How successful people handle failure

So often I hear people hoping and praying that they don't fail. Why are so many people fearful of failure? Everyone, at some point experiences failure. Some once while others more than once.

Successful people (or companies) do not fear failure. They know that failure is just an event. They know that when this event occurs, they should not ignore it. They analyze the circumstances and get to the root cause of the failure. They take corrective actions and, most importantly, they do not stay idle too long and move beyond this event.

Failure is a key ingredient to success. The point to remember here is not to act in a way that invites failure, but to acknowledge the event when it happens and to take steps to ensure a better outcome. Now, failure is an event and for some this event may occur more than once. Continue to actively analyze and apply corrective actions.

One should do his or her best in whatever one does in life (or business). Put forth a sincere effort. -And if, whatever one does, does not work; then learn from it and don't do it again. Try something else. If failure happens again, then learn from it again, and try something different again. Just because one ad campaign fails or a few employees do not work out, or some one cheats you, this does not mean you pack up and go home. On the contrary; analyze what happened, determine the root cause of the problem, and make improvements to ensure the same thing does not happen again.

Successful people do not sit idle. They do not repeat their mistakes. They learn from their mistakes and move forward.

"When one door closes another door
opens; but we so often look so long and so regretfully upon the closed door,
that we do not see the ones which open for us." - Alexander Graham
Bell

Growth startegies based on customer feedback

Have you ever received a customer survey from a company after you have purchased a product or service? Odds are that you have received a feedback survey in some shape or form.

Surveys could be formal or informal. Formal surveys ask you give a rating of sorts. While informal surveys are usually verbal. Most large companies offer formal surveys, while many small businesses take informal surveys. Obviously there may be exceptions to this, but generally this is the case.

Surveys are a great way for a company to find ways to improve there delivery of products and services. However, many companies do not know how to read the scores and what actions to take based on the results.

In this blog I will show how to read the scores and what actions to take with both existing customers and prospects in order to directly affect company growth.

A company's growth is directly tied to the satisfaction of its customers. There are three basic customer satisfaction scores: High, Medium, and Low.

High Score:
Receiving a high score in customer satisfaction means that your customers are likely to buy from you again; recommend your products and services; and you are very likely to close sales with prospects with little effort.

What this means to your company is that your company needs to continue to provide a high level of service to existing customers. Your existing customers are not only generating repeat business but also acting as your marketing arm. The company would also see the costs for closing new prospects decline. The difference would directly impact to your bottom line in a positive way.

Medium Score:
A medium score is no reason to rejoice. However, you should be grateful that is was not a low score. A medium score can be interrupted in a way that your existing customers are undecided on whether to award you repeat business; they are also not sure that they would recommend your product or service to others.

At this level a company should focus on its post sales support process. Just because a sales has been made and a product or service has been delivered, it does not mean that service stops. Determine from customers what corrective actions could be taken to move your score higher. Then follow through and implement those corrective measures. Inform prospects of the new measures in place to gain their confidence.

Low Score:
A this level your existing customers wished that they never signed on with you; not only will they not be a source of repeat business but will voice their dissatisfaction to prospects as well. Your

A this stage the company needs to take drastic measure to improve its products and services. A simultaneous approach will need to be implemented, i.e. improve services with current and active customers, increase post sales support by using incentives based methods, and the company will need to improve its image in the market place to attract new prospects.

In conclusion know the score; track the score; and adopt an appropriate strategy based on the score.

Till next time

Sal

http://www.salmankkhan.com/

How to develop a scorecard?

Everyday business owners and career professionals are faced with making decisions. Some decision are easier, while others are a bit complicated. For complicated decision does one "go with their gut or feeling"? or is there a better, more reliable approach?

One reliable method is the use of "scorecards". Scorecards are used to tabulate results to make an effective decision on the best solution (or course of action) when dealing with multiple decision factors.

Scorecards are very common in large organizations. However, recently implementing the scorecard methodology has become increasingly popular among small and mid-sized businesses. So, how does one assemble and effective scorecard?

The final scorecard product, in many organizations, looks like a table drawn on paper with many rows and columns. The number of rows and columns depend on the number of solutions one is deciding between as well as the number of decision factors.

Let us build a scorecard:

1. Start by writing down the names of the items you are deciding among, e.g. Company A, Company B, Company C.

2. Write down your decisions factors, e.g. Customer Service, Local, Public Company, etc.

3. Draw a table with rows and columns. The number of rows should be equal to the number of items you are deciding between (See #1)

4. The number of columns should be equal to the number of decision factors you are deciding between (See #2)

5. Once you have created your table you will need to add a weight (number) each decision factor i.e. how importance, from 1 to 10, do you place on each decision factor, e.g. Having good customer service for you may be 8, while having the company local is 10, etc.

6. After weighting the decision factors, you then tally the scores. In this example the highest score wins, and therefore your calculated decision should be to opt for the solution that has the highest score.

The scorecard method replaces the "gut feeling" approach and ensures a calculated and well though out decision process.