Are You Feeding Your Bears?
Rich Russakoff
Internationally Renowned Speaker, Serial Entrepreneur, #1 Amazon Best Selling Author & Coach of 7 EY Entrepreneur of the Year Award Winners, and over 100 INC. 500 Award Winners.Sc
Originally posted September 30, 2021
Every business has essential stakeholders; they include customers, bankers, vendors, advisors, team members, or specific community members.??
It's critical to identify who they are and give them VIP treatment.
That's what?"feed your bears"?means.
The performance of great employees?is worth their weight in gold. Take care of them with growth opportunities, promotions, recognition, and performance bonuses.
Professional advisors?who give you sage advice and protect your interests are essential to your personal and business success. Treat them to lunch, invite them to company events, or treat them to tickets to the theater, sports events, or concerts. If appropriate, go with them and take your relationship to another level.
For many companies, approximately 20% of their client base represents 80% of their revenues.?Javon Frazier, the CEO and founder of Maestro Media, clearly knows that the talent he represents are "his bears," and his team does everything they can to take care of them. He knows his "talent's" birthdays, anniversaries, special occasions, and children's names.?At the very least, give your VIP customers the service they deserve.?
Vendors?you can depend on, who consistently deliver products or services to you on a timely basis, that are top-notch. Pay them on time, refer them to others, give them the first opportunity to your business, and let them know you appreciate them.?
Supporting community organizations,?like religious organizations or programs for kids, can generate business, loyalty, and goodwill. When we were in retail and people representing good causes came in for donations, we always gave generously. Our donations were the WOW of every fundraising drive. It was excellent public relations and inexpensive marketing, creating loyalty and business with the members of every organization we touched.? ??
Feeding your bears nurtures the relationships that care for you and matter most.?
Make today the day you identify your bears and feed them generously. You'll be glad you did.
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