3 Elements of Success

ky0ihufvana-andrew-loke.jpg

3 Elements Necessary for Success

Every week I talk with potential clients who are in a struggle of some type. The struggle is to either maintain or to grow their business.  From my experience - I have boiled down what is needed in business to these three things:

1. Client Conversion
Pretty much - the client has to agree to work with you. Not just any warm body - but your IDEAL client has to "know, like, trust" you and then engage. It is that simple (not really simple since this is your marketing strategy - but you know what I mean. They have to agree to spend money with you.)

2. Right product and service at right price
This is where we talk value. After the ideal client agrees to spend money you have to deliver product and service to fulfill your end of the deal. But here is the real deal - it needs to be the RIGHT product and service at the RIGHT price. And how is right defined?  You will know it is right when you feel like you are paid fairly for what you are delivering and the client feels like they are getting what they paid for. Anything more or less is not right and someone feels cheated or frustrated or taken advantage of.  (This is also known as your pricing strategy.)

3. Manage Expenses
OK - you have the ideal client purchasing the right product and service at the right price, the next step is to manage expenses. This means managing top line expenses (COGS) and bottom line operational expenses. If you do not keep your eye on both of these numbers and constantly adjust, then any money made will be spent without regard to the BIG financial goal. (This is your operational strategy.)

All three of these elements are important. You can see how if you sell to the wrong client at the wrong price the wrong product and don't manage the income that your business will sink. Seriously - just getting one of these elements wrong could cost you dearly. If you have an ideal client but price the product incorrectly - it hurts. If you have great client, great product and service but spend spend spend - trouble. Watching and managing and consistently reviewing your marketing, financial and operational strategies are a must for all business owners hoping and working towards success. 

If you need help with any of these strategies, reach out. Send me an email or type in an SOS. There is education and coaching available. Michele@ScarletThreadConsulting.com