Business, Money, and Finance Discussion Blog

Most businesses have a product champion, key person, hero or some other similar kind of person. This simply means that one person is driving the machine and it’s their passion that propels the business forward. In the early stages of a business this is very normal and a natural starting point. That is why there are so many people running their own small business. But for a business to grow and have longevity it really needs to be bigger than one person. read more »

We buy a lot of stationery and I have been dealing with this same small business for many years. I could probably get my supplies cheaper elsewhere but in this case my relationship is more valuable. They offer exceptional service and I am prepared to pay for that. I have competing stationery suppliers calling my office every other day trying to get my business but it would take a lot more than cheaper prices to move my business away from my existing supplier. I believe this is an important point to pass on to your staff. Often people get a little crazed when they are promoted or are new to a position. read more »

All too often a very strong relationship can be ruined over a very small issue. Things can go wrong in business, we all know that, but don’t let a perfectly good relationship suffer or end because of an issue that in the scheme of things is quite petty. If you have a great relationship with a supplier and they mess up on one shipment, they deserve another chance. read more »

While I am advocating the importance of building relationships there needs to be very clear boundaries established. In most business relationships there should be limits on what information you pass on or talk about as there is always the possibility the person you are talking to is going to walk out of your business and into your competitors’ and tell them everything. read more »

When you start your business or when you introduce a new service or product, treat your first or special customers or clients exceptionally well—even if you have to subsidise this or give away things. Your exceptional service and generosity will accelerate positive word of mouth. read more »

Study case from Jane Amos Natural Therapist:  Jane Amos was having difficulty encouraging local beauticians and hairdressers to display her brochures in a prominent place in their salons. They’d take the brochures, but when Jane next visited the brochures would be nowhere to be seen and Jane wasn’t receiving any work from them. read more »

Sometimes it may not be the product or service itself, but the context you’re promoting it in that makes a difference. Dr Paul Marsden, London School of Economics (2004), gives the example of Post-it Notes. In 1968, Dr Spence Silver, a research scientist for 3M, was trying to invent a new super-sticky glue. read more »