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Book Review: The More 3 Formulae By Michael DaleWilliams

24 Jun

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Chapter 1

Traces the reason behind the author writing the book, The More Formulae. He recounted his days at F,W&C in London where he and his fellow colleagues there consulted for multinationals and small businesses and was exposed to the fact that some small firms are not achieving the desired results. From his perspective, the larger multinational firms enjoy economies of scale. He believed that the smaller firms can enjoy same if they take certain steps. He mentioned that more clients will guarantee that you will be busier but does not guarantee more profits. He however recommends the raising of prices  and focus on clients who can afford your services and recommends that you refer those who cannot afford your services to other competitors. The aim is to retain those clients who access your wide range of services frequently or regularly than periodically will guarantee orders hence the more 3 formulae. The greatest mistakes of small businesses is focus on clients acquisition without focusing on the transaction value services accessed by the client. This has led to the loss of old clients> the author recommends that business should build models around clients preferences and tastes as this will increase the frequency of transactions and value added to the organizations. This approach will enable the clients keep the old and the new customers.

Chapter 2

This chapter explains in great details the difference between good customer service and superior customer services, the difference between a customer and a client giving examples of his Gold Card loyalty program with Virgin Atlantic airline which guarantees him special privileges. It emphasizes on services that will keep your clients coming back and that which will stand you out from your competition. It also describes how positive innovation helps to improve your sales and keep you ahead of your competition.

Chapter 3

This chapter studies the determinants of income to any organization distinguished from the traditional accounting approach. It is determined by the number of customers multiplied by the amount they spend on each transaction and how often they purchase from your organization. The author argues that this approach enables you focus on the peculiarities of each client giving you an idea how to satisfy his special need.Therefore, businesses should build their models around their customer preferences for better performance.

Chapter 4

This chapter reveals how to increase your customer database through traditional and non traditional techniques in order to effectively reach out and regularly communicate with clients to give superior customer service.

Chapter 5

This chapter talks extensively of Value proposition and proffer strategies to attract more clients  through up selling packaging and traditional marketing methods and re-positioning.

Chapter 6

The author recommends increasing transaction frequency through sales propositions, suggestions , incentives and rewards schemes and customer education.

Chapter 7

Discusses the implementation of the previously elaborated in conjunction with a marketing plan to ensure superior customer service.

Chapter 8

Discusses the essential elements of superior customer service, the difference between a customer and client, emphasis on lean organization and management structure, improved products and services and ways to exceeding clients expectations.

Chapter 9

Explores the reason why people go into business, reveals why the book was written and encourages new entrepreneurs and offer ideas for business improvement.Overall, you will find this book a good read and a business companion or handbook or a book or reference in business.

Nuggets

  • Change your approach to business and life whether you own it or work in it

  • Your primary aim in business is to solve a problem. If not it will escalate the problem

  • The only way to guarantee more profits is if more customers are satisfied  with your products or services.

  • A client is a customer who pays for a professional service.

  • Success grows your business.

  • Delegate your responsibilities  and move on.

  • Train your people from the gate.

  • Build your reputation and be known for something.

  • You need to have a satisfied customer for each transaction.

  • Change your customer into clients.

  • Good customer service meets your expectation while superior customer service exceeds your expectation.

  • Innovation and continuous improvements is key to success in business.

  • design your business around your clients performance.

  • Enter into strategic partnerships

  • Character describes everything.

  • Your front desk represents everything about your business.

  • Don”t wait for feedback. Sit with your team and analyze your business.

  • Personalize your services.

  • There is reason to have a perception about your business brand and processes.

  • A slim organization structure is desirable for efficiency in every business.

You can meet the author here www.fromkingstontocalabar.com

 

2016:A New Year Begins

3 Feb

Happy new year to all my friends here and beyond. Wishing you the best in the new year. Its another time in a lifetime to reflect on the past and forge ahead to the future. Another time to take a look at life and how the events will shape one or vice versa. a period to revisit, remake and re-energise plans and actualise exceptions to them. A time to reflect on the positives and negative sides of the outgoing year and improve on successes and correct the failures. Above all, just another year to  keep moving on.

2015 was a long tough and challenging year for me and my family,psychologically, physically and economically. It was a year i lost my business and almost everything i have worked for throughout my life. I believe it is gong to be a building block for future.

What Went Wrong

  • My company sold only two units of equipments and the rest were auctioned off to recover bad debts , loans, taxes and salaries of my employees, whom I laid off before the liabilities increased further.
  • 2015, was a long tough year for me and my family. It was a year of challenges in business and personal, psychological and economic. It was generally bleak due to changes in the political scenario.Probably a year i cant forget in a hurry, which i believe has become a building block for the future. What mattered most was survival of me and m family.
  • What Went Wrong in 2015.

 

 

  • All these coupled with other wrong business decisions did affect my intention to study for an MBA.
  • My family bore the brunt of the fallout of these decisions and was almost lving on sympathy of my extended family and a few friends.
  • I could not even afford to buy a few books to read amidst all these responsibilties.
  • lost a close friend in the onslaught against terrorists in December.Also lost a mentor too.
  • had enough for litigation to stop a financial institution from taking over my property.

What Went Right

It was not all a bad year as it was also one that had it upsides .

The most outstanding positive in 2015 was the unprecedented attention I paid to my family. Watching my kids grow and giving them awful attention and affection and also the fact that my youngest one year old gal could speak and say words like “come” “go” “leave me alone”, “plantain” “wait” and “ins(h)ide” . Helping them pay attention to their studies and th older ones able to express their minds was one indescribable feeling. My pretty loving wife was my pillar of support through those hellish months. Thanks baby, you are the best.

I appreciate God in the best way possible for giving me the gift of life and the strength to bear the stress. My Lord you are appreciated.

I also appreciate the efforts of friends and well wishers to see me back on track. Thanks all.

Plans for 2016

Not much but my primary goals are four. I am going to:

  • Get out of debts
  • avoid the mistakes that put my business in receivership
  • I am going to spend less
  • read as many books as I can
  • and try overcome the challenges i faced in 2015.
  • going to update this blog with at least thre articles a month starting with this one.
  • No more grand master plans at this point but long term plans.

Looking forward to another positive and eventful year for all my readers.

Happy birthday wishes to all the February guys and gals reading  this blog and dont forget to blog my gift thru this medium.

Have a wonderful February ahead.