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.
Topics: Business Value, Customers, Running your business, business advice, business development
Your customer base is a critical component of your business’s value.
So how do you determine whether your business has a ‘quality’ customer base or not?
You can start by considering the following questions:
In this blog we examine the next three categories in the JPAbusiness Business Transfer Checklist: Customers, Suppliers and Stock.
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.
Topics: Customers, Business transfer, Inventory, Suppliers
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:
Topics: Business Value, Buying a business, Advice, Customers, Staff, BME, Starting a business, Suppliers
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:
Topics: Customers and Clients, Advice, Customers, Running your business
