Show Objectives - The Why
This is Episode C4.008 at IBGR Network… Winning most profitable business.
Of course, as usual the 1st place we go to when we want to figure anything out is our good friend Google.
This is no different so when I googled the subject matter today which is winning the most profitable business one of the first articles that came about was one from one of the most successful entrepreneurs in the world Richard Branson.
Now Richard Branson has some fairly strong ideas and thoughts on what it means to succeed in business and how to win profitable business and of course his success doesn't lie so why wouldn't we take some of his pointers?
One of the first things Richard says or Sir Richard says is follow your dreams.
The second thing that Richard Branson suggests is that we should do some good.
The Third Point Sir Richard Branson gives us is believe in your ideas.
Point four. Don't give up. You'll be amazed at what you can achieve by tenaciously sticking to your goals. When you fail, get back up, brush yourself off and try again.
The next thing is having fun and making sure that your team members are enjoying themselves too.
Fun is one of the most important and underrated components of any successful venture. If you're not enjoying yourself, it's probably time to call it quits and try something else.
The sixth thing Sir Richard Branson tells us is delegate and spend more time with your family.
Listen, take lots of notes and keep setting yourself new challenges. If you don't write down your own and others spontaneous ideas, they can vanish in the blink of an eye. So be sure to keep track of your goals, make lists and remember to listen more and talk less. You'll be amazed at the obstacles a listening culture can overcome.
Communicate, collaborate and communicate some more. Keep it simple stupid. And above all else work and play with others. Mushrooms might grow when they kept in the dark and fed a diet of dung, but that strategy doesn't work with people.
The next point is truly dear to my heart. Turn off your laptop and phone and get out there.
The final point made by Sir Richard Branson, do what you love.
So, how can we apply this advice to our subject matter for today which is winning the most profitable accounts?
Well, in my opinion it's important that we value ourselves our product and our service as much if not more than our potential clients. To that end it's as important that we choose our clients as it is that they choose us. Set some clear expectations on how we onboard new clients. It's really easy, and particularly during tough times, to devalue our service or our product in order to win a sale. But by doing this we cause long term damage to our brand, our reputation, and our potential income.
Key Issues - Owner Perspective:
Profit doesn’t necessarily need to be direct income.
If you draw a grid on a piece of paper literally draw a cross on a piece of paper and a graph axis so up the left-hand side of your graph axis you have numbers one through 10 from the bottom to the top.
Along the horizontal axis you have numbers ten through one from left to right.
Also, on the vertical axis if we were to write ‘value dollars brand’ and on the horizontal axis we wrote ‘workload mental physical’
Through the middle of the graph, we've drawn a cross to give us four quadrants.
The bottom left quadrant is where our worst accounts reside because they are the lowest in value on the vertical access and they are the highest in workload on the horizontal axis.
Ie, 1 in value and 10 in effort.
By contrast the top right-hand quadrant are our most valuable clients. Why? Because they hold the highest value maybe in dollars or brand equity on the vertical access and the lowest level of maintenance on the horizontal axis.
They are our unicorn accounts and we guard them with dear life.
What You Need to Do - The How
So, here’s my take on how we do the 5 steps to winning the most profitable business.
1. Identify an industry
2. Identify a client wish list
3. What’s in it for them?
4. Develop a case study
5. Decide what you are prepared to invest
Join me again next week for episode 9, Closed sale margins.
Written by Richard Miller
new choice for BUSINESS SEARCH
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