1. KEY PURPOSE: what is the purpose of a business? Many people think that the purpose of a business is to earn a profit, but they are wrong. The true purpose of a business is to create and keep a customer. Profits are the result of creating and keeping a sufficient number of customers in a cost-effective way.
QUESTION: What is your plan to create and keep customers?
2. KEY MEASURE: the key measure of business success is customer satisfaction. Your ability to satisfy your customers to such a degree that they buy from you rather than from someone else, that they buy again, and that they bring their friends, is the key determinant of growth and profitability.
(Note: If you measure the wrong thing, you’ll focus perfectly on the wrong outcome)
QUESTION : What are the most important areas of customer satisfaction in your business?
3. KEY REQUIREMENT: the key requirement for wealth building and business success is for you to add value in some way. All wealth comes from adding value. All business growth and profitability comes from adding value. Every day, you must be looking for ways to add more and more value to the customer experience.
(Note: Adding value is critical in both “up” and “down” markets. Even more important is if your customers know where you add that value. For instance, we add value by providing quality education at low and affordable cost – here you can see difference between value and cost)
QUESTION: In what ways does your product, service or business add value by improving the life or work of your customers?
4. KEY FOCUS: the most important person in the business is the customer. You must focus on the customer at all times. Customers are fickle, disloyal, changeable, impatient and demanding, just like you. Nonetheless, the customer must be the central focus of everything you do in business.
QUESTION: Who is your most important customer type, and what must you do to please him or her?
5. KEY WORD: in life, work and business, you will always be rewarded in direct proportion to the value of your contribution to others, as they see it. The focus on outward contribution, to your company, your customers, and your community, is the central requirement for you to become an ever more valuable person, in every area.
QUESTION: What are the most important contributions that you make to your business?
6. KEY GOAL: every business must have a growth plan. Growth must be the goal of all of your business activities. You should have a goal to grow 10%, 20% or even 30% each year. Some companies grow 50% and 100% per year, and not by accident.
QUESTION: What are three things that you could do to grow your business faster?
7.KEY STRATEGY: in a world of rapid change and continuing, aggressive competition, you must practice continuous improvement in every area of your business and personal life.
QUESTION: In what ways could you offer your products in a better,faster, cheaper, easier-to-use manner?
8. KEY ACTIVITY: the heartbeat of your business is sales. Dunn & Bradstreet analyzed thousands of companies that had gone broke over the years and concluded that the number one reason for business failure was “low sales.” When they researched further, they found that the number one reason for business success was “high sales.” And all
else was commentary.
QUESTION: What steps could you take immediately to increase your sales?
9.KEY NUMBER: the most important number in business is cash flow. Cash flow is to the business as blood and oxygen is to the brain. You can have every activity working efficiently in your business, but if your
cash flow is cut off for any reason, the business can die, sometimes overnight.
QUESTION: What could you do immediately to increase your cash flow?
10. KEY QUESTION: the most important question you ask, to solve any problem, overcome any obstacle or achieve any business goal is the question “How?”
QUESTION: What are your three biggest problems or worries in your business today, and actions could you take immediately to solve them?