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Five Ways to Increase Profitability By Doing The Right Thing
Written by: Shel HorowitzArticle Overview: Ethics is actually more profitable! Author and consultant Shel Horowitz, founder of the Business Ethics Pledge, shows how taking the ethical high road-and forming partnerships with your competitors-increases revenues and lowers costs.
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Five Ways to Increase Profitability By Doing The Right Thing
1. Base your business in the Magic Triangle. Honesty, integrity, and quality are the three sides of the Magic Triangle of business success. Create the kind of company that stands for something more than the bottom line, and your bottom line will increase.
2. Stop worrying about market share. The world has more than enough customers for you. When you embrace abundance--the idea that the universe provides enough to go around--all the energy you've put into chopping down competitors can be channeled into productive, growth-enhancing activities. Example: By opening up the PC architecture many years ago, IBM dropped its market share--but created a vast expansion in the overall market (and its PC revenues).
3. Partner with your competitors. It may sound counter-intuitive, but competing and complementary businesses can become your best sales agents. The world's largest companies understand this--which is why Toyota and General Motors have product development partnerships, and why FedEx and the US Postal Service cooperate to deliver Express Mail and to provide FedEx collection points at post offices.
4. Understand the true brand experience. It's not your advertising and marketing--it's what happens when a customer attempts to do business with you. How helpful and courteous are your staff, both in-store and on the phone? How friendly and useful is your website? How does the customer really feel about working with you?
5. Turn customers into sales agents. At least one third of your business should be repeat customers or people they've referred. If you're still struggling to pull in business, either you haven't set up good systems to harness these super-profitable customers, or you need to address the deeper reasons why they don't return.
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Article Tags: abundance, bottom line, brand experience, business success, complementary businesses, deeper reasons, development partnerships, express mail, fedex, general motors, honesty integrity, magic triangle, market share, pc architecture, post offices, profitable customers, toyota, universe, us postal service
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About the Author: Shel Horowitz RSS for Shel's articles - Visit Shel's website  Click here to visit Shel's website   Frequent Buyer Programs Why Market Research Will Help Your Business To Thine Own Self Be True Its Better for Business What Arthur Andersen Would Say to His Company What NOT to Do When Marketing With Email Three Pathways to Publishing Your Book |
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Re: Ideas For Business
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Could you guys give us a recap of your entire business idea as it stands now. Seems like it morped a bit. Let us know:
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guide on how to avoid the problems of over trading. <-- Where is this guide? Any URL?
guide on debt factoring and invoice discounting: the basics. <-- Where is this guide? Any URL?
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Ways to improve cash flow at individual level and organizational level?
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I myself am a 'constructive' procrastinator... I don't know if I'm alone in this.
I have about six or seven projects I'm working on at any given time. I get one project almost done... then my interest is piqued by another project and I work on that... I get burnt out and move to another...I know I do this so I have it arranged such that once I get bored or burnt out with one project, I can step right back into project 1 - or 2 or 3, and get that a little bit more done before moving on to something else.
As long as you're organized and know where all your reference material/idea sheets are when you're ready to get back to work on each project, it should be fine. I also find that by stepping away from a project - I still work on it in the recesses of my mind so that when I go back to it - it's with some good ideas that I wouldn't have had if I'd continued on with it originally.
Maybe I should write a book on how to Procrastinate Constructively... I've actually thought about doing that...because most people procrastinate, don't they...and very few are ever able to stop.
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