Tool box

There is a big difference between customer satisfaction and customer preference. Just because a person is satisfied with the previous transaction does not mean that person will return as a customer. That person may be just as happy transacting with a competitor. In contrast, if a customer prefers to buy from you, the customer will return to you again.

Know your target customers well enough. It will help you to provide products or services customers want and need. For example, many of Jack's sandwich shop's customers are young business people who are most comfortable making transactions on their smartphones. Jack understood that to earn this segment's preference, he made the shop's menu and ordering process available on mobile devices.

When you are providing products or services customers preferred, the motivations they prefer are your competitive advantage. The SWOT analysis is a technique for assessing your internal strengths, which is your competitive advantage. Leverage it and enhance the reasons for customers to prefer your business over others.

Happy customers rave about how well they treated. Does everyone in your team treat your customers as well as you do? Do they have the passion as you do? A superb shared vision of your business among your team will do.

When customers have a preference to buy from you, they tell tweets about their intentions. Word-of-mouth by happy customers leads the way more customers to your business. Implementing the whole product concept, coming up with innovative ideas through brainstorming, and addressing customers' unspoken needs will give customers the total positive experience to tell tweets.

You have put lots of thoughts into your plan regarding how you are going to run your business. To ensure your business continuity even in the time of the unexpected event, consider contingencies to mitigate risk and have a plan B ready.

Would it be nice if you can tell your team and the bank who loan you the money that everything is going well as planned? It is good to review the plan periodically, such as quarterly, to give you the confidence that thighs are going well. There is a chance that the business environment might have changed recently. And, the new information you gained from your day-to-day operation. A table or chart to compare the actual outcome against your plan makes it easy to spot any adjustments you need to rectify accordingly. If you encounter the deviation, do a root cause analysis to determine what needs to be corrected and take action.