These principles keep me on course and facilitate every business and social interaction I have. This week’s principle is below.
Principle 3: Make Big Mistakes
Small mistakes are the thoughtless things we all do when we’re not paying attention. They are a waste of time and resources, and are neither instructive nor constructive.
On the other hand, big, planned, highly organized mistakes are valuable. They usually turn out to be productive in the end. Big mistakes are sometimes the result when you take calculated risks. Making big mistakes is the occasional byproduct of making big strides.
Big mistakes can only occur when you’ve planned and thought things through. You would have prepared contingencies in case your current strategy doesn’t work. If your carefully laid plan turns out to be a mistake, it may cost you. But it will also give you exactly the information you need to modify your strategy or change your course. You learn, you adjust, and you come back with a stronger, more impactful approach that works. In the long run, big mistakes are the best feedback we ever get. The most successful people in life are those who make the best use of their mistakes.
Here are a few tips I have to share with you that I did NOT learn in Business school:
1. Look at your competition and learn from them. What are their strengths and weaknesses? Look at like companies in other states and countries and observe. You will always learn something that you can implement.
2. Sell your products or services many different ways. Never hold inventory always think of ways to sell it and always make a profit. Examples: online, storefront, wholesale, craft shows, home parties, corporate sales, incentives, joint marketing with another company as added value, and on consignment.
3. For a service business; always exceed your customers’ expectations. To retain customers make it easy for them to do business with you.
4. Company image is essential: Uniforms whenever possible for a professional image, name tags, proper greetings and attention paid to customers. Know your customers names and nurture customer relationships to ensure that they continue to do business with you.
5. Always educate your customers. Offer information about your products and services and know the competition. Most customers compare products and services before they purchase anything. With product knowledge and a higher perceived value the sale will always be made easily.