By: Gareth Morgan

Not all customers a recreated equal, not all have the same buying power. It may seem strange to say this but choosing the customers for your business is critical for your success. The good ones add to your reputation and credibility, the bad ones cost you time, effort and money out of all proportion to the rewards. The ideal is to look to build long-term relationships with customers and avoid the “one – hit” wonders.  When we start a business sometimes we take on customers that when we look back on should not have been taken on. They are just not worth it! Having said that sometimes winning an account has other longer - term implications that may make a poor account worthwhile.

4 Fs for success

Use these 4 Fs to select the customers you want for your business.

Fame:  Good and well known customers can increase your credibility and act as great references. Will your new customers add value to your business profile? Will they add to your credibility? Will they be good references? Will others find it attractive that you are supplying reputable organisations?
Fortune: Will you make money from these customers? Will they pay on time? Will they be difficult to service and over demanding in their requirements?
Fun:  Business is easier when it is fun and you enjoy working with clients. It is always easier to deal with the customers you enjoy working with. You are more likely to build long term relationships with people you enjoy working with.
Future: What is the business potential of the customer? What else may you be able to sell to them? The future potential of an account should also drive the resources that are put into that account. For example a small independent retailer may only have a tele-sales call a large retailer regular calls from an experienced account handler.

by Dr. Rachna D. Jain.

Attracting and retaining long-term clients is a powerful strategy for growing your business. Long-term clients are likely to feel more satisfied, are more likely to refer others, and are more likely to purchase additional services from you. The savvy solo professional or small business owner gains big from focusing on these 10 sound strategies for long term client retention.

1) Focus your marketing on existing clients. Your current customers have already overcome certain hurdles to doing business with you and are more likely to buy from you again. Focus most of your time, efforts, and resources on better serving your current clients. Go deeper rather than wider.

2) Be consistent in your approach and interactions. Treat your clients with honesty, humor, and respect and maintain this over time. Present a consistent, solid, and professional style to your clients - one that they can grow to depend on.

As business around the world has become increasingly competitive, the demand for business coaching has increased. Business coaching creates an environment for the overall growth of the business and trains it to adapt to change. A few years ago, just a handful of small businesses used business coaching as a means to augment their business. Today, statistics reveal that almost 58% of the medium or small sized businesses in the US are seeking the benefits of business coaching. Businesses are using coaching because it is a cost effective way to achieve results. It helps to develop personnel skills and performance. Individuals who receive business coaching can expect to find guidance concerning the problems that they face. Business coaching offers new insights into daily business activities and helps improve methods, systems and procedures.