Often businesses spend as much time and effort gathering new customers as they do on anything else.  New customer acquisition is one of the most costly functions of doing business.  Therefore, it’s critical that you don’t lose existing customers that you have spent so much time, money, and energy to acquire.  And, since it costs much less to keep existing customers instead of constantly trying to replace your existing customers with new customers; it just makes good business sense to do what it takes to keep your existing customer coming back.

Regular communication with your existing customers lets them know how much you value them and the business that they do with your company.  The best way to demonstrate to your existing customers just how much you really care about them is by offering them a steady stream of valuable information.  Information in the form of tips on how to utilize your products and services more effectively, event announcements, information on upcoming new products and expanded services, and special discounts on your regular products.  Or, you can just reach out to them, and simply say thank you to them for their valuable business.

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Wow… before you start shooting arrows at me, let me explain.  I mean no disrespect, entrepreneurs, are some of the most hard-working and honest individuals you will ever meet.  In fact, I'm a life-long, entrepreneur myself.  But, if we, entrepreneurs are truly honest with ourselves; we must admit that we are a bit two-faced at times!

Give me a moment to explain:

The red-faced entrepreneur is best characterized by the phrase, fire away… fire away… fire away. 

When we are sporting our red-faces; we don't think, we don't plan, we just react.  We're very quick to pull our decision-making trigger!  This is our emotional face.

Whereas, the blue-faced entrepreneur is characterized by the phrase, ready…aim… fire.  

When we, entrepreneurs, show this side of our faces; we are prepared.  We are determined!  We analyze the situation; we plan our course of action; and we have a laser focus on our targeted objective(s)…  This is our confident face… our face of success!

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I'm sure you are up to you "eyeballs" in work, so I will be brief.

I am in the mitts of doing research for my next book, when I came across an article by Peter Drucker entitled, Managing Cash in the New Venture.

In the article, Mr. Drucker states that, "The new venture needs cash-flow analysis, cash-flow forecast, and cash management.  Cash management is fairly easy if there are reliable cash-flow forecasts with reliable, meaning worst case assumptions, rather than hope.  If the forecast is overly conservative, the worst that can happen is a temporary cash surplus."

Mr. Drucker goes on to suggest, "Develop worst case estimates of cash flow and cash forecasts for new ventures.  Monitor receivables and inventory levels closely."  If Mr.Drucker were still alive today, I think it would be fair to say that he would not limit his advice only to new ventures, but would extend his advice to include all types of business ventures.

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National Small Business Week, May 20 -26, is annual event hosted by the U.S. Small Business Administration.  It supports and celebrates small businesses in the U.S.A.  In conjunction with this special week, Training for Entrepreneurs.com has launched a new Business Start up Training Program, Start-Smart Business Mentoring.

Start-Smart is a 10- week, online Group Mentoring Program about company creation, business launch, and business growth strategy!  It’s a virtual, online classroom environment where aspiring entrepreneurs and startup enthusiasts come together one evening a week to learn how to successfully turn their entrepreneurial dreams into viable business realities…

The Program provides only 45 aspiring entrepreneurs with their own Personal Business Mentor.  This budding group of entrepreneurs is divided into three, 15 person virtual teams that meet weekly on Tuesday, Wednesday, or Thursday evenings.

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Power of Writing.jpg Every organization needs to ensure that business deals are attended to promptly.  Writing effective business messages not only includes connecting with customers and clients, but also with employees within your organization.

A carefully-written business correspondence plays a crucial role in the day-to-day operations of your business.  Every person in your organization regardless of rank or job description should know the fundamental concepts of effective business writing and communications.

Responding to problems within your business organization via written communiqués should be done promptly, clearly, and concisely.  This is particularly important when dealing with employees since false assumptions based on mixed or ambiguous messages are more likely to create problems down the road.

Building your credibility and reputation is a must if you want your clients’ trust and confidence.  There’s no better way of closing this gap than through effective business writing.

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