I often meet business people who are not sure who are their most profitable customers. I find them scurrying, chasing what they think are valuable customers, only to discover it was a discarded penny. They are working hard running in a hundred different directions, but are not making any money. They often have high-income goals, but lack a business plan to arrive at their goal. Are you just chasing pennies?

Chasing pennies is a game that I sometimes play with my Granddaughter. We will be in a safe place with a concrete surface. I will toss a penny and she will run after it and return with a big smile. She is proud of herself for finding the penny. She gets excited when I shake the pennies in my hand. She is ready to run after the jingling, almost worthless coins. Are you doing the same, if so, STOP! Don’t spend any more money in advertising, printing, website or anything else. You must first discover the actual problem. You will probably need assistance in this evaluation. Too often we cannot see our own shortcomings.

Ask yourself a few questions:

1. Are you seeing enough customers each day? Today you need to advertising in many different areas. Website, Email, Print, Associations and Networking are all necessary for most businesses to get the word out about you.

2. What makes you unique and inviting? If you are not perceived as special or better, you will need to compete on price, which could become a race to destruction.

3. Where do my profitable customers hang out? You need to get to know and understand their motivations and buying habits. Gas stations seldom make money on fuel. They make their money on the snacks sold inside.

4. What need or desire are you fulfilling?

You can become profitable once you make the appropriate changes and customers discover you.

Ken Bear Cole
A Second Look Business Consulting LLC