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Business Management analysis

Wealth Creation Strategies

Seven Secrets of Wealth Creation

There are seven excellent ways to increase your value in your work, and to your world. Any one of these ideas can be sufficient in itself for you to become financially successful. When you put all these ideas together, you will begin to make more money and move ahead more rapidly than you ever thought possible.

Do it faster

The first way to increase your value is to do things faster. Increase the speed at which you deliver the specific result that other people want. Everyone today is impatient. Speed gives you an edge over your competition in almost every area.

All you need is an idea for serving customers that is ten percent faster than the competition and you could be on your way to financial independence. Tom Monaghan started Domino’s Pizza with the simple idea of delivering pizza faster than anyone else. He retired recently with a personal fortune of $1.8 billion dollars. You should be thinking every day about how you could speed up the process of serving your customers faster.

Speed is a real source of value that people will gladly pay for.

Improve your Quality

The second way that you can add value and create wealth is by offering better quality than your competitors at the same price. To improve quality, you must first find out how your customer defines it, and then look for ways to please your customer in that area without increasing your costs.

Many companies do not know for sure how their customers define quality. The fact is that quality is whatever the customer says it is. Total quality management can best be defined as, “Finding out what your customer really wants, and then giving it to him faster than your competitors.”

Quality does not just mean greater durability or excellence in design. Quality refers, first of all, to utility, to the specific need that the customer has and the use to which the customer intends to put the product or service. It is the specific benefit that the customer seeks, and how well you provide that benefit, that defines quality in his or her mind.

Continually ask yourself, “ How could I increase the quality of what I do do, in terms of what my customer really wants?” Here is a key strategy. Listen for customer questions, suggestions and even complaints.These insights can give you the winning edge in your marketplace.

Look for ways to add value

The third key to becoming wealthy is by looking for ways to add value to everything you do. If you want to stand out as a person or as a company, you have to “plus” whatever you are doing so that your customer perceives you and your offering as being superior to that of your competitors.

You can add value to a product or service by improving the design so that it is easier to use. You can increase its value by simplifying its method of operation.

Make it easy to do business with you

The fourth key to adding value is to increase the convenience of purchasing and using your product or service. Fast food stores by the thousands illustrate how much more people are willing to pay for convenience. Customers pay a 15% to 20% premium on most items. It is worth it to them because they don’t have to drive across town to a shopping center or a large grocery store to buy the same products.

How could you make it easier for customers to use your products or services? How could you make it so easy to deal with you, with complete confidence, that your prospective customers would not think of dealing with anyone else?

Improve your customer service

The fifth key to creating value and increasing wealth is by improving customer service, and by treating customers better. People are predominantly emotional. They are greatly influenced by the warmth and friendliness of the people they deal with. Excellent customer service strategies are a great source of competitive advantage in a tough marketplace.

Create customers for life, give your customers the best service and discount if necessary. Make friends and speak politely. You will definitely win them over to your shop

Follow the trends

The sixth way to add value and create wealth is to recognize and cater to changing life styles. Look for ways that customer groups, young and old, affluent and average, are changing in their desires, tastes and preferences. Study the impact that new trends are having on customer behavior and purchasing patterns in different product and service areas.

What trends do you see amongst your customers, in your industry or business, that you could take advantage of and exploit by offering something new or better? One of the first rules for financial success is to “ride the horse in the direction that it’s going.” Never try to buck the trends. Just like universal laws, try to get your business and your work in harmony with them.

Sell for less

The seventh way to create value for your customers, and create wealth for yourself, is by discounting. Look for ways to sell more of your products or services to more people at lower prices. “If you want to dine with the classes, you have to sell to the masses.”

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Domino s Pizza Tom Monaghan


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