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For many business owners, rave reviews are an indication of customer satisfaction. So are complaints. But without a reliable tool, objectively measuring customer satisfaction is nearly impossible.
Jobs recognized genuine differentiation required disciplined focus. Being great at a few things, rather than being good at a lot, results in better products and services. Better offerings command fatter profit margins. Larger margins result in more resources to invest in marketing, sales, and product development, creating even greater differentiation and corresponding profit margins.
Damien built Dimple to $2.5 million in revenue before he reached a plateau. No matter what he tried, Damien couldn’t bust through the $2.5 million ceiling.
A well-differentiated brand can give you a competitive moat because your marketing makes your business unique from its competitors. When customers prefer your brand, it makes you tough to compete against. The problem with creating your moat based on a brand is that it can be fragile.
Early in your company’s life, your greatest strength may be your ability to juggle multiple goals, priorities, and initiatives — to be an expert not just in your field but in your business.
Suppose your goal is to build a more valuable company. In that case, it may help use the American Presidency as a model for your company. Your goal should be to set things up so that your team has the information and authority needed to solve their everyday challenges.
Adii Pienaar developed Conversio, an email marketing platform for retailers. Timed perfectly, the company began around the same time eCommerce started to explode. He saw early success and was experiencing organic growth.
When assessing his business through the lens of Hub and Spoke, Cesar understood that his company was too reliant on him, This led him to create an open-book management style. This style of management involves creating transparency for your employees and outlining how their specific role and output influences the company’s finances.
When John Warrillow sat down with Mike Malatesta, the founder of Advanced Waste Services (AWS), one key lesson stood out: the difference between recurring and reoccurring revenues.
As businesses grow, their accounting needs change. You might have started with something as simple as a spreadsheet. Then you upgraded and spent the money on a QuickBooks account. Finally, you hired an accountant as your needs became more complex.