growth through maximising strong balance sheets and leveraging customer loyalty.’
  1. Cost savings: in Hospitality redesigning menus and ingredient substitutes is a measure to address costs. Packaging costs are another area under consideration. Carry bags, buy or bring your own.
  1. Avoid pumping out quantity of products but losing quality. Example quoted by Disney executive ‘needed to be more selective about sequels that get made’, rather than just high quantity output.
  1. Embrace innovation and change. The key is to look for opportunities to innovate, challenge, learn new things and look for continual improvement. Keep your eyes and ears open, see beyond now and plan for the future.

I hope you find these Tips and Snippets helpful.

You, your Business are unique. Be bold, find, explore and develop your own winning formulae!