Posts tagged "reward"

Advice Strategy

5 Key Non-Financial Metrics

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“Companies that establish clear lines of sight to the metrics that matter and then make sure that employee behavior is aligned with those metrics can create enormous value growth.” Tony Siesfeld and John-Paul Pape

Over the past two weeks I have been discussing both financial and non financial metrics. They both have their place in helping manage businesses better. I find non-financial metrics fascinating and am inclined to look at them for guidance in comparison to financial metrics. Unlike financial metrics which are purely numbers performing in different segments, non-financial metrics provide much deeper insights into the inner workings of the business. They help understand why certain financial metrics turn out the way they are and what changes can be brought about to improve them. Some however find safety in numbers and are less inclined to rely on these relatively intangible measures. As entrepreneurs we have to look after the business on multiple fronts. We must have the ability to quickly assess several key components on a regular basis. Outlined below are five relatively generic key non-financial metrics. They can be applied to all sorts of business models to help you gauge the level of progress being made from a dashboard view.

1. Customer Satisfaction: Acquiring a customer is only the first step, providing value and satisfying the customer is where the actual work begins. It is a well known fact that acquiring a new customer is between 5-10 times more expensive than retaining your current customer base. To measure customer satisfaction comprehensively we need to take into account all major touch points where the customer will be interacting with our business. Subsequently we will need to choose several sub metrics such as perceived quality & value, trust and loyalty to accurately gauge their satisfaction levels. These can be measured through a variety of tools such as surveys, focus groups and observations. To learn more please click here.

2. Employee Loyalty: Employee loyalty has been directly linked to the customer’s loyalty and corporate profitability. Whether you are a new start up or an established one, this measure needs to be continuously monitored. From the very beginning employees must be told what to expect when they join the firm. They need to be made part of the inner circle to avoid alienating them. Growth and development opportunities must be presented to keep their motivation levels high and lastly they need to be compensated fairly for the work they are doing. Each one of these sub measures needs to be monitored along with several other key indicators such as burnout thresholds. To learn more please click here.

3. Innovative Index: Innovation is measured very differently in various organizations. I believe innovation relates to the ability of an organization to continuously improve on its existing product/service ranges as well as to develop complementary assets around them which will enhance their core products. This will help create multiple lines of business and will keep the business afloat when a core product faces strong competition or a recessionary pressures. To learn more about this metric please click here.

4. Market Share: There is substantial evidence which states that market share is directly related to ROI. With an increase in market share a business can expect to benefit from economies of scale that ultimately lead to better operating margins. A business therefore becomes stronger by gaining market influencing powers and equipping itself with quality management teams. To measure a business’ market, one needs to first understand the industry, competitors, customers and other market factors which have a direct impact on it. Through the understanding of these measures we can calculate how much the total market is worth and then determine our share. Accordingly we can then measure how we grow market share over a period of time. To learn more about this metric please click here.

5. Execution of Corporate Strategy: Business all comes down to execution. Without this critical component we can make all the plans we want and prepare for every possible scenario and achieve very little. As business owners we set ourselves targets and construct strategies to reach them. The next step requires one to implement strategies through a set of tactics. This is the step that separates the talkers from the doers. Don’t get me wrong, careful planning, thoughtful preparation and taking calculated risks is very important. However it should not restrict someone from taking action. To learn more about this metric please click here.

Listed above are a set of non-financial metrics which I believe can be applied to most business models. Apart from these metrics, a business needs to be careful of other measures which are critical to their particular business model. In the end these metrics should not be the end all and be all of the organization. Their purpose is to primarily provide management with the ability to look at several key segments of the business and get an idea about their performance. I believe the correct use of these metrics helps us not only to become better leaders but also impacts positively and dramatically on the business. I would really like to know what non-financial metrics you are using and which industry you are in. Feedback and comments on the metrics provided above will be greatly appreciated.

