In Business the Law of Averages is not always Common Sense

Many business owners seem to think that they will get an average,
or “their fair share of business” in a local area.

Relying on this alone does not make sense.

In a recent NRG business networking seminar I attended,
the presenter was Chris Bose of Inpress PR.
He spoke about the operation of Power Laws with Internet Traffic.
Whether on the Internet as a whole or in specific niches,
the dominant players get nearly all the traffic.

So in business it pays to define a niche and then dominate that niche.
Not to rely on the law of averages.

Back to the future

In my business networking blog entry, Reputation, Friends & Generosity, I mentioned a seminar presented by Nancy Williams of Tiger Two on online reputation management.
The last of her 13 top tips was about good old fashioned customer service. Getting back to the past as she put it.

It makes common sense for any business to practice the things she highlighted:
1. Listen to your customers
2. Provide the best value you can
3. Go the extra mile
4. Maintain flexibility & innovation
5. Focus on the people who matter
6. Give help & advice when needed
7. Develop a reputation
It helps you with that good old fashioned ‘Word of Mouth’

6 Common Sense Principles for Business

Great post from The Engaging Brand Blog with Anna Farmery. Business is essentially simple, but we tend to make it very complex.

She wrote her Dad used to say to her:

“Anna, business is not complex, people make it complex but business is just based on simple common sense. What is complex about these principles….”

Read the 6 principles at 6 Common Sense Principles for Business

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