Thursday, January 13, 2011

5 Business Killers

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If there was a list of five things that could kill a business - would it be good to know them in order to avoid them? Verne Harnish, the author of Mastering the Rockefeller Habits, wrote an article for Fortune Magazine that outlines these five killers.

Stop paying attention to bad news. Quit watching so much news and quit going to online news sites during the day. This activity takes time which means we have less for improving business and growing sales. Second this activity puts negativity in our minds. I'm not saying that watching the news is bad or that understanding what is going on in the world is bad but we don't need excessive amounts. To know that a tragedy happened and to donate some money to the Red Cross to help is a good thing. If that tragedy begins to bring you down to the point you are not taking care of customers is the problem.

Quit selling some or part of your services. This means that we need to use the Pareto, or 80/20, Principle to focus on the products or services that are key to our future and where we make most of our profit. Focus on theses and let the others go. In a hypercompetive world it is tough to be all things to all people. Just do what you do and do it well. We have some friends who opened a restaurant in our local city called Village Crepe. When they first opened the restaurant
and it was a limited menu and only served breakfast and lunch I was a little worried that it wasn't enough. We were there last weekend and the place was packed and we had to wait to get a table. They have focused on what they do well and not tried to be all things to all people and are finding great success.

These are only two of the points from Verne's article. Click the link and read the rest. Your future may be better for it.

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