Successful businesses are built on details – there will undoubtedly be a ‘big picture’ or corporate vision but ultimately the success of any business comes down to the details. In some ways this is similar to a 100 metres sprint final. If everyone has a similar plan the winner will be the person who executes their plan most effectively and takes care of all the details – his name is likely to be Usain.
Please look again at the picture that accompanies this post. Did you spot the mistake? I did while driving past it. ‘Latte’ has been misspelt as ‘Late’. Do you think the customers of this cafe will be ordering a Late Tea? Probably most people who pass will not notice the mistake but as the business owner or entrepreneur you need to ensure that your team focuses on the details. Below are six details you need to stay on top of for your business to thrive.
1. 30 day payment terms - Payment on 30 days sounds fine unless you are being asked to pay your bills immediately or on 7 or 14 days because that will mean a poor cash-flow position.
2. Website conversion ratio – What proportion of your web visitors become leads or customers?
3. Repurchase period - How long is it before your loyal customers come back and make another purchase?
4. Average basket spend - How much do your customers spend on average? Small increases here can have a dramatic effect on your company’s profitability.
5. Email click through rate - A lot of people talk about the email ‘open rates’ as if that info is the most important but in reality it is the click through rate (on your links) that has most significance.
6. Net profit not revenue - Net profit is literally the bottom line on your income statement. Understand it and the key impacts on it.
We would be happy to help you take care of your details. Marketing can have a massive impact and move your business into a more profitable position. Give us a call on +44 845 2264 247 or email us via firstname.lastname@example.org and we will respond quickly.
We hope you have found this information useful.
Marketing Fundamentals Team