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The new three R’s of business.

I’m not suggesting that reduce reuse and recycle are not important. I most certainly agree with the common big three R’s. Recycling is clearly a requirement that we all need to be involved in.

I’m suggesting there are three more you need to add to your tool kit which every business should be considering and keeping top of mind. They are not magical but are transformational. They are essential to the success of any business, regardless of the size.

They are:

  1. Recruitment.
  2. Retention.
  3. Relevance.

If you stop recruiting for new customers you are about to experience loss. There is no such thing as status quo. Growth is the only answer. Be advised, if you think you have enough customers today, you will have less tomorrow. Lesson, always be recruiting.

We spend all our time looking, seeking, sourcing customers through advertising, promoting and marketing. The cost of recruitment is a major expenditure of any business. Retention is even larger! Once you recruit customers- make sure you keep them! Seriously you spent all that time and energy to get them, concentrate on keeping them. The retention R is just as challenging as the other two R’s. It takes work to maintain and hold the relationship of any customer. Ensure you work at it, it is clear that the cost of retention is less than the cost of recruitment.

One way of supporting recruitment efforts and maintaining retention is by staying relevant. You will only attract new customers if they see you and your business as being relevant to their needs. You will only retain customers if they understand that you’re continuing to be relevant in supporting their requirements. You stay relevant through three easy steps:

  1. Stay current in technology.
  2. Maintain a competitive advantage by staying aware of what your competitors are doing.
  3. Educate yourself and staff through every available source.

Staying relevant avoids erosion of clients and assist with attraction of new customers.

Build your business plan focusing on the new R’s if you want to be successful in growing, managing and supporting your business. It is that easy. Focus on Recruitment, Retention and always be Relevant in every aspect of your business.

It is really achieved through the power of every day choices. Recognize the R’s in your choices today.

"It is not the employer who pays the wages. Employers only handle the money. It is the customer who pays the wages."

— Henry Ford

© 2013-2014 R. Todd Millar. All rights reserved.

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