Five Business Philosophies which stand the Test of Time
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Business, at its core, is quite simple when you think about it.
Sure, there are many factors in play that you’ll need to overcome in order to setup shop but, at the center, there are five underlying “philosophies” that stand the test of time.
It’s these philosophies that are the cornerstone of business – - understanding and applying them, even on a psychological level, will guarantee that you’re setting off in the right direction.
These philosophies include:
- Location, Location, Location – The location truly does matter when it comes to business and this even applies to the Web. You could provide a valuable product and wonderful service but if people can’t find your location than you’re pretty much dead in the water. You could certainly advertise and market where you’re located but it would be a hard press to get individuals to come all the way out when there are other offers closer to their location. With that being said – keep in mind where your physical store may be location – likewise, pay attention to your domain name, unique selling point, graphics, and link building on the Web which will help place your business front-and-center to where it needs to be.
- The “What’s in it for me?” – Consumers are selfish – generally. You can bend over backwards and go out of your way to provide an amazing experience but, at the end of the day, people just want to do business with you because they seek a great value. You should always look at your business copy, its products, and service with the question “what’s in it for me?” so that you can attune your offer to satisfy the needs and wants of your customers. Provide them with clear value and they’ll hop on board with what you have to offer.
- The 80/20 Rule – The 80/20 rule is the simple idea that 80% of your profits come from 20% of your effort (though this can be applied to just about any action or factor in business – it’s up to you). With this in mind – you should look into what’s actually selling in your business and begin placing that front-and-center which will dramatically improve your profits. Likewise, you should focus on the actions that lead to the greatest rewards for your time. Apply this mindset to every factor in business and you’ll create a streamlined approach to getting things done and making a healthy profit.
- Tell them what you’ll tell them, tell them, tell them what you told – That’s a mouthful but the principle is that whenever you try to educate a customer you should first introduce the topic by straight up telling them what they’ll learn, then tell them, and then recap what you just told. Doing so will leave the individual with a clear idea of what you’re trying to convey which means you’ll have an easier time convincing them to buy your product/service.
- The Customer is always Right – Yeah, customers can be a real pain in the rear but there’s no reason to really get too upset with them if it means you can avoid nasty PR. It’s suggested that you do everything you can to appeal to the customer’s demands so they’re more likely to make the purchase. Likewise, being overly nice to the individual increases the chance that they’ll keep coming back for more. However, if you do the opposite than you could face a time when you get a whole lot of backlash from your customers from when they take their opinion to the Web (and just through word-of-mouth). In all, go above-and-beyond when interacting with people and you’ll be fine.
There you have it. These were five business philosophies to live and stand by. The only action you really need to take, from now, is to look deep within your business model and offers to guarantee that you’re touching on these points.
Know these and you can tackle any business.