Do You Know and Plan For The 3-R's for Your Business?
By: Leanne Hoagland-Smith | Posted: 04th October 2005
Everyone is familiar with the 3-R's from school – reading, 'riting and
'rithmetic. This was our first introduction to an effective performance
model. As proficiency increased in each R, performance was further enhanced.
Effective performance models by their very design are a continuum that
automatically raises performance to the next level.
Today's businesses have their own 3-R Performance Model. This model hasn't
really changed since the early of origins of business enterprises. No matter
what the latest business guru advocates, good business practices and most
importantly the "bottom-line" always appear to return to these basic 3-R's.
For without Relationships, Referrals or Revenue, today's businesses will not
achieve current goals nor grow.
R1 – Relationships
With the Internet providing immediate access to unlimited vendors, products
and services, today's business owners must develop sustainable and loyal
relationships. Current customer service research suggests that the cost to
attract a new customer or client is 10 times greater than to maintain an
existing customer. Relationships lead to the second R.
R2 – Referrals
Referrals according to recent research account for 84% of all sales. This
research supports what our common sense tells us about human nature. We are
more likely to believe a close friend and probably a not so close friend
over the slick Madison Avenue advertising efforts. Additionally, only 1 in
26 dissatisfied clients will share their dissatisfaction with the
organization, but will be more than happy to share their "bad" experience
with others.
Referrals add value to the bottom line by reducing marketing dollars. You
can't "pay" for referrals. Referrals are given free much like a friendly
smile or a sincere handshake. R1 and R2 make R3.
R3 – Revenue
Without this final third "R," companies would not be in business. Revenue is
the ultimate desired end result. When revenue grows, both the company and
employees transition beyond surviving and transform into a thriving, high
performance, results driven team where everyone shares a laser focus.
Successful companies and individuals actively work the 3-R's every day
regardless of their yearly achievements. Complacency for these individuals
is not an acceptable attitude!
If your goal is to reach that next level of success, then maybe the first
step is ask yourself, do you know your 3-R's? The second step is to begin to
construct a plan to help you improve your 3-R's. And the final step is to
implement your Plan.
P.S. Remember, indecision or the inability to act is a decision. One of the
most consistent mistakes businesses make is the failure to operationalize
their strategic plan or goals. Plans do not work setting on a desk, in a
drawer or on a book shelf.
Leanne Hoagland-Smith helps individuals and organizations to double results
usually within 2 to 12 weeks. She secures lifelong change through proven
processes. If at least doubling your revenue, improving your organizational
culture or finding balance interests you, visit www.processspecialist.com or
ask to subscribe to complimentary copy of Power Choices a monthly newsletter
at info@processspecialist.com
About the Author
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Tags: handshake, end result, good business, human nature, bad experience, customer relationships, dissatisfaction, madison avenue, business guru, business revenue, effective performance, performance model, business enterprises