Recently, I talked with an entrepreneur whose business that has stopped growing. His sales, production and profits have all been flat or falling in the past 18 months, and he's feeling desperate. He feels the pressure of "having" to make more money!
He told me he's tried giving his staff more training. He's tried giving more incentives (bonuses) and he's fired some of his poor performers. Now he's talking about "having" to raise prices because he just can't "live on what we're making."
You can imagine how our conversation went. I pointed out that the market place never lies. We may not like the message it sends us, but our customers never lie to us. If sales are flat, it's because our customers no longer feel we are giving them the "bargain" they want.
It is true that part of the problem may be marketing. He may need to find ways of letting more of the right people know that he and his services are available (reaching too few or the wrong people is always a problem) but for the most part, his problem seemed to be that his potential customers no longer see him as a resource.
Our customers "want" stuff. They want more and better service. They want to enrich their lives. They want help in achieving their goals, both personal and in business. People will always buy goods and services if they believe the purchase will serve them, and if they can get it at a price they are willing to pay.
To make more money, you've got to do a better job of serving people. When your customers understand you are eager to help them get what they want, and will do it at a price they are willing to pay, your success is assured.
To make more money, find a way to provide more and better service.
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