Everyone is familiar with the 3-R’s from school – reading, ‘riting and ‘rithmetic. This was our first introduction to an effective performance model. As proficiency increased in each R, performance was further enhanced. Effective performance models by their very design are a continuum that automatically raises performance to the next level.
Today’s businesses have their own 3-R Performance Model. This model hasn’t really changed since the early of origins of business enterprises. No matter what the latest business guru or executive coach advocates, good business practices and most importantly the “bottom-line” always appear to return to these basic 3-R’s. For without Relationships, Referrals or Revenue, today’s businesses will not achieve current goals nor grow.
R1 – Relationships With the Internet providing immediate access to unlimited vendors, products and services, today’s business owners must develop sustainable and loyal relationships. Current customer service research suggests that the cost to attract a new customer or client is 10 times greater than to maintain an existing customer. Relationships lead to the second R.
R2 – Referrals Referrals according to recent research account for 84% of all sales. This research supports what our common sense tells us about human nature. We are more likely to believe a close friend and probably a not so close friend over the slick Madison Avenue advertising efforts. Additionally, only 1 in 26 dissatisfied clients will share their dissatisfaction with the organization, but will be more than happy to share their “bad” experience with others.
Referrals add value to the bottom line by reducing marketing dollars. You can’t “pay” for referrals. This R is given free much like a friendly smile or a sincere handshake. R1 and R2 make R3.
R3 – Revenue Without this final third “R,” companies would not be in business. Revenue is the ultimate desired end result. When revenue grows, both the company and employees transition beyond surviving and transform into a thriving, high performance, results driven team where everyone shares a laser focus. Successful companies and individuals actively work the 3-R’s every day regardless of their yearly achievements. Complacency for these individuals is not an acceptable attitude!
If your goal is to reach that next level of success, then maybe the first step is ask yourself, do you know your 3-R’s? And the second step is to begin to construct a plan to help you improve your 3-R’s. P.S. If you don’t’ have a plan, then you are on someone else’s plan.
Do You Know and Plan For The 3Rs for Your Business - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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Leanne Hoagland-Smith
(Visit Leanne's Website)
Are you where you want to be? Are you
facing constant struggles in business or
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Are you seeking loyal customers, great
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Give me a call 219.759.5601 and I look
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