Achieving Business Excellence with John Spence

Professional Listeners?

shutterstock_254737258During my recent trip to New Zealand I gave a number of talks on how technology is going to dramatically disrupt every type of business. Part of my presentation focused on advanced robotics and how many jobs will be eliminated by robots and algorithms. Here is a question that I just received from one of the folks that attended a session I delivered to a group of New Zealand entrepreneurs.

Hi John,

I didn’t get a chance to talk to you after your presentation, but I was really curious about the balance between EQ and robotics. You mentioned a bar where the bartender was replaced by robots and how many other service jobs will be. How will this feed into our EQ? Many people go to bars etc. to talk to the bartender about how horrible their boss is. Do you think that as technology progresses more humans will turn to the virtual world for emotional conversations rather than the real world?

Take hotels for example, many can differentiate on price because of the quality of service they provide and the personalized touch they give. I think empathy is one of the key qualities needed to provide customer satisfaction. If a lot of these employees are replaced by robots for the sake of efficiency, how will user experience and emotions play into this?

I would really appreciate it if you could expand on this a bit.

My reply:

 

Wow, really great questions, with complex answers.

It is my opinion that many jobs such as bartenders and hotel receptionists will be replaced by robots, it is already happening. However, I completely agree with you that these are positions that traditionally act as service providers that directly connect with customers. I do not believe that computers, even with highly advanced AI, will be able to make a true “human connection.” So perhaps there will be new jobs for people that do nothing but sit and talk with other people about how horrible their boss is, politics, religion and other topics that people like to discuss. They will be trained not to push their own opinion, but to simply be there to listen to the other person, connect with them and show empathy. Actually, I just thought of this idea while I was writing you this note and it is something I’m going to look into with a lot more focus, service jobs being replaced with “professional listener” as a new career. Interesting?

 

Leader of the Future = EQ + Technology

How-to-Become-a-Better-Leader-730x493I have just returned from two weeks of working with clients in New Zealand and while I was there I was asked to give lectures at the University of Auckland and the University of Canterbury. The topic they asked me to address was, “Leading in a Time of Disruptive Change.” This is a topic I know pretty well, but I decided it would be nice to get some additional opinions to add more depth and credibility to my comments, so I sent a note asking for input to some of my friends including Marshall Goldsmith, Guy Kawasaki, Seth Godin, Tim Sanders, Jim Kouzes, Tom Morris, Joe Calloway and several other top thought leaders, asking what they would share around this topic.

Everything they offered revolved around two key ideas: EQ + Technology

 

EQ = Emotional Quotient

The next 10 years will mark one of the most explosive eras of technological advances in the history of humankind. It is hard to believe that the smart phone was invented just 10 years ago and in that time span people around the world have downloaded more than 2 billion apps. Connection by computers is increasing at a dizzying rate, whereas connection between people seems to be decreasing at an equally alarming rate. A successful leader of the future must be superb at collaboration, personal connection, empathy and interpersonal communications. They need to be effective at bringing people together, creating high-performance teams, developing deep levels of trust and building real relationships with the people they lead. For some people EQ comes naturally, they are great at working well with other people and showing genuine concern, caring and empathy. For others of us (me included) EQ is just not something we were born with, however, through study and practice I have been able to increase my level of EQ significantly and so can you. Either way, natural or learned, the skills necessary to display EQ are essential for tomorrow’s leaders.

Technology

I mentioned it briefly above, but it bears repeating, in the next 10 years we will go through a truly overwhelming influx of new technologies that will be highly disruptive to every business (and person) in the world. That might sound like hyperbole, but I assure you it is not. Last year I attended the Abundance 360 Conference (an offshoot of Singularity University) where some of the world’s top technology experts outlined the eight major areas of technological change that would have the most impact on the human race in the next decade.