Advice Leadership Strategy

Non-Financial Metric #5: Execution of Corporate Strategy

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“There is value in careful planning and thoughtful preparation. However, until there is execution, no plan is flawed; no preparation inadequate. Execution spotlights all.” Chip R. Bell

Business all comes down to execution. Without this critical component we could make all the plans we want and prepare for every possible scenario, but achieve very little. As business owners we set ourselves targets and construct strategies to reach them. The next step requires one to implement these strategies through a set of tactics. This is the step that separates the talkers from the doers. Don’t get me wrong, careful planning, thoughtful preparation and taking calculated risks is very important. However it should not restrict someone from taking action. When it comes to measuring how effective an ability to execute has been, we have to look closely at the following:

1. Goals: As mentioned many times on this blog, to be able to reach our goals they need to be specific, measurable, attainable, realistic and time specific (SMART). Many times when I have been unable to reach my target goals it has been due to the fact that I left one of these important components out. When this happens there is a complete break down in the execution process as the strategies we select will be flawed and thus will result in the use of inappropriate tactics. Therefore be very clear with the goals and targets which one creates.

2. Strategies: Good strategies comprise of objectives, scope and competitive advantages. Through goals we can establish what the business wants to achieve. For example say, our business wants to increase traffic on our website by 10% over the next quarter. The strategy for such an objective could be something like “increase traffic on our website by 10% over the next quarter by tapping into the the 18-25 demographic in Europe through leveraged relationships with our European affiliates.” If we were to leave the statement at tapping into Europe we would still be missing the “how?”.

3. Tactics: In the last statement we mentioned we would leverage our relationships with our European affiliates. Tactics need to translate this into reality by chalking out ways on how this can be achieved. For example, we could participate in some seminars next quarter in Europe, we could equip our affiliates with additional marketing material or we could even provide greater financial incentive to reach targets. What is important is that our tactics are aligned with our strategies which are aligned with our goals.

At the end if we were not able to reach goals then we need to go back and re-evaluate where we went wrong. This review process needs to take place on a weekly, monthly, quarterly and yearly basis. As a startup it is imperative that we continually evaluate how effectively we are executing and where we are facing the biggest impediments. When such a culture of accountability and execution is developed it turns into a huge competitive advantage.

Advice Marketing Strategy

Non-Financial Metric #4: Market Share

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“Failure to gain market share even with superior costs is failure to compete. This failure is also a failure to achieve even lower costs.” Bruce D. Henderson

There is substantial evidence which states that market share is directly related to ROI. With an increase in market share, a business can expect to benefit from economies of scale that ultimately lead to better operating margins. Therefore a business becomes stronger by gaining market influencing powers and equipping itself with quality management teams. Keeping track of market share is an important indicator in evaluating how business stacks up against the competition and how it progresses over time. In the early stages of starting out, a venture market research is a critical component of developing a business plan. This is usually a challenging exercise, because information regarding industries and markets is often not readily available. Listed below are some steps I use to evaluate the market and set market share targets accordingly:

1. The Industry: One needs complete information regarding growth rates of a particular industry. What are it’s historic trends? What were the revenue figures for the segment? Have any major technological innovations taken place in it recently? Is the industry very segmented? These are some preliminary questions of interest and importance when looking at an opportunity in a particular industry.

2. Competitors: This is an important segment, one in which you need to document as many direct and indirect competitors in the market place as possible. Look at their teams, products/services, pricing and any other marketing collateral which you can find. Remain constantly vigilant about your competitors, this is a must for any company regardless of size. Create document files which can be referenced easily, this will come in handy during later sections, when you are positioning and promoting your product as well.

3. Customers: Evaluate the target demographic that is going to be targeted. Is the segment growing? What are the current options that they are using in place of the product/service you will provide? How are they currently purchasing the product/service?

4. Market Factors: Are there any external factors which have a deep impact on your target market? These can be government policies, market consolidation and volatile raw material costs. The presence of these factors can have a substantial impact on your target market and must be taken into account.

Ultimately approximate size of market will be gauged. The most common metrics used for broad approximations are, sales by revenue & sales by volumes. Once we know an approximate size of the market we can set targets for ourselves. This metric can then be tracked periodically to ensure that we stay on course and alert to any fundamental market changes.

Advice Strategy Technology

Non-Financial Metric #3: Innovativeness Index

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“Innovation is ultimately not an act of intellect but of will.” Joseph Schumpeter

How do we measure innovation? Unfortunately there is no one framework which is used universally to measure innovation. Innovation according to Wikipedia means “a new way of doing something. It may refer to incremental, radical, and revolutionary changes in thinking, products, processes, or organizations. A distinction is typically made between Invention, an idea made manifest, and innovation, ideas applied successfully.” The stress is on the actual application of the idea. Without taking action we could talk about theoretical models and concept all we want, but without tangible output, innovation does not take place.

