Adewale Fayinka's FBM Blog

Give me a lever long enough, and a Fulcrum on which to place it, and I will move the World. This is the third and conclusive part of our article of the above title. In the first and second article, we outlined the 3 ways that any owner of a small business or professional service can grow their business. In the first part, we mentioned the need to create new customers through the use of the 10 strategies discussed. You can get the full article here: http://bit.ly/2zfCcjv. In the second part, we also mentioned that you need to consciously increase the average transaction value of each of your clients. You can get the second part here: http://bit.ly/2RloS4g. In the third part to complete your master plan to grow your small business or professional practice, you need to increase the frequency of purchase of your products or services by each of your customers. In this period of harsh economic realities, this look like a daunting task, but it really is not. Like in the first and seco

“The best kept secret in the global economy today is this: When your service is awesome, you get so stinking rich you have to buy new bags to carry all the money home.” Tom Peters In our last discussion on the above topic, we did mention that there are 3 ways to grow your small business enterprise or professional service. Number one is to increase the numbers of your new customers. We then discussed 10 strategies you can effectively use to achieve that objective.    Today, we will discuss the second of the 3 ways – increasing the average transaction value per customer. The objective is to cultivate your existing customers to buy more, and buy your products or services more often. To achieve this objective, we will discuss 6 different strategies. UPSELL AND CROSS-SELL : Up-selling means to graduate your customer to a higher and usually more costly product alternative which you are aware is capable of delivering greater benefit and better performance. Cross-selling means that yo

Because it's purpose is to create a Customer, the Business has two - and only two functions: Marketing and Innovation. Marketing and Innovation produce results - all the rest are costs. You have probably heard that there are only three ways to grow any business or professional practice. Yes, you heard right. 1.       Increase your number of customers. 2.       Increase your average transaction value. 3.       Increase the frequency of repurchase. So, the million dollar question – how do you as owner of a small business enterprise increase the number of your customers, their average transaction value, and the frequency of their repurchase from your business? The average owners of small businesses spend a small fortune trying to get new customers to buy their products, or to get a bigger percentage of market share. Great move!  But the average owner of a small business probably don’t know that the cost of getting a new customer is significantly higher than t

How can I generate winning ideas to start my own business? Eddie blurted out hotly during one of my speaking engagements. The event was organized by a publicly-quoted company as part of their change management programs, preparatory to disengaging staff due to redundancy. The reason for Eddie's question is obvious, and so is my answer. Gesturing towards the 50+ middle managers in the hall, I replied, "Eddie, look around you". The answer was baffling to him, but he let it rest, until later. He cornered me during lunch, and repeated his question. I was delighted, and explained to him that even though generating business ideas is so very important to starting a new business, equally important is the process through which those ideas are created, validated and implemented.  I sat down with Eddie in what he later confessed to be the most impactful and eye-opening session of his career.  I listed out what I consider the best check-list for generating business ideas to him.

Entrepreneurship is the process of designing, launching and running a new business. The people who create these businesses are called entrepreneurs. Therefore, an Entrepreneur is a person who sets up a business or businesses, and who takes on financial risks in the hope of profit. People choose to become entrepreneurs for various reasons. What is your own reason? What is your business idea? Is it compelling enough to keep your up at night when others slept, or enough to make you rise up again and again when you fall in business? Here is a list of reasons why people embrace entrepreneurship – some start businesses because they want to change the world; some want flexible work hours, some don’t want bosses; some can’t find a job; some are curious; some are ambitious. Here are few inspiration from successful entrepreneurs: "From my very first day as an entrepreneur, I've felt the only mission worth pursuing in business is to make people's lives better" Richard Brans