Black Friday -- Everyday

Perception Lab, Inc.
The secure way to grow your business™

While traveling up to the beautiful North East, I met with one of my clients; she is a small business retailer and was very focused on the day after Thanksgiving, also known as, "Black Friday" or now "Cyber Friday." For the uninitiated, this refers to the One Day (some times several days) after Thanksgiving when many businesses make 50% - 80% of their annual income. It's a big day. A BIG day. She said, "We have moved a long way from total dependence on Black Friday, but still have some work to do." She went on, "Most of my neighbors' businesses are 100% dependent on Black Friday to survive another year."

Incredible! It amazes me how many businesses refuse to grow beyond Black Friday and better leverage other parts of the year. This "tradition" –– NOT doing anything about Black Friday dependence –– is concerning! It's insane to willingly sit by and wait on one critical timeframe of the year for the survival of one's business! This situation is not unlike those small business owners who are largely dependent upon a single client or a sole referral source. Talk about stress. Ouch. I say, DUMP BLACK FRIDAY and make it EVERYDAY.

What about you? Have you reviewed your business' dependencies? Are you mostly dependent on one or a few clients, salesperson, referral source, product or service? If so, be Thankful you are aware of it NOW and begin to work on diversifying your client base, referral base, sales team or product/service offerings.

EVERYDAY TACTIC: Let's say most of your business comes during the Winter months and leaves during the Summer. Instead of waiting for next Winter to arrive, begin looking at other services your clients need throughout the year, develop like-minded services in-house and solicit throughout the year to your snow bird clientele. Since they already know you, closing the sale should be much easier than a unknown business approaching them. You could easily harness the internet and e-commerce to make it happen.

Think about this: What if Black Friday happened every month for your business? What if you could be more sure of generating 25% of your income each quarter rather than waiting for the traditional Black Friday? What would happen to your business? It would EXPLODE with profits and your stress level would largely shrink as would your dependency. Yes, that would be a very good thing; wouldn't you agree?

EVERYDAY TACTIC: Here's another: Suppose the majority of your business happens in the Spring time; look around for other businesses who could benefit from your product /services and who have an opposite high tide timeframe, maybe Fall or Summer. For example, if you are a CPA banking on tax season (sorry for the pun), look at working with small businesses who are seeking alliances with other businesses during the Summer months. You provide the financial framework for the joint ventures while expanding your list of clientele outside of tax season.

Ok, so you may be thinking: "But Mark, that's not me. I'm not in retail, so I don't have that sort of dependency." Not so fast: you may not be in retail, but I can pretty much guarantee you that your business more than likely does have a cyclical nature to it -- time of year, size of deals, volumes processed, etc., that could be matched or spread throughout the year with some savvy business development tactics, networking, promotion, great customer care and followup. So maybe you don't have a "Black Friday," but perhaps right now you have a "Black June" or "Black Spring" time you depend on, if you follow me. For example: real estate: huge cycles, especially in South Florida with tourists and snowbirds. Construction: ditto, and housing is down right now. Who does the construction slump impact? A/C OEMs, interior decorators, contractors, lenders, landscaping, electricians, roofing etc.. That's powerful and scary if one is totally dependent on the real estate business.

EVERYDAY TACTIC: If your orders come in at the end of the month, work like hell to get business earlier to avoid an end of month crush. So that means each week you are developing compelling offers for past clientele and re-soliciting perhaps months after their initial purchase with you. Perhaps mid-month you have a "private sale" and ONLY invite former clients to an exclusive deal such as 15% off everything over x dollars from 7am - 9am only.

The point is this: no one is untouchable. But just like your IRA or 401K, diversity is your friend. Look for ways to minimize your dependence. If you need tips, here's an easy answer: browse through our website businessmri.blogspot.com where we keep all the weekly ezines full of ideas, tips and insights for you to "steal with pride," or call me for ideas over the phone at 786.399.6571, but do SOMETHING.

EVERYDAY TACTIC: If you make one main product or a single product line, look for ways to expand your product/technology's application. For example, if you made drill bits, cultivate your expertise in making holes in a variety of materials via embracing alternative technologies to create new opportunities such as "drilling" with sand, water, air, heat and lasers. Get creative and go for it!

Black Friday - everyday. What a great idea. Can you begin to get your mind around the impact of multiple Black Fridays for YOUR business? Wow! Decide today to begin implementing your own program to reduce your dependencies and make more income throughout the year and not just at traditional milestones. Your business will thank you with lots of growth, your employees will thank you for their out-of-season bonuses, your significant other will thank you so they can actually enjoy the season with you; even your doctor may thank you as your blood pressure declines. Take action and make it happen. You're in control. Make it happen. It's up to you.

93% of our business comes from referral. That's because our clients know we deliver great advise which in turn generate great results.

How your business is perceived is vital to your customer loyalty; customer loyalty is the key to long-term business success. To learn more, call us at 786.399.6571 or email us at info@perceptionlab.biz.

™© 2006 All Rights Reserved Perception Lab, Inc.

Up-size Your Sales!