I believe Google is an innovative enterprise. Successful products such as gmail, chrome and orkut were all created in the 15% innovation time that all employees are given. They are all motivated to put their ideas into action, and then see the response it receives. Much of the time these initial attempts will be inferior to products which may be in the market. In this case Hotmail, FireFox and Friendster were all established players in the industries they were targeting. Nonetheless, they put their products out there and continued to improve on them. There were several products which did not achieve any critical mass and they were discontinued. The important thing is that a shot was taken. As an entrepreneur we have to take calculated risks and continue pushing our products/services out of their comfort zone.

Some useful sub metrics I use to measure an organization’s innovative index are:

1. Incremental Changes: How a business continues to improve its product/service is an important component of innovation. Once again, if you take Gmail for example, they continue to add new features which may have been requested by users or deemed necessary to enhance the user experience. Recently they integrated the ability to use video within the service, canned messages to enable faster replies and new themes to make the interface look unique. Set benchmarks for your products/services and then track what those changes do in terms of traffic, sales and profitability.

2. New Products/Services: I am a big fan of creating complementary assets around core business units which are performing well. Not only does this provide further advantages to continue using the core product but it opens up the ability to leverage on the successful product/service to launch others. Also one can measure how many new products/enhancements are in the pipeline and when they are expected to be released.

Depending on the type of organization that you are part of, one will need to come up with relevant sub metrics to calculate the innovative index. While I was searching for models I came across a great article written by the author of Freakonomics Stephen J Dubner called “How can we measure innovation?“. The article includes answers from many well known authors and industry leaders. I strongly recommend reading the entire article. It provides a point of view from individuals with very different backgrounds and can help you find the right metrics for your business model.

Related Posts:

– Assessing innovation metrics: McKinsey Global Survey Results

Advice Hiring Strategy Teams

Non-Financial Metric #2: Employee Loyalty

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“I believe the real difference between success and failure in a corporation is how well the organization brings out the great energies and talents of its people.” Thomas Watson Jr.

Volumes of books and years of study materials have been developed to enable managers to attract better talent and retain them. From an entrepreneur’s point of view there are several structural differences compared to those faced in larger organizations. First off, much of the time a new start up will have an untested product/service with a small team which may or may not have the relevant experience needed. What they do have is an intense passion for what they want to do, that is probably the only way they can attract quality talent. Even though they are convinced and on board, things do not become easier. Salaries are usually minimal, stress levels are very high and burnout thresholds are reached much earlier. Losing a critical member of a team for a start up can signal the end of the road. Therefore this metric has to be given due importance to ensure that goals are met. Listed below are a couple of steps that have helped me keep the employee loyalty index high at businesses I have been part of :

1. Full Disclosure of Position: When recruiting someone for your start up team, one needs to ensure that you communicate clearly what role they will have to play. We all know that at smaller start ups many different hats need to be worn during the course of the day. The individual needs to be comfortable with this and willing to put in the long hours which will be required. Salaries, equity stakes, confidentiality agreements and all other formalities should be openly discussed and negotiated before hand. If these factors are left to be discussed at a later date, there is bound to be trouble and the situation becomes sticky.

2. Open Communication & Fairness: Take for example,  two founders who want to add a new marketing individual to the team. Whether this individual comes in with a substantial equity stake or on a salary it is important for the founding team to keep communication channels as open as possible. I have noticed that when groups are formed or information withheld, it leads to a drastic decrease in loyalty as the feeling of being ‘part of the team’ is not there. Have regular feedback sessions to understand the sentiments of the team. Trust has got to be earned and the only way this can get done is by communicating and getting to know the individual better.

3. Development Opportunities: Do your best to give everyone the opportunity to showcase their skill sets as well as learn new ones. I have been pleasantly surprised many a time when I found that a technical team member had some pretty extraordinary presenting skills or marketing insights. At a start up there needs to be strong focus on getting your team members to open up and move out of their comfort zones. If they don’t feel like they are growing and getting experience, which they would not have received in large organizations, chances of them defecting increase dramatically.

4. Fair Compensation & Reward: As hard as we attempt to get people to work for as little as possible in lieu of a big pay day, down the line, chances are they are going to react at some point in time. First off, compensation and rewards need to be discussed before adding the individual to the team. They should have a good idea what to expect to make, as well as how they will be compensated with non cash benefits. There will be times when cash flows are thin and payroll expenses may not be met. This is a time for open communication and ways of compensating them differently, greater equity or the ability to work part time needs to be offered.

