These are all customers of your business that typically you forget to treat like customers. Word of mouth is the best way to advertise your business. Its cheap (free) and its the most effective. You get positive word of mouth from you customer base. Lesson: Don't forget the definition of a customer and who your customers are.
Here is a strategy that has worked. One of the keys to success in today's retail is that of customer service. And the standard for Greenlight Consulting is Excellence. Also you must be very clear about who you are and what you are going to do. We think Ritz-Carlton does an excellent job and here is an example.
Read this and then ask, how is my business on excellence? This standard of excellence is what customers are looking for today. Example: You have 2 bagel shops in a town and one has no standards for excellence and the other has a culture of excellence. Who wins? If you organization does not have a system for excellence, call 605.359.8920. We can help!
THE CREDO
The Ritz-Carlton is a place where the genuine care and comfort of our guests is our highest mission. We pledge to provide the finest personal service and facilities for our guests who will always enjoy a warm, relaxed, yet refined ambience. The Ritz-Carlton experience enlivens the senses, instills well-being, and fulfills even the unexpressed wishes and needs of our guests.
MOTTO
At The Ritz-Carlton Hotel Company, L.L.C., "We are ladies and gentlemen serving ladies and gentlemen." This motto exemplifies the anticipatory service provided by all staff members.
THREE STEPS OF SERVICE
1. A warm and sincere greeting. Use the guest's name.
2. Anticipation and fulfillment of each guest's needs.
3. Fond farewell. Give a warm good-bye and use the guest's name.
SERVICE VALUES: I AM PROUD TO BE RITZ-CARLTON
1. I build strong relationships and create Ritz-Carlton guests for life.
2. I am always responsive to the expressed and unexpressed wishes and needs of our guests.
3. I am empowered to create unique, memorable and personal experiences for our guests.
4. I understand my role in achieving the Key Success Factors and creating The Ritz-Carlton Mystique.
5. I continuously seek opportunities to innovate and improve The Ritz-Carlton experience.
6. I own and immediately resolve guest problems.
7. I create a work environment of teamwork and lateral service so that the needs of our guests and each other are met.
8. I have the opportunity to continuously learn and grow.
9. I am involved in the planning of the work that affects me.
10. I am proud of my professional appearance, language and behavior.
11. I protect the privacy and security of our guests, my fellow employees and the company's confidential information and assets.
12. I am responsible for uncompromising levels of cleanliness and creating a safe and accident-free environment.
THE EMPLOYEE PROMISE
At The Ritz-Carlton, our Ladies and Gentlemen are the most important resource in our service commitment to our guests.
By applying the principles of trust, honesty, respect, integrity and commitment, we nurture and maximize talent to the benefit of each individual and the company.
The Ritz-Carlton fosters a work environment where diversity is valued, quality of life is enhanced, individual aspirations are fulfilled, and The Ritz-Carlton Mystique is strengthened.
Inventory Controls
Inventory is key part of small business success but unfortunately, often is not priority for most owners. With most business becoming increasingly more difficult and margins becoming slimmer, owners must be able to successfully manage inventory. Most business owners pay attention to only the income statement expenses and not the balance sheet items like receivables and inventory. That it is unfortunate because most of the time, a business struggles due to a lack of controls on the balance sheet.
Are you in control of your inventory? Can you answer?
Many things can be done to boost profits in inventory. One of the key things to understand is which inventory line (if not exclusive) or individual product is providing the best rate of return on the investment (roi). Gross profit is typically sales minus cost of investment. Return on investment is gross profit divided by the investment. This gives you an annualized percentage rate of return on your investment.
Then you want to get a grasp on how long you keep the product in order to generate the gross. The goal is to turn the product quickly. Many times business owners keep products far too long on the shelves for one product and not nearly enough for the next product. The result is a slower turning inventory lowering the owner return on the investment.
To figure ROI:
1.Calculate the Rate of Return
2. Annualize the Days in Stock
3. Calculate the Velocity of your Money
Step One: Rate of Return Gross Profit 40 Investment Cost 70 = 57% rate of return
Step Two: Annualize the days in stock Days in the Year 365 Days in Stock-Actual Day in Stock 45 Annualized Turn = 8.1
Step Three: Calculate the Velocity of Money Rate of Return 57% Annualized turn Multiply 8.1 Return on Investment Equals 461%
Once you have this information, you can correctly stock your inventory and maximize your return on investment. Profitable business owners do not guess on inventory. Rather they a system based on math and very efficient with cash and hence profits.
