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Increase Your Profits: Change Mindset

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Did you know that over 60% of all businesses fail in 6 years? It’s amazing, isn’t it? The worse thing is that this statistic has nothing to do with credit crunches, subprime lending or and other recent local, national or world event.

It is to do with mindset.
 
Yes, mindset.
 
You see, in any business there is one and only one person that you need to be concerned about. Only one.
 
That person is so important that to even make them FEEL they are not important is tantamount to business suicide. It’s not the section manager, it’s not the CEO, it’s not the company director.
 
That person is the customer.
 
Simple eh?
 
Or not …
 
Whatever business you are in, as long as you are trying to make a profit, you will always have a “customer.” That “person” may be buying goods or services – they may even be purchasing time or expertise. The “person” may be a man-in-the-street or another large company.
 
But they are very important.
 
The customer is the one and only individual that can tell you how well you are doing. Not by growth charts and sales figures. But by telling you exactly how it feels to be in the position of a buying customer.
 
That person may have a valuable insight into the sales process, barriers to further sales, after sales service and a whole host of other important parameters. They could tell you about the likelihood of them buying again in the future, what your competitors offer and whether they would be happy to recommend you to other people.
 
In short, a customer (or potential customer) can tell you things about you, your company and your services which you could never find out in any other way.
 
But you have to ask them. Not with a standard “satisfaction feedback card. But by being brave, being bold and being specific in your needs.
 
And by asking and offering incentives to do so, your business will grow and flourish.
 
… then you ask them again!
Sadly, most businesses do not consider the customer as an important part of the processes within their organisation. Their mindset is geared towards what the business wants to offer and not what the customer needs. Complaints and feedback are a distraction.

A change in mindset can only increase your customer base and therefore your profit line.

Business Intelligence

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What is it that makes one business successful and another not? Is it the business model, the niche in which it is trading or the characteristics of the person (or people) looking after the business health? Indeed, even with similar characteristics and models, one business will succeed and prosper more than a comparable one.

 

Many people believe that there is a certain characteristic or set of characteristics that determine whether someone will be a successful businessperson or not. All other things being equal, a person with the correct qualities and aptitude could and should be a success over all others around him or her. It almost seems obvious.

 

But as many business schools will attest to, even with the same opportunities and environment and the same facilities to achieve, one person will grasp an opportunity more than another. And this is even when extensive tests of personality and aptitude are carried out beforehand.

 

It is as if the ability to achieve is something that cannot be easily or reliably measured. Something innate and intrinsic – like the propensity for a cat to lick itself from birth or a dog to fetch a stick.

 

The core of this issue is that if you could measure and harness that innate ability then you could predict, or at least more reliably predict, the future of any business venture when it is taken outside of other constraining factors such and demand and economy.

 

Even when a business is failing or is troubled, one could be at an advantage if the correct business mind could be put into place to see that endeavour through its rough times.

 

This type of business mind is known as “business intelligence” and, just like other forms of intelligence, appears to be something that is not easily measure or nurtured but something that has strict and undeniable importance in the pathway through which a business treads.

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