“If you don’t plan, you are planning to fail” is an old adage that I would always hear from my parents as I was growing up on the farm. Just as individuals have different types of “smarts” (book smarts, street smarts, etc.), farmers have a specialized set of ag/nature smarts.
Planning and Knowledge Building :
A farmer doesn’t just get up one morning and decide, “I think I’ll try to sell soybeans this year.” Before he even purchased or inherited the land, he had an idea what kind of crops would be ideal in that kind of soil in that certain climate. If he was considering soybeans for the first time, he would scout the market and see what prices had been and what they were expected to be, before purchasing any seed. He would talk to other farmers experienced with that crop and find out the best seed to plant and what pests to be aware of.
In the same way, if you jump into a business venture without knowing the product or service you’re selling, or knowing what the market is (will anyone buy it?) for that particular item, or knowing what it will cost to stay in business… you might as well be jumping without the proverbial parachute. As the animated members of Schoolhouse Rock would sing, “Knowledge is Power!”
Know Your Customer:
Even in an established business, it is important to keep a finger on market trends and on what your customers perceive about your product or service. This knowledge can be obtained through Internet research, satisfaction surveys, and other channels, but it is vital information. The ability for you to stay knowledgeable about your customer and in touch is going to be what sets you apart as an expert in your field and keeps your clients returning.
One way to know your prospects and clients better is to track interactions and preferences in an adaptable data base. All the individual touches that endear you to your clients- a note on their birthday, updated service records, quick response to their concerns- can be scheduled and automated through a customized CRM system. In addition, these systems can help you know your numbers and make educated predictions about expected cost and income for your business.
Better Informed Decisions, Faster:
Farmers are able to lock in a contracted price for their future harvest based on estimated costs of planting and size of the harvest. Based on these numbers, they can make calculated decisions to grow and diversify their crops. In the same way, when you have a CRM system to track past sales, potential sales, and the efficiency of your sales team, you can make educated decisions and create opportunities to keep your pipeline full and your clients happy. By knowing your customers more throughly you can make those important decisions. Useful knowledge is power, but knowledge is profits, too!
What knowledge can you easily extract from your business development system to increase profits?