  1. Computer speed / deep learning
  2. Artificial intelligence (AI)
  3. The Internet of Things (IOT)
  4. Advanced robotics
  5. Augmented reality
  6. Virtual reality
  7. Synthetic medicine
  8. Genetic decoding/recovery

As just one example, the director of the business school at the University of Canterbury explained that in 2026 you will be able to buy a laptop for $1,000 that surpasses the brainpower of a single human, and by 2046 you will be able to buy a laptop (if they even exist anymore) that will exceed the brainpower of the entire human race. When you apply this computing power to the areas I have listed above, the impact is literally unfathomable. Therefore, to be effective, future leaders don’t need to embrace change, or even revel in change, they need to DRIVE change. They will need to be visionary in their ability to predict how these seismic technological shifts will impact their industry, their individual businesses and their customers. As another example, a good friend of mine who is the president of a prominent university here in the US lamented to me, “We are training students today for jobs that don’t exist on equipment that has not yet been invented, which means we are going to have to completely change the way we educate our youth.” Now if that isn’t a disruption, I don’t know what is – and the same thing is going to happen to you.

Leader of the Future = EQ + Technology

What do you think?

 

*** Also, I am very pleased to announce that my blog has been named one of the Top Small Business Blogs to Follow in 2016.
To check out the other winners and their superb blogs click HERE

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Loose-Tight Controls for Business Success

37827-watches_teaserI recently presented several workshops for client company with an absolutely brilliant CEO, among the best I’ve ever met. He was a new to the organization and had been brought in to turn around the company, which was facing very severe financial troubles. This was very bureaucratic organization whose main customer was the government. They were slow to make decisions, reluctant to take any risks, complacent in their attempt to grow their business and keep margins strong, which landed them to more than billion dollars in debt. The CEO gave an impassioned speech about the need to be more entrepreneurial, while still having a culture of disciplined execution around the core strategies. He described it, much like Tom Peters did in his wonderful book In Search of Excellence, saying that the company needed to have “loose-tight controls.” They need to have elements of loose  control around entrepreneurship, innovation and prudent risk-taking, while maintaining areas tight of control around their values, strategy, alignment and accountability for positive business results. He told them that in order to be successful they would have to balance a strong entrepreneurial ethic while still embracing a focused culture of discipline – and summarized his idea in the graph below.

So, where does your company sit in this matrix?

Best Managed Companies graphic

25 Skills Needed To Be A Consultant Of The Future

business person holding a briefcase

 

A very good friend of mine, Kendall Langston, is teaching an MBA class next week at the University of Canterbury in New Zealand on the topic of, “Consultant of the Future” and asked me what I thought were the necessary elements to be a successful business consultant. Here is the quick list I came up with off the top of my head…

  1. Global mindset
  2. Insanely competent
  3. Absolutely superb communicator
  4. Extremely curious
  5. Understands their customer’s business and their customer’s customers
  6. Strong business acumen
  7. Voracious reader
  8. Understands their customer’s industry
  9. Understands the consulting industry
  10. Has a strategic mindset
  11. Studies the impact of technology
  12. Well-networked with other thought leaders
  13. Has proprietary research/processes
  14. Focused – works in a narrow niche area
  15. Has strong sales skills – to sell their consulting services
  16. Has a broad toolkit of best practices and methodologies
  17. Has superb follow-up and customer service
  18. Very, very strong work ethic
  19. Passionate about being a consultant
  20. Can deliver the required results / ROI
  21. Has long-term relationships with their clients
  22. Is respected and has a strong reputation in the consulting industry
  23. Innovative/creative thinker – critical thinker
  24. Nice person – 100% ethical, enjoyable to be around, humble
  25. Works well with others – good team player

Did I miss anything?

 

 

CULTURE = CASH

7564321-big-pile-of-money-stack-of-american-dollarsFor many, many businesses today the only competitive differentiator they truly have is the quality of the people that they can get, grow and keep on their team… and the relationships they create with their customers.

Competitors can copy your products, beat you on price, match all of your distribution channels, spend more money on marketing and advertising and out manuver you on social media. However, if you can attract, develop and retain top talent and then get them insanely focused on taking great care of your customers… that is not something your competition can easily copy.

