Are your customers adding value? [infographic]

Posted by James Price | JPAbusiness on 24-Oct-2018 02:00:00

Many people run successful and efficient businesses, but don’t take the time to sit back and ask: ‘What is actually driving the value in my business?’

Understanding those value drivers and focusing energy on them is the difference between having a business that runs efficiently today, and one that builds value over time.

Customers are key drivers of business value, but – as we know – not all customers are created equal. The following infographic contains 4 questions designed to assist you in assessing the make-up and value of your customer base.

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Topics: Customers and Clients, Customers, Business Value, business management, small business, infographic

How to manage customer and supplier risk when buying a business

Posted by James Price | JPAbusiness on 16-May-2018 02:00:00

Last month I wrote a blog about how to avoid losing key staff when buying a business.

In this blog I'm sharing advice on how to manage another critical risk when buying a business: customers and suppliers.

This risk relates to key customers and/or suppliers taking flight from the business you’ve purchased in the early stage of the transfer.

In doing your due diligence it’s very wise to look at both supplier and customer concentration risk.

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Topics: business advice, Buying a business, risk management, Customers, Suppliers, Due diligence

How to build a valuable customer base [cheat sheet]

Posted by James Price | JPAbusiness on 31-Jan-2018 02:00:00

When running a business, we all know it's important to have happy customers, but it's equally important to ensure we have 'valuable' customers.

Our new cheat sheet provides 4 steps to identifying and building a valuable customer base.

Step one is to determine the quality of your current customer base.

If you find quality is lacking in some areas – for example client diversity or payment times – follow the next steps to help you create a deliberate strategy for attracting valuable customers.

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Topics: business advice, business development, Running your business, Customers, Business Value

Business transfer issues: Customers, Suppliers and Stock [blog]

Posted by James Price | JPAbusiness on 21-Oct-2016 03:03:00

From the JPAbusiness Strategic Business Insights blog archives

In this blog we examine the next three categories in the JPAbusiness Business Transfer ChecklistCustomers, Suppliers and Stock.

Customers

In our previous blog we talked about the financial issues related to customers, but there is a separate issue regarding customers and that is ‘relationships’.

A business may have 50 regular and loyal customers and yet 15 of those may represent 60% of the sales on a regular basis.

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Topics: Business transfer, Customers, Suppliers, Inventory

How to manage the 3 risks of a business purchase [blog]

Posted by James Price | JPAbusiness on 04-Aug-2016 04:30:00

 

There is no reward without risk...

Risk and return are two sides of the same coin and most people looking to purchase a business, if it’s not simply to replace full-time employment, should be targeting a return of between 20% and 50% on their investment over time, depending on the business and other factors.In our experience, the risks associated with business purchases fall into three categories:

  1. People
  2. Customers, Suppliers and Market Dynamics
  3. The Value Exchange
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Topics: Buying a business, Starting a business, Advice, BME, Staff, Suppliers, Customers, Business Value

The best way to improve customer satisfaction [blog]

Posted by James Price | JPAbusiness on 30-May-2016 10:39:30

I’m currently overseas enjoying some rest and relaxation.

As well as relaxing, this trip is also a time to smell the roses and get some perspective on what’s happening in the world of business, industry, technology, people and culture.

Following are a few observations from my travels in the US:

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Topics: Customers, Customers and Clients, Running your business, Advice

 
Disclaimer: The information contained in this blog is general in nature and should not be taken as personal, professional advice. Readers should make their own inquiries and obtain independent, professional advice before making any decisions, taking any action or relying on any information in this blog. 
 
 

 

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