Biz Tips & Tidbits
Houston-based Hilcorp Energy Co., a privately held oil and gas exploration and production company, gave every employee a bonus of $100,000 for making the company’s five-year goals earlier this year, the Houston Chronicle and Fortune magazine report.
1. Why am I doing this?
This is the big first question to ask. Do you want to build a business in support of a product or invention? Do you want to organize, solidify, and expand existing freelance or consulting work you’ve been doing? Do you love what you do, but hate the company you’re been doing it for? Do you want to branch out on your own?
The Houston Texans have promoted rookie WR and return specialist Chandler Worthy from their practice squad. He was enjoying a burger and milk shake at Steak N Shake when he received the news about his promotion to the Texans' 53-man active roster.
"Here are four steps that should set you on a path to finding new customers -- and hopefully to higher sales.
1. Sell more to existing customers.
Generally, that's the quickest path to healthy growth. The best example I've ever seen is the computer store that contacted its entire customer base and reminded them all that they were most likely overdue for upgrading their data storage, networking gear, printers, software and computers. This company created a special promotion and cleared some old inventory in the process.
How could something like that work for your business? The computer store story illustrates how customers can be grateful for reminders, and be ready to say yes to improved performance. Essentially, there are three parts to it: Determining what you can offer that relates to your customers and business offering, how to turn it into an event and how to get the message out to customers.
And when you come up with something, put it into the milestones of your business plan. Give it a start date, end date, and a person in charge. Estimate additional sales so you'll know, for next time, whether you underestimated or overestimated.
Next Step? Contact TEN 4 Enterprises for a FREE consultation.
"Business plans are living documents. Make sure that they evolve with your company and reflect the business you’re running by revising when your company meets these six milestones.
1) You want to refinance or fundraise. Investors and lenders want to know about your current challenges and have the most up-to-date look at the costs and opportunities you’re forecasting.
2) You launch a new product or service. A new revenue stream will impact how you manage your resources – and can impact profitability. Let partners and investors in on your vision to get their buy-in and help with execution.
Need to update your current business plan? Contact TEN 4 Enterprises.
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