So, what attracts top talent to work in a company? I was interested to know this so I did a survey of more than 10,000 high potential employees at top companies around the world and they told me there were six things they look for from an ideal employer.

  1. Fair Pay – which they defined as 10% above or below what they would make to do the same job at a different company.
  1. Challenging Work work that was engaging, meaningful and matched their skill set.
  1. Cool Colleagues – A-players only want to play on a team with other A-players.
  1. Winning Culture – a place where people smile just as much when they come to work as when they leave.
  1. Personal/Professional Growth – the chance to learn and improve every day, as well as seeing a place for themselves in the company 5 to 7 years in the future.
  1. A Boss I Respect And Admire – which was actually one of the most important things they wanted!

If you think about it, all six of these factors are actually elements of a winning culture. If you want to bring top people in your company you’ve got to do these six things exceedingly well. On the flipside, the vast majority of people that leave a company exit because they hate their boss and are disengaged by the culture. I just listened to an interview with David Burkus talk about his new book Under New Management  (which I highly recommend) where he mentioned that only two employees out of 10 are fully engaged in their work. Think of the wasted time, money, resources and opportunity. However, if you could engage another two or three people, you would likely create a company that would dominate the marketplace.

In both a positive and negative sense: CULTURE = CASH

*** If you want more specifics on exactly how to build a great company culture, I have created a very concise and focused ebook that will give you all of my best ideas, tools and advice. It is only $2.99 on Amazon and I promise it will be VERY helpful.  Click HERE to take a look

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20 Questions To Make Better Business Decisions

8D9xPlllM2WzeTfM4McZ-Tl72eJkfbmt4t8yenImKBU8NzMXDbey6A_oozMjJETcYears ago I attended a class on Precision Questioning and Precision Answering, it was a tough class but I learned a lot. One of the most important things I learned, which I had experienced many times in the business world, is that very few people use a process in order to make important decisions, they just go with general ideas and a gut feel. Again, from years of experience, I have watched many senior executives make huge decisions, multi-million-dollar decisions, not using any kind of a formal process for organizing their thinking. Here is a list of 20 questions I use when helping organizations to make important business decisions.

  1. What is the real timeframe for this decision?
  2. Who needs to be involved in making this decision?
  3. Who does not need to be involved in making this decision?
  4. Can this decision be overridden by a person higher in the organization?
  5. If so, why are they not making this decision?
  6. Do we have the data necessary to support making a good decision?
  7. How do we know that the data is reliable and up-to-date?
  8. Do we have the financial numbers necessary to make this decision?
  9. If so, how do we know that they are accurate and up-to-date?
  10. Who else in the organization will be impacted by this decision?
  11. Do they need to be involved in making this decision?
  12. How, specifically, will we implement this decision?
  13. What metrics will we use to track success or failure?
  14. Who, specifically, will be responsible for the implementation of this decision?
  15. What is the real timeline for the overall implementation of this decision?
  16. What do we expect, specifically, as a successful outcome from this decision?
  17. Is there anything we would have to stop doing or change in order to implement this decision?
  18. Will this decision have a major impact on our brand in the marketplace?
  19. Well this decision have a major impact on our customers?
  20. What are the ramifications if this decision is wrong or poorly implemented?

If you have to make a major decision in your organization I strongly encourage you to use this list of questions in order to ensure that you are making a good decision. I can’t guarantee that the decision will work out perfectly, but I can almost surely guarantee that if you don’t go over this list and at least entertain several of the key questions, there will be a good chance that the decision will fail.

Are there any questions that I missed?

My Top 10 Business Success Tips

untitled10In November of this year, I will be the guest of the American Consulate in Poland in order to deliver a number of classes on entrepreneurship and business excellence at several universities in Kraków. Today, I received an email from a contact in Russia that is interested in possibly hosting a few business seminars in Moscow, and in that email, he asked me for a “bullet point” list of business tips to put in their newsletter to promote the events. So I sat down and tried to come up with the ten most important things I could offer, and I thought the list turned out pretty cool, so here it is.