Employee loyalty is directly linked to customer loyalty and corporate profitability. Whether you are a new start up or an established one, this measure needs to be continuously monitored. Sub indicators such as burnout thresholds are critical to ensure that you know when to apply the brakes. It is undoubtedly a challenging juggling act and becomes harder as the team begins to expand. By monitoring this metric from the beginning a start up has a substantial advantage and can use it to develop a sustainable competitive advantage.

Leadership Strategy Teams

5 Steps to Better Startup Leadership

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Dilbert.com

There is a school of thought which believes that leaders are born, not made. Others believe the same applies to entrepreneurs. I have yet to see any conclusive evidence to support these claims. I am a firm believer that, with enough passion, hard work and ambition, anyone can achieve what they set out to do. Wanting to become a great leader is undoubtedly a most challenging task. Volumes have been written about leadership skills and how to develop them. However, inspiration and understanding concepts from books will only get you so far. If you really want to test your abilities and believe that you have what it takes to be a leader, you must stand up and take responsibility. It is all about being action oriented and wanting to bring out the best in the people who work with you. 

Over the course of the week I have written about five areas I believe younger startup leaders need to become more effective in. I have seen the positive impact on a team’s productivity, motivation and drive when a leader has focused on the following segments:

1. Vision Development: As a leader, it is your initial responsibility to create a vision with your team, one which is strongly rooted in SMART goals. The team must feel and think that the vision is achievable, and know what action steps need to be taken to reach it. It is only when a vision statement becomes more than a piece of paper, will we actually see a boost in productivity of the overall team. To read more about the importance of creating a vision please click here.

2.  Leaders Attitude: A leader’s attitude is usually the defining difference between a good team and a great team. With the right attitude, we assist the team break down mental barriers which may be holding them back, take away the fear of making mistakes and generally help them push themselves further. Pay closer attention to attitude, it should result in a team having higher productivity,and being more motivated and driven to reach their goals. To read more about the importance of a leader’s attitude please click here.

3. Culture of Candor: The ability to express one’s thoughts, opinions and concerns, free from discrimination is something I believe needs to be infused into every team. As a leader, there must be a focus on breaking down psychological barriers which may be holding certain team members back. Being candid allows the team to work more effectively, brings more ideas to the tables as well as issues which may be disrupting the team internally, to the forefront. To learn more about the importance of candor please click here.

4. Resource Allocation: During your startup journey, you will need to make several key decisions regarding resource allocation. A startup without proper allocation of resources, ends up in difficult situations, which may result in layoffs, discontinuing product/services, drop in quality, overburdening of some assets and may even require shutting the business down as a whole. As a leader, it is your responsibility to put systems into place to allocate resources optimally through a structured and rigorous processes, while keeping in mind the larger picture. To learn more about the importance of resource allocation please click here.

5. Team Management: This segment involves more than just making sure everyone on the team is happy or motivated. It requires the leader to take responsibility to develop structured processes to handle recruitment, evaluations, firing and conflict management. As a leader we have to be constantly in touch with our team and the challenges they face, to ensure we do whatever it takes to help them reach their potential. To learn more about the importance of team management please click here.

Undoubtedly the startup leader is in for a lot of surprises. The aim of this series was to equip new startup leaders with some broad guidelines of areas they should be focusing on. I strongly believe that when enough hard work is put into the development of the segments outlined above, they will definitely have a positive impact on the team and the business as a whole. It is important that you enjoy your journey both as an entrepreneur and a leader. I wish you the best of luck in your future entrepreneurial ventures.

Leadership Teams

Managing the Team

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Dilbert.com

We hear it all the time “People are our most important strategic asset”, it is like a mantra of the business world today, repeated by CEO’s of Fortune 500 companies and new startups alike. However, if  you get down to gauge what leaders and managers are actually doing, to develop and nurture these assets, the standard response includes; our focus is on training and development, creating a conducive work environment or, helping the team achieve a work/life balance. After which there is usually a change of subject, and the topic switches to more ‘exciting’ matters, such as, their latest technology innovation. This has been my personal experience with many leaders and managers. I feel they are missing critical components of what it takes to develop and grow a team. 

I believe the reason too much attention is not spent on the function of ‘HR’, is due to the fact that it’s results are intangible in the short term. What is the ROI of $X on training & development in a year? How does a more rigorous performance management system impact productivity? These are difficult questions to answer. However, trends are now becoming clearly apparent that senior management across the world are beginning to understand the importance of management of this asset. In the coming years, I expect to see radical transformations in this field. So, how does all of this impact a leader of a startup organization? 

