Learn more about moneyandinvestments with this collection
How to analyze churn data and make data-driven decisions
The importance of customer feedback
How to improve customer experience
Don’t generalize. Specialize
If you focus on doing one thing well and hire specialists in that area, the quality of your work will improve and you will stand out among your competitors.
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MORE IDEAS ON THIS
About finding an advisor
Find an adviser for whom you will be neither their largest nor their smallest client. Make sure they know your industry.
Avoid an adviser who offers to broker a discussion with a single client. You want to ensure there is competition for your business and a...
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Sales and sales reps
- Take some time to figure out how many pipeline prospects will likely lead to sales. This number will become essential when you go to sell because it allows the buyer to estimate the size of the market opportunity.
- Two sales reps are always better than one.
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Owning a process puts you in control
- Owning a process makes it easier to pitch and puts you in control. Be clear about what you’re selling, and potential customers will be more likely to buy your product.
- Don’t become synonymous with your company. If buyers aren’t confi...
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“To sell your business, you need to demonstrate to a buyer that you have a sales engine that will produce predictable, recurring revenue."
JOHN WARRILLOW
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Using the right language
If you want to be a sellable, product-oriented business, you need to use the language of one.
Change words like “clients” to “customers” and “firm” to “business.” Rid your website and customer-facing communications of any references that reveal you used to be a generic service business...
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Don't rely too much on just one client
Relying too heavily on one client is risky and will turn off potential buyers.
Make sure that no one client makes up more than 15 percent of your revenue.
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“Don’t be afraid to say no to projects. Prove that you’re serious about specialization by turning down work that falls outside your area of expertise. The more people you say no to, the more referrals you’ll get to people who need your product or service.”
JOHN WARRILLOW
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Scalable things meet three criteria
- They are “teachable” to employees (like the Stapleton Agency’s Five-Step Logo Design Process) or can be delivered through technology;
- They are “valuable” to your customers, which allows you to avoid commoditization;
- They are “repeatab...
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Other curated ideas on this topic:
Focus and Specialize in One Area
It means you have to focus your brand on one area of achievement.
You can choose to specialize either in your line of work, your product, your company or industry, the media, your community, etc.
Divide Your Day Into Themes
And if your job isn’t ideal for focusing on one thing per day, you can dedicate your morning to one focus area, your early afternoon to another, and late afternoon to another.
This way, instead of being overly restrictive about finishing a task in that time period, you have the flexi...
Don’t specialize
Children should be multi-disciplined. The focus of schools from the Industrial Age is to become really good at one thing. But this is dangerous for the next generation.
Encourage kids to become good at more than one thing. Children should be knowledgable about more than one subject area, gi...
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