John Spence’s Top 10 Ideas for Business Success

  1. The quality of the people that you can get, grow, and keep on your team will determine the success of your business in the long run. Other companies can copy your products, distribution, and marketing and beat you on price, but if you have top talent that is loyal, engaged, and excited about working for your company, then you have a huge market advantage.
  2. Whoever owns the “Voice Of the Customer” owns the marketplace. The company that listens to the customer the best and understands their needs, wants, fears, desires, and wishes – this company will be able to create a massive competitive advantage for itself.
  3. The formula for business excellence is: (Talent + Culture + Extreme Customer Focus) x Disciplined Execution = Business Excellence
  4. One of the keys to success in any organization is having a clear, compelling, tightly focused and well-communicated vision and strategy for growth.
  5. Culture = Cash. The number one factor for having highly engaged, satisfied, and loyal customers is having highly engaged, satisfied, and loyal employees. Remember this: the customer’s experience will never exceed the employee’s experience.
  6. Ambiguity Breeds Mediocrity. If you want to create a culture with high levels of both personal and mutual accountability, it is essential that you establish clear, specific, measurable, and binary goals.
  7. In every business, there are a handful of Moments Of Truth. These are the three, four, or five MOST important interactions with your customer on which you must deliver flawlessly, every single time for every single customer, if you want to grow a successful business.
  8. To be successful in the future, the rate of internal innovation must exceed the rate of external innovation (II>EI). As a business, you have to innovate, create, strategize, and implement better than anyone you compete against in the marketplace. As an individual, this also means that you have to continuously improve every single day in order to out-innovate the people with whom you directly compete.
  9. Don’t worry about the competition; instead, worry constantly about being better than you were yesterday and about absolutely delighting your customers. This is how you win in business.
  10. You become what you focus on and like the people you spend time with. Whatever you fill your brain with and whomever you choose to spend your time with will determine what your life will look like a decade from now.

I truly welcome your additions to this list. It would be fun to get this list up to fifty or even one hundred business tips.

Fire Your Customers

Screaming into telephone.It can be very challenging for a business owner to finally admit that it’s time to…

“Fire the Customer”

Let me be very clear here, the truth of the matter is that not every customer is a good customer and if you allow a bad client/customer to stick around too long, they may just run you out of business. Of course you want to take absolutely spectacular care of your best customers and turn them into customer evangelists, but when you end up with a customer terrorist the best course of action is to politely send them to your biggest competitor! (I’m only half kidding here)

I cannot tell you how many times I’ve seen businesses almost go bankrupt trying to please difficult customers that drive them crazy, use of tons of resources, always complain, pay late and argue about the price. When I sit down with the business owner and make them take a good hard look at the relationship with a customer like that it usually becomes pretty obvious that they are actually losing money every time they deal with that customer. So how do you avoid getting into that kind of a situation? Here are a few ideas…

Set Clear Expectations

At the beginning of the business relationship take the time to sit down with your new client and be exceedingly clear about how the relationship will work. Explain to them specifically what you promise to deliver, how your pricing is structured, the best ways for you to communicate with each other, what to do if there’s a problem – and exactly what you expect from them as well. Put it all on the table, leave nothing to chance, don’t assume anything. It’s one of my absolute favorite business quotes as it relates to accountability inside of an organization – and creating accountability with your clients:

“Ambiguity Breeds Mediocrity”

If you failed to do this at the beginning of the relationship, try to have this conversation the minute you start to feel uncomfortable and think that the relationship might be headed south. If at all possible you want to have this conversation while there is no emotion or dysfunction in the client relationship. If you try to have this conversation after something big has gone wrong, it will just deteriorate into finger-pointing, excuses and blaming.

Develop Red Flags

Go back and look carefully at every time in the past that a client relationship has imploded, what was the pattern? What were the warning signs that things were getting off track? Did they start to become overly demanding? Did they start paying late? Did they start asking for you to do extra work and not want to pay for it? Did they call up one of your employees and scream at them? Did they make a mistake on their end and then turn around and blame you for it? These are the sort of things I’ve seen in the businesses I’ve owned and when one of these red flags popped up I immediately started examining the client relationship to either improve it or terminate it.

