After making a reasonable effort to create a satisfied customer, you should acknowledge the reality that you won’t be able to be successful all the time and move on. In fact, it makes sense to periodically purge your customer base of those who are not really well matched so that you have the capacity to add more satisfied customers who will generate additional business.
Your business will suffer if you go to extraordinary lengths just to try and satisfy every person who happens to make a purchase of your goods or services. In most cases, which customers your business attract is more important than how many customers you attract.
Rather than advertising your product or service, you should be advertising for the specific customers or clients you want. In other words, you should specifically target the clientele you will serve best. The more accurately you can target influential customers and avoid problem customers the better.
The ideal situation is to be able to count amongst your satisfied customers some individual or corporation that is impressive. That will greatly enhance your company’s reputation and credibility - far more than having a larger number of customers in fact. Try compiling a list of 10 or more companies you would like to have as clients, and then think about how to achieve that goal.
Most people are familiar with the 80/20 principle - namely, that 80-percent of your profits usually will come from 20-percent of your customers. This will also hold for the opposite perspective - 80-percent of your customer complaints will usually come from 20-percent of your customers. Therefore, look for effective ways to purge that 20-percent and replace them with better, strategically selected clients.
There’s no good reason why you shouldn’t get rich quick - sometimes, speed is of the essence and you have to be quick on your feet to exploit a particular opportunity before everyone else does. It just depends on the situation.
Everyone gets told for their entire lives to avoid get rich quick schemes - and generally speaking, that’s sound advice, but not always. Never avoid a commercial opportunity just because it promises a quick pay-off - it can happen.
Hollywood agents who are trying to promote their stars always work on creating a sequence of three events right after each other which will raise the profile of their stars. Similarly, in the commercial world, when a few factors coincide within a short period of time, the momentum created can drive a product forward faster than you would expect.
Usually, it’s the momentum that’s important in any commercial situation, and it’s generally easier to generate more momentum when you’re moving quickly than it is to generate momentum when moving slowly. Therefore, don’t ignore the chance to become successful within a short time frame just solely for the reason no one gets rich quickly.
Lack of money can paralyze you only if you let it. Many people have been able to turn their ideas into successful business enterprises with only minimal or no operating capital, and you can too.
Starting a business operation with insufficient funding forces you to be more creative than you would ever be if you had all the capital in the world at your beck and call. That struggle for survival implants discipline and actually increases the odds your business will succeed.
The ranks of the ultra-successful are full of people who started with virtually no money and somehow clawed and finagled their way to the top.
If you had money to invest in a new businessman, which person would you back - an entrepreneur who has proven he can survive without adequate capital or someone who can’t operate that way? In some ways, having too much start-up money can be a bigger curse than not having enough.
Financial pressure forces a business to make the best decisions possible, to make every cent count and to get out of difficult or bad situations quickly before they become overwhelming. Access to large amounts of money alone will not turn a bad business idea into a winner. Nor will a viable long-term business be killed by a need to fight its way into the marketplace without large amounts of money.