As a startup leader, one has to play multiple roles. One of the key roles is to focus on being responsible for the management of your team to the best of your abilities. Until you can afford a good HR resource, this is a responsibility that falls in your scope of work. A couple of key areas where a startup leader should spend time during the early stages of the organization are:

1. Hiring: This component encompasses adding new people to the team, evaluating prospective partners and even vendor selection. In the beginning, adding an additional resource to say a team of 4, is a substantial percentage increase in head count. This resource will have a deep impact on the rest of the team and requires careful selection. As a leader, you are responsible for coming up with basic job descriptions, required competencies and the preferred type of personality needed for the role. Learn to trust your gut instincts as they are usually right. Develop a structured process for the hiring and evaluation stage to streamline future requirements when the team is growing at a faster pace.

2. Evaluation: When we think performance reviews, many imagine complicated forms which take forever to complete, and have no real impact on the individual. This is very true of a lot of performance review processes found in many organizations. I like to keep things simple, a couple of questions relating to past performance, areas where development is required, issues brought up by other team members is all that is needed. I think it is important to have metrics in place which can tell your team members how they are doing and where they need to develop. Develop a short evaluation form and conduct them candidly every quarter if possible.

3. Firing: This is a tough one. I am not comfortable with the firing process yet, it is however an important aspect of being a leader. When a team member, whether a partner or an employee, in spite of repeated reminders and warnings regarding performance or behavior, does not change, a difficult decision needs to be made. This process becomes easier if you have a culture of candor present in your team. One needs to communicate the basis of the decision clearly and be firm. One bad team member is all it takes to drastically reduce productivity and team spirit. The sooner these situations are handled the better.

As a leader it is your responsibility to be in touch with your team constantly. This helps to understand where they need assistance, what their concerns are, as well as be a source of inspiration and guidance. If  all we do is keep paying lip service to ‘developing our most strategic asset’, the team will not be able to reach its potential and we would not have fulfilled our duties as a leader. 

Related Posts:

– 8 Characteristic of ideal business partners

– 5 Steps to creating winning teams

Leadership Strategy

Optimizing Resource Allocation

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Dilbert.com

Resource allocation is an area I believe many startups pay inadequate attention to. It does not matter if you are bootstrapping or have just received a massive cash injection, planning resource allocation is a critical function. A startup without proper allocation of resources, ends up in difficult situations, which may result in layoffs, discontinuing product/services, drop in quality, overburdening of some assets and may even require shutting the business down as a whole. I have personally witnessed repercussions of misallocation of resources, this has made me realize even more, the vital importance of this function. 

During your startup journey, you will need to make several key decisions regarding resource allocation. Some key ones are hiring, purchasing of equipment,  investment in new products/services, upgrading of office premises, expansion, marketing and staff development. Apart from this, there will be a constant flow of new proposals and investment opportunities, these will make the allocation process even more challenging. As a leader, it will be your responsibility to manage the expectations of the business, stakeholders and your team, to reach an allocation mix, aimed at satisfying each one of them. In my experience, aiming for a perfect equilibrium is a great challenge, difficult sacrifices will need to be made and not everyone will be completely satisfied.

I like to keep things as simple as possible, here are a few basic steps I take when thinking about resource allocation:

1. Planning: If you are at an early stage in your business, use the business plan to give you a holistic picture of goals, and a time frame for achieving them. Use that as your guide plan for resource allocation to various segments. If you are already well into your business, take a look at the historic performances of your products/services, evaluate your cash flow positions for the coming year and allocate resources appropriately. It is important to be in a position to see the bigger picture before any resource allocation is done. 

2. Analysis: During the planning stage, there will undoubtedly be several options for resource allocation. It is important that all the opportunities are carefully evaluated. Conduct feasibility studies and market research before making any substantial investment. It is important to look at future requirements the investment will have as well. Overlooking future implications of current investments, can result in massive cash flow problems which can literally bring business to a halt. Where necessary, use a ranking matrix to evaluate your decisions.

3. Consensus: It is important to get feedback and have open discussions during the resource allocation exercise. Wherever possible, use experts in their respective areas to help guide and educate the rest of the team. The last thing you want to do as a leader is to appear to make key decisions such as resource allocation autonomously. As a leader, it is your responsibility to present all available options and give your point of view for the optimal course. 