Fire Nice

One of the best pieces of advice I ever got about hiring people was:

Hire Mean and Fire Nice.”

In other words, be really tough in the interviewing process, push hard to make sure the person really is a good fit and truly wants to work in your company, be aggressive in explaining exactly what the job will entail so that the candidate knows precisely what they are getting into, what will be expected of them and what it will be like to work in your company. If they still want to work with you after this sort of an interview, then you likely have a good candidate. However, if things go wrong and they don’t turn out to be a superstar, be very kind, generous and fair when letting them go so that you can help to avoid ill-feelings, nasty rumors or even a lawsuit. To me, it’s exactly the same when accepting a new client. Be tough in the interviewing process (that’s right, you interview new customers just as much as they interview you as someone they want to do business with) to make sure that this potential new customer meets your “Ideal Customer Profile.” Are they the kind of person that you want to do business with? Will they be a good partner? Are they the kind of client who can bring you new customers and more business? Do they have the financial resources to pay on time and in full? Are they nice people that you would enjoy working with? If the answers to a lot of these questions are no – you are better off to recommend that they go to your top competitor and let them deal with a potentially disruptive customer.

Now I understand that sometimes you need every customer because you need cash flow, but when your business is stabilized and you’re not scrambling to bring in every single dollar you can, then I highly recommend you backup and start to pursue and accept only the best customers. I also highly recommend that as soon as a customer starts to trip a few of the red flags, you either fix it right away, or fire that customer!

 

I hope you found this helpful – John

How To Get More Customers

Small-Business-Owner-Regrets-and-DifficultiesRecently I’ve had several friends who own small businesses ask me how to get more customers. Since this is an issue that nearly every small business owner struggles with I decided to grab an article I wrote several years ago about “How to Win in a Local Market,” and updated with some new ideas and suggestions.

1. Figure out exactly who your key target customers are – the part of the market you want to own. The best way to do this is to look at your current customer base and identify the customers that you absolutely love, the ones that are easy to deal with, really like your products and services a lot, see value what you offer, are glad to pay the full price – the ones you wish you had lots and lots of more customers exactly like them. Then take the time to write down everything you can possibly think of that clearly identifies this specific target group or groups of customers. What is their age range? What kind of car do they drive? What do they buy from you now? What is their education level? Where do they get their information – magazines, TV shows, social media platforms, and websites? What groups do they belong to? What are their hobbies? Do they have kids? What sort of jobs do they have? (if you run a B2B company you’d want to learn everything you can about their business, who there customers are, how they are positioning their business in the market and who are their top competitors).The more you can understand about your specific target market and what motivates them – the better job you can do of serving them and capturing more customers just like them.

2. Another great way to understand what motivates your target audience – is to ask them! Again, identify a group of your very best current customers then send them a brief survey with these questions:

• What, specifically, are the top three or four reasons you chose to do business with us?

• How did you find out about our business?

• Is there anything we could do to improve your experience in doing business with our company?

You might want to add a few other questions, but the goal is to look over all of the replies and see if there is a clear pattern. If there is (and there almost always is), the answer to question number one is your brand. Your customers have just told you exactly why they buy from you, which is likely the reason that other customers like them would buy from you too, so make this the main focus of all of your advertising and marketing. The answer to question number two tells you where to invest your advertising and marketing dollars – these are the places where your target customers are looking to find out about businesses like yours. Question number three tells you exactly what you need to go back and fix right away to increase the loyalty and engagement of your current and future customers. This is extremely powerful information and unfortunately very few businesses ever take the time to actually ask their best current customers why they are customers and what they could do to increase their loyalty. It is always been one of my top business mantras: Whoever owns the voice of the customer owns the marketplace. Take this to heart!

