11/2/2021 Tip: OA #1: Customers | Growthink

11/2/2021 Tip: OA #1: Customers

Today’s Quote

“Thoughts mixed with definiteness of purpose, persistence, and a burning desire are powerful things.”
~ Napoleon Hill

 

Today’s Tip

This week I’m discussing the “organizational assets” (OAs) you must build to give your company the best chance of long-term success.

Today’s OA is customers.

Most mobile phone companies offer 2 year service contracts that all new customers must sign (and face penalties if they leave before the two years are up). 

This essentially “locks up” customers making it harder for new entrants (or existing entrants) to come in the market and take their customers from them. Customer agreements and contracts are one of the most powerful organizational assets you can build.

What can you do to lock-up customers with agreements and contracts?

 

Today’s Resource

How to Build a $10 Million+ Company

What’s the difference between successful multi-millionaire entrepreneurs and the typical small business owner just struggling to get by?

Well, there are a LOT of differences, actually…

But I’ve summarized the main differences on this page:

How to Build a $10 Million+ Company <—- 

The really interesting part is that you don’t have to work yourself to death to grow a wildly successful, eight-figure business…

In fact, when you follow this formula, you can make much more by working less…

How to Build a $10 Million+ Company <—- 

 

Trivia

Today’s Question: What company has the most seven figure income earners?

Previous Question: What are the types of business environments?

Previous Answer: Internal and External.

Internal environments include the owner of the business, the shareholders, the managing director, the non-managers/employees, the customers, the infrastructure of the business organization, and the culture of the organization.

The external environment can further be classified into task and macro/general environments.  The task environment is divided into competitors, consumers, substitution product producers, and prospective new entrants to the business. The macro/general environment is further divided into political and legal, economical, social and cultural, technological, natural/ecological, demographic, and global.

You can control your business’ internal environment, but it’s hard to control external environments.

 

Join our Tip of the Day

To get Growthink’s Tip of the Day delivered to your email inbox, enter your information below: