Friday, February 25, 2022

4 Mistakes small businesses make

 If you are wondering why your business remains small and is not growing, you might be guilty of the some of  the following mistakes I have noticed. Businesses have habits that are killing their business or keeping them from growing. 

1. Being rude or not so polite to customers whether online or in person. Whatever happened to customer is king!? If you do not watch what you say and are too casual with customers you might be losing business without realising it. Basic things we learnt in kindergarten like 'please', 'thank you', ýes sir', 'no sir''  are very important. You will be surprised how people enjoy being respected and given regard and they will recommend yo to other customers based on how you made them feel about themselves. It is also very important to listen, even if you know your business in and out, your customer doesnt and the fact thát they call or text you means they want to learn about your business. However in this day and age you hear answers from business owners like, Óbviously this product works better for this and that one does this', in a pompous way. No it is not obvious to me and I need you to be patient and spend your time explaining and showing  me.'

i once saw a video of a shop that refused to sell Oprah Winfrey a handbag. Beware coz you just might be treating wrong someone who can buy out your whole stock. Some people buy just to support you and will be put off by the way some people receive them.

2. Not following up on orders, even if its one item like a toothbrush, you never know how far it could lead. That one person could refer you to others and they could order a tonne. But if you are lazy and tell yourself that its just a small order you will never find out. Covid and the fact that it forced s to do  business differently taught me to always keep a customer and that any potential customer is king, find out where exactly they are and ways of making arrangements that are win win for both. Meet them halfway if possible or find a person who is near you and them and arrange deliveries. Do not ignore and especially please do get back to someone with information if you have promised to get back to them.

When I was in a Network Marketing business, I still am but at a slower pace, I learnt the importance of follow-ups. If you sell consumables, its wise to even call up customers and ask if they still have a product. At reasonable intevals of course, not the day after you have sold them a product.

3. Not communicating well. Communication is key. I once sent a msg to a supplier of something and we actually got to a point of her asking if I wanted a certain product and I said ÿes". To my surprise when I was now following up she informed me that she didnt have my order. I copied our conversation and sent her and then she said', Áctually for an order to be recorded I will need a deposit." How was I supposed to know all that if she didnt communicate it to me. Ít showed me that she leaves it up to the customer to push for sales for her business and not the other way round. As a small business you are the one in need of making sales, not the customer. Once a person makes an enquiry, it is now your job to get their contact details and to make sure that you do not leave that first conversation without a complete order. If you are shy and wait on the customer to contact you, its to your detriment. In my opinion, an enquiry is a go ahead to contact them and leave with a sale. I like how the fast food stores do it, if you ask for fries they will ask you if you would like a drink with that, if you say yes then they will ask if you would like toppings, or a side and so forth. Its a sales tactic to make sure they get the most out of you. Most of us small businesses could take a leaf out of their book. Supermarkets will put small enticing items at till points.

4. If you are the business owner and employing someone to do your sales whether in a shop, online or door to door, you need to train them. Training doesnt have to be costly and time consuming, you can do it yourself as you are employing and during your induction programme. Important to remember is that this person is a reflection of yourself. Emphasisé to them that they are representing you as they conduct business and they should speak as you would speak. This is why the big businesses like Macdonalds have checklists that a person has to go through with each transaction. hotels do it as well, they have certain wording and mantras that all will speak on a daily basis until it becomes second nature to say and do. 'This includes the way the telephone is answered, it has to be energetic and clear and friendly so that you can 'hear'the smile on the other side of the phone!


Monday, February 14, 2022

Investments and stocks

 Äre you ready to change your life! Are you ready to get rich" I shouted to my husband as I got into our house after work. "Remember the other day when I was telling you that I am feeling again like we are letting down the youths from our neighbourhood by not creating jobs for them", I continued, even as I was saying it, I couldnt help feeling the hýpocrisy of the statement because I no longer believed in people merely depending on their salaries, I now believed in multiple streams of income and having noticed that once someone becomes an employee, the desire and the drive and passion to work on something of their own starts to dwindle. Just days before I had been saying to a mum that knows my passion for ministry tor youths, and she was saying to me , "Please look for a job for my son. I had said to her "Yes we will look but what is he good at, what does he love to do because sometimes its best to turn your hobby and talents into a business. 

I had then battled in my mind on how to explain to the youths that business and especially investing is the way to go. Since I am starting up again investing after the disaster of 2008 where banks and insurance companies had declared bankruptcy on clients and told them that nothing had come of their investments of years . Even though I had continued to study around the subject, I had been wary of doing it myself and now I needed a way to encourage others, especially my youths that it was the way to go.

I then stumbled on a video on Youtube by the Wallstreet Trapper, actually he was being interviewed by .... talking in the simplest terms on how and why to invest in the stock market and how shares are a way of owning something even if it means owning a fraction of a share.

My mind was blown at how the Lord works