3. Once you get all this information back, create a very detailed “Ideal Customer Profile” to help you understand and stay focused on the people who will make your business successful. Clearly describe exactly who your target customers are, why they do business with you, how they found out about you, and what you can do to continuously delight and surprise them – and then make sure everybody in your company understands that critical information and uses it to guide their daily actions and behaviors when interacting with your customers — and you use it to build your business and branding strategies.

4. Determine who your top competitors will be for those specific target customers, who is already servicing them right now? Then study those top competitors to deeply understand how they position themselves – what services they offer – what promises they make – what sort of value proposition they are currently bringing to the marketplace that is, for some important reason, winning over the customers that you want to win way from them!

5. Figure out how to clearly differentiate yourself from your competitors in a way that will raise the bar and recalibrate the customer’s expectations, and be sure that the way you differentiate yourself is of true value to your customer, as defined by the customer, not by you. Understand this: All effective strategy is just Valued Differentiation multiplied by Disciplined Execution. In other words, to win in the marketplace you must offer something that is unique, exciting and compelling – that is differentiated from all of your competitor’s offerings, hopefully in a way that is defendable so it is not easy to copy – that your customers truly value and are willing to pay money for… and then you must execute on that flawlessly each and every day for each and every customer. It’s a fairly simple and straightforward idea that is exceedingly hard to do successfully. This will be one of your biggest challenges in gaining new customers and running a sustainably successful business.

6. Create strategic alliances with people who, by the nature of the business they are in, can become wonderful sources of referrals to you. You want to get as many people like this on your team as possible… but you especially want to identify the top four or five “Opinion Leaders” who are the most influential sources of referrals for you so that you can get these very important individuals on your team and creating a constant stream of high-quality, targeted referrals that represent your Ideal Customer Profile. The best way to do this is typically to define the people who have the same general customer base as you and that you feel do an absolutely fantastic job at delivering something to these target customers – that is not in competition with what you do – or even better is a complement to what you do. For example, if you are an expert in building high quality pools, you can easily partner with many of the local builders in your area. If you make custom clothing, partner with your local dry cleaners and high-end shoe dealers. If you own an accounting firm, you want to be connected with the top bankers and financial advisors in your area. If you owned a boat dealership that sells high-end boats – partner with a local Mercedes-Benz dealer. These sort of symbiotic relationships with people who are highly connected to your target customers is priceless.

7. Also determine people that are in your direct area of competition – but that you do not want to compete against, and try to form strategic alliances with them so you can work together and be in co-opition instead of competition. For example, you own a great Italian restaurant but there is a fantastic Chinese restaurant on the other side of town, why not share gift certificates to share customers. No one is going to eat Italian or Chinese every single time they go out, so rather than competing, why not share the top customers and help each other be more successful. This is why you often see five or six furniture shops or restaurants in the same mall, they are all attracting more customers to their “destination” and thereby everybody gets more business. Can you do this with some of your friendly competitors?

8. Identify your key “Moments Of Truth” — the handful of key things that absolutely have to go right in order for you to be able to meet and exceed your customer’s expectation —  and create processes to make sure that they are delivered flawlessly — flawlessly – – – every single time. For example, although there are hundreds of interactions every time you go out to have a meal, pretty much every restaurant on the face of the word only has 4 moments of truth:

• Food quality

• Service quality

• Price / value

• Cleanliness

If a restaurant does lots and lots of other things right but messes up any one of these four items badly, they will go out of business. On the flip side, if they do these four things exceedingly well every single time, customers will overlook failures in a few other minor places. So here is the BIG question: What are the moments of truth for your business? The three, four or five things that you must do exceedingly well in order to create highly satisfied, loyal and engaged customers. Figure out those key moments of truth and make sure that everybody in your company works tirelessly to deliver them perfectly all of the time. (This is one of the most powerful business success ideas I know – if you can determine what your key moments of truth are and deliver them flawlessly you will build a strong foundation for a highly successful and profitable company. Make sure you work on this).

