There are certain sayings that I really don’t like when it comes to business. The truth is, I want to try to help you save years of learning and troubles that I and probably many others have been through on this journey we call entrepreneurship. Here are 3 business phrases that you should stop using.
This article is going to have some of the cliches that people “in business” might say to you at some point and I want to clarify a few things for you.
1. A fool and his money are easily parted
That’s the saying, a fool and his money are easily parted, but when it comes to your business, that’s not what you want to do.
Here’s the thing, a fool as his money are easily parted is true, but it’s not a sustainable plan for you or your business. In my industry especially, a lot of people try to make everything sound far more complicated than it actually is.
Social media, content creation, marketing through online channels isn’t complicated, it just takes time. Time to learn, to experiment and to improve. I get paid because companies are happy to exchange money for the time and knowledge that I have, that they don’t want to invest in this part of their business.
But I’ll always take the time to explain what I’m doing, how I’m doing it and most importantly why I think it’s important to their brand and online presence.
As a result, my clients aren’t the fool anymore. They understand what we do and as a result, they appreciated and value what we do for them.
This makes them stick around longer. They get a feeling of security, knowledge and understanding that a lot of other agencies don’t give.
2. You can’t sell a bad product twice!
Again, this is also true, but why would you want to. I’d prefer to have 3 clients, pay me a monthly retainer for the next 3 years than having 108 clients over the course of that time, for a month each.
Why? Simple, as time goes by, I get to know them, their business and I help mould their brand. This means I get better results for them. At the end of the day, the better the results I get for them the more likely they are to introduce me to others or recommend me.
I always want to offer the very best I can and ultimately I do that by listening to the client. If they aren’t happy with my strategy, I’ll go through it with them and I’ll explain every part of it, so as they understand it completely.
If they still don’t like it for their brand, then I’ll redevelop it.
3. Low-hanging fruit
The phrase that ultimately means, easy pickings or like shooting fish in a barrel, either way, this is something to avoid.
There is nothing wrong with being a bit picky when it comes to choosing your clients. Some of you are thinking “he’s crazy”, and “I can’t refuse work, from any clients”.
Here’s the bottom line, 1 great client will earn you more money and cost you fewer headaches (think time, think money and eventually think reputation) than countless bad problems.
Pareto’s law, also know as the 80/20 rule, will apply to your business, 80% of your revenue will come from 20% of your customers and likewise, 80% of your problems will come from 20% of your customers.
Usually, these two 20% segments of customers don’t overlap. So ask yourself, is that 20% revenue worth it? Is it good revenue or bad revenue? Do you really need that in your business?
Something to think about
When we’re starting in business, we often don’t value ourselves as highly as we should. As a result, we end up reducing prices, or taking on any client, or even worse, selling things that aren’t what we really believe in. I think everyone should remember these 3 Business Phrases That You Should Stop Using.
This changes over the years, with experience and more knowledge. But the truth is, you don’t have to wait for that. You can learn it right here, right now.
Here are 5 ways how:
- Sell what you truly believe is the right solution. If your client doesn’t want to buy that, say goodbye rather than just thinking about money and ultimately not delivering the best possible solution.
- Don’t discount your services. There’s no need. Your price is your price, if you’ve calculated you need £100 to do X, then that’s the price it is. Cheapening your product simply results in your client not valuing it as much.
- Choose your clients, the same way they would choose you. There is nothing wrong with looking into your clients, the same way they would look into you. If you’re not sure they seem like a good fit, pass on the project.
- Look at your business and analyse with the 80/20 rule. Really take some time to analyse your business and look at where 80% of your revenue comes from. Then do the same with 80% of your problems. Focus on the “good revenue” and start to dispose of the problems.
- Trust your gut. I can’t tell you how many times I’ve had a gut feeling about something, I’ve ignored it and later on, it has come back to bite me. Your instincts are there for a reason.
I’ve been running my company, Social INK since 2008, and I can honestly say I’m still learning. things change and it’s not always for the good. You can find out why in 2017 I changed everything about how I lived and worked.