Maximise Your Resources – Part 3

Posted by vernonsimpson on March 24, 2013

In the last post we talked about three more ways you can work on maximising your current resources. They included:

  • Reveal your business’ soul
  • From breaking even to breaking the bank
  • Stand up and stand out

Today we’ll talk about the last three areas you can work on to maximise your current resources. They are:

  • An offer they can’t refuse
  • Would you like fries with that?
  • Stay away from the edge of the cliff

An Offer They Can’t Refuse

The secret to success is to stay ahead of your competitors- maintain the competitive edge. To do that you need make it easier for your customers/clients to say “yes” rather than “no”. You do this by eliminating all the psychological, financial, physical, emotional and other road blocks they may have.

You can take the risks for them by offering warranties and guarantees that make the customer feel more confident in you, your business and your products/services. You also must be serious about your offer and follow through if a situation does arise. The quickest way to the bottom is to play games or take back a warranty or guarantee.

Would You Like Fries With That?

It’s the oldest trick in the book. I mean, really, how many times a week do you fall for it? Every time you sell a product or service, you need to offer an add-on, upgrade or back-end product to go with it. These products must be complimentary to the original product being purchased and must create a higher perceived value.

Avoid the Edge of the Cliff

Continuing to test and measure your systems, products, marketing methods and all other aspects of your business allow you to see problems before they happen and therefore avoid falling off the edge of the cliff.

Here are a few specific areas you can test for potential improvements:

  • Marketing
  • Sales Copy
  • Customer Service
  • Sales Letters
  • Sales Presentations
  • Employee-Customer Interaction

Through testing these different areas you will find products/services where you can raise the price, maybe others where you can lower the price or offer that product as an incentive item, and find many others areas for improvement that will better utilise your current resources.

This wraps up our series on how to maximise on your current resources. If you need help working through any of these or the previous areas, try our FREE test drive to work with one of our amazing business coaches.

Until the next time

Vernon Simpson, Nydes Business Coach

Coaching Business Owners and Executives to their next level of Excellence

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    At the heart of innovation is creativity. This characteristic allows individuals to think outside the box, generating unique solutions to complicated problems. Imaginative thinking can be nurtured by presenting oneself to diverse perspectives and viewpoints.
    Adaptability
    In a quickly changing world, an innovator must be flexible. Being able to adjust when faced with new obstacles or opportunities is critical. Adaptability assures that you can develop alongside market changes and tech advancements.
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    Innovation often entails venturing into the uncertain. True innovators are willing to take thought-out risks. They recognize that failure is a part of the process and use it as a educational tool to improve their ideas.
    Case Studies of Successful Innovators
    Elon Musk
    Elon Musk’s creative ventures, from Tesla to SpaceX, have changed industries. His willingness to tackle huge technological challenges and alter established markets showcases the impact of a bold vision.
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    Sara Blakely, the creator of Spanx, turned a basic idea into a billion-dollar empire. Her innovation in the clothing industry demonstrates how solving everyday challenges can lead to extraordinary success.
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    Fostering an Innovative Mindset
    Encourage a Culture of Openness
    Creating an environment where new ideas are welcomed and valued is paramount. Organizations should promote employees to share their ideas without fear of judgment. This openness fosters cooperation and sparks creativity.
    Learn from Failure
    Failure is an certain part of the innovation journey. Instead of avoiding it, innovators should view failure as an opportunity to learn and grow. Reviewing what went wrong and why can provide valuable lessons for future efforts.
    Embrace New Technologies
    Tech advancements offer endless opportunities for innovation. Staying updated with the latest developments and tools can provide a competitive edge. Whether it’s AI, blockchain, or IoT, leveraging new technologies can result in significant breakthroughs.
    The Role of Innovation in Business Growth
    Driving Efficiency
    Innovative approaches can streamline operations, reducing costs and increasing efficiency. Automation and digital evolution are instances of how businesses can innovate to enhance productivity.
    Enhancing Customer Experience
    Innovation can significantly improve customer experience. By understanding customer needs and developing personalized solutions, businesses can foster loyalty and drive growth. Customized services and innovative products can set a company apart from its peers.
    Opening New Revenue Streams
    Innovative thinking can uncover new business opportunities. Diversifying product lines, entering new fields, or developing unique services can open new revenue streams. This expansion mitigates risk and promotes sustainable growth.
    Conclusion
    Innovation is the driving force behind success in today’s dynamic world. By understanding the characteristics of true innovators, learning from effective case studies, and fostering an innovative mindset, you can unlock your inventive potential. Remember, innovation isn’t just about revolutionary inventions; it’s about making constant improvements that add value. Whether you’re leading a team or pursuing solo projects, the ability to innovate will set you apart and drive your success. Now, it’s time to put these insights into action and start your own creative journey.

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