Perception Lab, Inc.
The secure way to grow your business™

You have to realize that the best of any sales team (aka the top 5% usually) will always max out the sale --Biggie Size it! or SuperSize It! or Up-Size It! to borrow from the fast food folks; they are the best and probably most well known at growing the sale in under 60 seconds! And that's great -- they don't twist your arm, they just ask. How about that? Simple. I bet your sales would explode if your people knew of the "up-size" options for your customers and just asked consistently 100% of the time. But few do.

What was it that Woody Allen said? He said, "50% of the secret to success is just showing up." And it's true. I would add: "and ask for the up-size sale!"

What about your team? Look, it doesn't matter if your business is golf clubs, antique cars, plastic tables or real estate. There is always more to the sale, IF one stops and considers what the customer really wants to achieve (goals) AND needs to make it happen (solution). Focusing on the single thing the customer "thinks" they want to buy is a super-size killer, and in many instances, unfair to the customer as they don't get EVERYTHING they need. Remember: your clients come to you and trust you to be their guide on what's best for them and what's necessary for them. All of it!

Here's a great example. Ever buy a TV? Lately? You go in for a tv and you walk out with the TV, cables, delivery, installation (have you seen what these plasmas and LCDs have on the back?!) and probably a support package too. And you just wanted to buy a "TV." Simple. Not any more. 1986 is lonnnnnnng gone and the simple tube TV is too. Better consumer electronics stores won't just pull a box off the shelf but will instead try to get you everything you need to accomplish what you want to do, ergo the tv example and to my point: to truly serve the client, and maximize your sales, you must offer an "up size" option as part of the overall solution.

Your turn
So you have to tune your sales staff to (1) know what the possibilities are beyond your basic product, (2) develop the adjunt product and services your customers would want IF they knew about them and (3) ensure your team makes the customer aware of the possibilities every single time, with each customer. No exceptions. The onus is on the sales team to Ask! If the customer says, "No," then that's a different problem. At least you tried and for those who say, "OK" or "Tell me more," your sale just grew more than likely. Good for you.

How are your referrals? 93% of our business comes from referral. That's because our clients know my team and I deliver great results which in turn generate great results. Call us!

How your business is perceived is vital to your customer loyalty; customer loyalty is the key to long-term business success. To learn more, call us at 786.399.6571 or email us at info@perceptionlab.biz.

™© 2006 All Rights Reserved Perception Lab, Inc.

Your Small Business is a Real Success. Are You Sure?

Perception Lab, Inc.
The secure way to grow your business™

"Success" is one of those words like "good" -- depends on how you define it. Most of us would rate ourselves "good" or above average personally, judging ourselves based on our intentions and others by their behavior. So how can we be sure our businesses are truly successful, "good" or even on the right path to success? That's the question. But relax: I have four real world scenarios every small business owner (heck, every business owner) must read to understand success beyond the balance sheet. Here they are.

1. Recently I attended a Chopin piano concert; it was wonderful. It was a "black tie" affair. Hundreds of people attended. Alone on the stage stood the glossy black Steinway Grand Piano and a spot light was directly aimed at it. As we entered, the piano tuner was busy hitting keys and adjusting the instrument for The Master to play. Then the concert began. WOW! The obvious passion and skill of the pianist was not only in his playing, but in his facial expressions! Like me, you may have heard such music on a CD but it is entirely different in person –– very impressive performance. During the intermission, the piano tuner was back at it again, adjusting the piano. And then the concert resumed.

How much passion and enthusiasm are you putting into your small business? Can your clients tell that you obviously love what you do and are 100% The Master at it? What about your staff?

2. Everyone knows Disney. The park for sure, but what about the man? When Disney first opened his park, customers were blown away by two things: one was the pure fun and upbeat environment of the park. Second was that everything looked new -- very new. In fact, visit after visit things always looked new. Turns out Disney had the park crews strip and repaint the rides each night thus ensuring they certainly did look new. Every day. For years.

How obsessive are you about your customers' experience with your business? Do you go the extra mile for your customers every day like Disney did for his? Have your customers' noticed? What about your employees -- are they insuring each customer gets a "WOW" experience?

3. As the story goes, one day before he was famous, Picasso the artist was working on the sidewalk doing sketches. A woman happen to come by and asked Picasso to sketch her. He agreed, and she sat while he completed the drawing. Then there it was: an original Picasso. The woman asked, "How much do I owe you?" He gave her the price, which was super super super expensive for a sidewalk sketch. "Why so much? It took you less than 20 minutes to do this drawing!" Picasso replied, "No, it took me all my life to be able to do so for you." The woman gladly paid the fee and took her original Picasso.

How well do your customers understand your company's value? Do your customers get it? Do they understand what makes you different and why you are not the cheapest place in town or in the industry? Do your customer's know the effort you put into insuring they get a WOW! experience?

4. The concert had just finished. The audience was blown away. "Bravo! Bravo!" filled the concert hall. "What a wonderful performance!" The conductor was obviously pleased with his orchestra, and the solo performer on the cello. After the audience began to leave, several people approached the man with the cello and repeatedly told him how impressive his playing was and how much they enjoyed it. One woman remarked, "You make it look so easy and effortless to play the cello so well." And the cellist replied, "Well, if you knew how many hours every day I played the cello for 40 years -- day after day after day, week after week after week, you wouldn't think it was easy at all."