The objective of this post is to emphasize the importance of proper resource allocation. The steps outlined should help in developing a basic framework to help you during this process. I intend to do a more detailed post regarding various resource allocation strategies soon for specific types of businesses. 

Communication Leadership

How Participative is Your Team?

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Dilbert.com

I was introduced to the importance of candor in the work place in Jack Welch’s book Winning. Candor is essentially, the ability to express one’s thoughts, opinions and concerns free from discrimination or dishonesty. However, it has been noted by several psychologists, that the reason most of us do not integrate more candor into our daily lives, is because it goes against societal norms. It is essentially because we are constantly protecting our self interest, that we do not share our opinions candidly in sensitive matters, and do our best to ‘stay out of trouble’. We may survive without brutal candor in our normal daily lives, however, the absence of an environment of candor in a startup or business entity, will lead to missing out on many lost opportunities. 

It is the leader’s responsibility to integrate candor into the team. I believe that leading by example is the best way to fast track the integration of candor into a team. I remember the first couple of performance reviews I had with members of a team I had recently begun working with. Initially, when I asked questions relating to productivity levels of other team members or their last quarter’s performance, there was  a palpable  sense of discomfort. When I raised concerns regarding the performance of the business and asked the team to share their concerns, I was initially met with much silence. Eventually however, these psychological barriers will break down with adequate effort put into the process. As a leader, it is vital to help others feel comfortable in expressing their concerns and desist from becoming defensive or abrasive if they do not like what they hear. 

A couple of ways to introduce the concept of candor into your team is by:

1. Rewarding: During discussions and meetings, individuals who bring up viewpoints other’s have ben tip toeing around, should be rewarded through a pre-formulated mechanism. I incorporated this into a team I was working with, we kept a tally of who was adding the most constructive thoughts, ideas and suggestions. Keeping score, is in my experience, a great way to get people to participate.

2. Feedback: Institute monthly or quarterly feedback session among employees and yourself. If possible use a tool such as a 360 degree questionnaire to help get the process started. Everyone should provide their assessor and participant with a score on how helpful the session was. This helps get people talking and brings issues which may be bothering them, to the surface.

A word of caution,  integration of candor into your team environment may be met with initial skepticism. However, if the aim is to remain committed to making this a part of your team’s culture, it will most certainly give rise to more productive meetings, better ideas, faster approvals and eventually, lead to higher overall  productivity. 

Communication Customer Service Sales

Exceeding Expectations

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“There are no traffic jams along the extra mile.” Roger Staubach

My first company had the tag line “Exceeding your every expectation”. It was printed on everyone of our name cards and it pushed us to go the extra mile many a time. It is only after some years that I have realized, it does not take much to exceed customer expectation. They do not need elaborate gestures to make them feel special, all they need is to be treated honestly and fairly, to be provided with significant value for their purchase and to have all this done in a convenient and efficient manner.

From personal experience I know that there are many service providers I go to even though they may not be the cheapest, biggest or more convenient in the market. For example, all my computer needs and requirements are dealt with at a small shop I have been visiting for years. You may well ask why anyone would do this, in this day and  age of online ordering and convenience ? It comes down to the relationship I have with the owners of the store. It is good to walk into a store where everyone knows you by name and where you know you will always get that extra attention and exemplary customer service, whenever you walk in and need it.

As part of a startup , you need to identify areas where you can add greater value to your clients. You need to show them that you care about their success as much as they do. These are some of the ways I have used to go that extra mile :

1. Remember your customer’s birthdays and make sure you send out either an ecard or an actual card to show that they matter to your business.

2. Gather as much personal data regarding the customer as possible, such as hobbies, interests, family and  other information that may help you with future conversations as well as personalizing services.

3. Remember to thank the customer at the point of purchase and to follow it up with a note via email or mail, thanking them for their business.

4. Leave extra room for you to exceed their expectations. If you promised 5 days delivery time and deliver in three days, that goes a long way. Remember to leave yourself some wiggle room.

5. Put yourself in the customers shoes and ask yourself what you can do, to make the entire process more personable and enjoyable? Treat your customers the way you would like to be treated.

Going the extra mile is a defining and differentiating factor between good and great companies. Building such a culture from the start will provide you with clear competitive advantages. 

Do you have a special story of how you were wowed by a particular vendor?

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Sales and Relationships