Risk and Reward: Are you watering the fake plants?

Who takes the biggest risks?

Professional athletes who make millions – no. Politicians who are more worried about getting re-elected than serving their customers, er, voters – no.

The people with the most at stake are business owners, large and small, throughout the world. Our fantastic standard of living is a direct result of risks taken – and rewards gained – from failures, learnings and success.

The majority of the world’s wealthiest people got their wealth from business and equity interests.

Failure isn’t fatal, as Winston Churchill stated. It’s part of learning. If you’re not failing on a regular basis, I suggest that you’re not trying hard enough. Innovation, and improvements, come from trial and error. None of us is wise enough to predict with 100% certainty what our customers will and won’t respond to.

Here are eight ‘risks’ that you can take in your business:

  1. Offer your products and services in bundles at different price points.
  2. Extend your services beyond the sale so that you can provide more value.
  3. Make it easier for your customers to select you by doing their price and feature shopping for them.
  4. Educate your customers on how to purchase your goods and services by creating checklists that they can use when they visit your competitors.
  5. Give your customers some of your knowledge and expertise for free in the form of articles or booklets. This will enhance their trust and differentiate you from your competitors.
  6. Make it easier and more fun for your customers to do business with you. Provide free and good quality coffee and tea, free pick up and delivery, convenient payment terms (American Express), and additional value to your regular customers.
  7. Reward referrals. Most businesses spend more money watering the fake plants than they do to reward their best customers and greatest source of new business.
  8. Ask your best customers what you can do better.

The biggest risk is not taking any risks.

Copyright 2010. All Rights Reserved. Phil Symchych

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