How expert do you appear to your clients? How impressed are they with your "performance?" How many times do you hear or read rave reviews from your clients about your business? Your staff? Your services?

Taking these four real life stories together, one can begin to better appreciate the effort and consistency needed to achieve HIGH customer loyalty –– and true business success. It does not happen automatically nor easily. It takes sacrifice, focus and commitment to make it happen. Imagine your customers, clients or patients saying to you what was said to the concert pianist, or Disney, or Picaso or the cellist? If they did say such things about you and your business, how would your business change? Decide today to begin implementing those innovative and creative things which will have your customers saying "WOW!" Remember this stat: a 5% increase in customer loyalty equals at least a 25% increase in profitability -- not sales, not margin but profitability. Talk about WOW! How loyal are your customers to you, your staff and your products/services? Would your customers switch if presented with a lower price? Think about it.

93% of our business comes from referral. That's because my clients know we deliver great results which in turn generate great results.

How your business is perceived is vital to your customer loyalty; customer loyalty is the key to long-term business success. To learn more, call us at 786.399.6571 or email us at info@perceptionlab.biz.

™© 2006 All Rights Reserved Perception Lab, Inc.

Want New Markets and Growth? Better Read This First!

Perception Lab, Inc.
The secure way to grow your business™

Want to break into new markets that will fill your pockets with tons of cash? Sure. Most everyone would LOVE to grow their business. We tend to think of new markets as that "final frontier" where a fresh supply of new customers can easily be scooped up. Yet, really, going into new markets can be a train-wreck unless one has a well thought out approach. Now, that's not to say you must sit for hours considering all options before entering into new markets. But it does mean taking some time out to better understand what you may be getting yourself into.

Over the past few years I have worked with clients seeking to both (a) grow where they are and (b) expand into new areas. Here are the 7 things every small business owner must absolutely positively realize before proceeding into new markets and how to plan accordingly.

1. Costs. You will incur costs. Why? Branding -- PR, ad creative, media buy, printing all add up. Networking will be critical to getting the word out; any decent membership (chamber, BNI, etc.) will cost you a few hundred a year plus monthly dues. Already a member? Good. Now consider what it will cost you to sponsor an event -- easily going into hundreds if not thousands of dollars over a very short time frame. New offices or facilities, equipment and perhaps additional employees will add to your budget. PLAN: review your budget and account (no pun in tended) for such costs. Think of a number, double it and you may be close.

2. Training. I don't know about you, but if I told my clients I would send them a 20% to 50% increase in customer volume, they begin to grin thinking about the additional income. And then it hits them: they don't have the staff trained well enough (or at all in some cases) to handle the increase volume. PLAN: Sit with a professional to ID your staff and training needs to insure coverage is adequate, scalable and in the budget.

3. Infrastructure. as in training of employees to manage the anticipated increase in customer volume, business infrastructure may well explode with a sustained surge in customer volume -- project management, deliveries, installations, support and the like will feel the pressure. PLAN: Review your infrastructure; consider the above areas and think about how they would be affected with a 10%-30% increase over 3 months. Be sure to include things like quality impact, personnel vacation time, over time, healthcare and the like. Don't focus solely on head-count and cost per person.

4. Metrics. Sadly, very few clients measure their non-financial results or even anticipate their results. That means they really don't yet have a good grip on practical customer volume limits or quality. PLAN: Look at your growth strategy; put metrics in at every activity -- business development, marketing, CRM, Project Management, delivery, support. Insure these metrics are caught and reviewed each week and then used to drive meaningful change in your organization.

5. Customer Experience. Each time I've seen a client take on growth by themselves, the customer suffers. Oh the client makes more money, for a time. And then the bad word of mouth catches up and the "growth" turns into a dribble and everyone is scratching their heads at what went wrong. PLAN: how will you monitor your customer care levels as you push into new markets? Will your customer experience decline? That's brand damage! Instead, insure you have built into your expansion quality checks on the customer experience overall (not just the new market) and work to sustain and then improve them drastically. Remember: you want to WOW the customer.

6. Lead baby. What is leadership? Simple: have a vision, communicate it to the team and then personally work like hell to keep everyone on the team focused on the primary objectives. PLAN: Build into your growth plan to formally update the crew every 30-60 days on how the expansion is going -- not just in dollars but also in how your business overall is coping with the growth.

7. Fun. Fun? Fun. Without fun, you will suffer. Your team's morale will dive, your customers will not likely enjoy their experience with you. Some mistake fun as being unprofessional. That's just not true. All things being equal, would you rather work with Mr. Grinch or Mr. Able-to-laugh? The later of course. In a word: lighten up! PLAN: Keep it light and incorporate humor in those update sessions, planning reviews and budget reviews. A sense of fun will help everyone else feel at ease, and that may well help insure your overall success.

How your business is perceived is vital to your customer loyalty; customer loyalty is the key to long-term business success. To learn more, call us at 786.399.6571 or email us at info@perceptionlab.biz.

™© 2006 All Rights Reserved Perception Lab, Inc.