Among the most valuable assets of any business is a well-developed (and up-to-date) database. While many companies focus on growth through new customer acquisition, in reality it costs roughly ten times more to win business from new customers than it costs to convince previous customers to buy again.

What if we said your expenditure per customer could be reduced by a factor of ten? What if we said this could be done with no negative impact on quality, service or customer experience? The key, as you may have guessed, is in generating repeat business.

We all know the awkward feeling when conversation is disrupted by a brief silence. During your next meeting, wait for a pause in conversation and try to measure how long it lasts. There’s a high probability – especially amongst English speakers – it will be one or two seconds max.

Instead of waiting hours for a transfer or several days for a cheque to clear, Australians will be paid in a matter of seconds, 24 hours a day, seven days a week, 365 days a year.

nem Partners often ask clients “What keeps you awake at night? It is a nifty way to identify the crucial and most pressing risks and issues that a business is dealing with.

We have all been there. The tradesman who doesn’t show up when he said he would, the call to the service centre that goes unanswered, or the waitress who is checking her mobile and not taking your order.

Churchill once famously said “However beautiful the strategy, you should occasionally look at the results”. And there is no better way of doing this than by mastering the art of business execution.

5 Practical steps to drive business success.

In First Things First, Stephen Covey says “People expect us to be busy, overworked. It’s become a status symbol in our society — if we’re busy, we’re important; if we’re not busy, we’re almost embarrassed to admit it. Busyness is where we get our security. It’s validating, popular, and pleasing. It’s also a good excuse for not dealing with the first things in our lives.”

You run a business and you are committed to its success. You have spent considerable time and effort recruiting a quality team with the right attitude, skill set and industry knowledge. So how do you drive this high quality team to achieve the desired results?

Incorporating supply chain capability into an effective marketing plan is as important as product and channel strategy. Supply chain is an important element of competitive advantage where the business seeks to develop multiple distribution channels in order to diversify the customer base and reduce customer concentration risk.

Research has consistently shown the link between engaged staff and increased profitability. However the facts tell another story. A recent UK a survey reported that only one third of British staff felt they were highly engaged at work with only 48% saying they were only moderately engaged.