It might sound insane or counterintuitive if you run a company, but there is likely a chance you will get bored or distracted at some point. So what should you do to avoid this boredom? What kinds of troubles could this boredom cause in your business?
Few things are more strategic when it comes to the success of your company than setting your selling price. Yet we find that most small business owners take an overly simplistic approach to their selling price. It might sound something like, “What’s the competition charge?” Or “What will the market bear?”. While these might be good starting points when you first launch your business, chances are you will be leaving profit on the table, or worse losing money on some of your products or services.
Believe it or not, we’re almost six months into this COVID-19 pandemic. Needless to say, we’ve all absorbed a lot of changes over that time and more changes and adjustments are coming. Hopefully one of the nice side benefits of this current pandemic is that it’s making you more comfortable with making changes and trying new things.
At some point during your business life cycle, either you or someone else will ask you this question, “What’s my business worth?” The quick answer is it depends! It depends on a lot of factors. Some of these factors are things you can control while others are out of your control. For instance, you have some control over how you set your selling prices and control your costs, but you can’t control the overall industry growth or how your competitors act.
In part 2 of our series on Marketing Channels we focus on the Long Term Marketing Channels. These are the Channels that we all wish we had started months or years ago because, as the name implies, these Channels typically require a little more time to deliver some results. But that doesn’t mean they should be ignored.
Marketing. It’s one of those words that can lead to a lot of confusion and frustration, especially in the small business world! We often hear small business owners lament about needing more Sales. This usually leads into a discussion about their Marketing Plan since Marketing and Sales are intricately tied together.
We were talking with a client was lamenting about a key employee who had recently given her 2-week notice. We asked her a simple question we learned from Jim Collins in his book Good to Great. We asked her if she was distraught about the resignation or secretly relieved. Our client said she was secretly relieved.
Most successful business owners, heck most successful people, have a group of folks who they talk with about their business on a regular basis. So do you have a group of folks you talk with about your business? And we don’t mean your spouse, siblings, or friends. We’re talking about people who actually get it. Other business folks.
With so many things changing over these past 3 months, it’s good to know that some things stay the same no matter what. When it comes to business, one thing that endures is MVP’s 7 Keys to Success. These guiding principles for how to run your business successfully continue to be tested in all sorts of areas including a global pandemic.