9. Position yourself as an expert, trusted advisor, partner and peer to your customers by continuously delivering them REAL value. If you are in a B2B Sales, add real value and assistance to your customers by helping to make them look really good and delivering massive value to their customers. The key idea here is the only person that can decide what is valuable… is the customer. It does not matter what you think is cool, exciting, fun, unique or valuable – it only matters what the customer thinks. So invest the time and energy necessary to get as close to your customers you possibly can and thoroughly understand exactly why they think that what you offer is special, unique, differentiated and valuable to them.

10. Be sure that every single time you do a superior job – and your customers tell you that you are fantastic – follow up instantly with a request for referrals. If they say “You’re awesome, thank you, thank you, thank you”… tell them that the very best way they can thank you is to tell 10 other people about how fantastic you are and recommend that they do business with you. Positive word-of-mouth referrals, are the single most valuable advertising/marketing vehicle there is on the face of the earth. A significant amount of new research indicates that 43% to 78% (that is basically half to three-quarters) of all purchasing decisions today are made by referral – word-of-mouth, social media, texting, email – people ask their friends and colleagues who they should do business with and basically “crowd source” even major purchasing decisions. You can pay hundreds of thousands of dollars to buy ads in every magazine in the world – but a handful of strong personal referrals from key opinion leaders will drive much more business than those as ever could. (By the way you still need to market and advertise – but word-of-mouth referrals, especially through social media, is incredibly powerful and will only get more so).

11. Keep close to your best customers. Check in with them regularly – talk with them – ask questions and LISTEN. Learn everything you can about why your best customers are loyal, and make sure you give them what they want, while them, delight them and consistently exceed their expectations (just slightly – you do not want to erode your profit margin by delivering more value than the customer actually wants). Then gently began to ask these fanatical “customer evangelists” to help you spread the word about how great your business is. If they love you and the products and services you deliver, they will be happy to tell their friends, family and colleagues about how awesome your business is. Turning your best customers into your marketing department is an incredibly powerful strategy, because no matter how good your advertising and marketing is, people will immediately believe their friends recommendations far above even your very best ad. Happy customers who tell everyone they know about how great you are can completely change the future of your business. This is another area you should focus on intently.

**I think this is a good place to make important point: For most of you reading this article the future success of your business will depend very, very, very heavily on the quality of the people that you can get, grow and keep on your team. Great products with terrible customer service = bankruptcy. Hire the best talent you can, train them constantly, treat them fairly, pay them fairly (10% above or below what they would make to do the same job at another company) and empower them to go out and take care superb of your customers. Here is an extremely important point: The customer’s experience one never exceed the employee’s experience. 

“Hire top talent – create a winning culture that engages and empowers them – focus them intently on delivering superior customer service – then hold them accountable for executing on your moments of truth every single day for every single customer.”

12. Become a student of every other business you interact with. What are they doing well that you can adapt to your business? What are they doing poorly that you want to make sure you’re not doing to your customers? Every time you buy something, go out to dinner, order something online, interact with a vendor – it should be a lesson on things that you can steal and apply in your business – or things to avoid at all costs in your business.

13. Track everything I just told you about. Don’t go on instinct or gut feelings, collect data and facts on what is working and what is not – as measured by customer satisfaction scores, profitability and other key metrics. It does not matter what you “think” is working, it only matters if your target customers think is valuable and are willing to pay money for!

14. Once you figure out what works best for you – what truly leads to gaining real market share and significantly increasing profitability – focus like crazy on that area and get better and better at it every day.

15. Lastly, never stop doing everything on this list. Markets exchange, new competitors enter the market, customer’s requirements change – and you have to be able to change with them. Things move really, really fast so agility, adaptability, continuous improvement and ALWAYS listening to your customers is essential to the long-term success of your business. What makes customer’s super happy today, might very well make them very angry next month – so you have to stay on the very cutting edge by knowing more about your customers and your market than anyone else you compete against. Although extremely difficult to do – this is not optional!

I hope you found some of these ideas helpful and that you will share them with anyone you can think of in your network that you feel would find value in them too.

As always, I look forward to your feedback, ideas, comments and suggestions. Thanks so much — John