Years ago Sir Isaac Newton observed “What goes up, must come down” and hence we now have the Universal Law of Gravitation. Today’s small business owners can apply similar principles to their own growth and viability through the Five Universal Funnel Laws for Businesses “What goes in, must come out!”
Universal Funnel Law #1 – Every business needs a plan of action. A strategic plan that clearly articulates “Who does What by When” and may require the assistance of a small business consultant.
Universal Funnel Law #2 – Every business needs prospects. A marketing plan is a proven way to reach and begin to develop relationships with future clients.
Universal Funnel Law #3 – Every business must have sales. A sales plan along with a sale model or process works to convert prospects into actual sales.
Universal Funnel Law #4 – Every business needs customers or clients. A customer relationship plan further develops loyal customers and serves as a source for ongoing referrals.
Universal Funnel Law #5 – Every business demands dollars. A financial plan records the results of all activity.
These Universal Funnel Laws operate together and if you are a visually thinker, like myself, lay inside each other. Universal Funnel Law #1 is the largest funnel as it holds the other four funnels. As your business expands, so do these funnels. The questions to ask yourself are: Do I know all Five Universal Laws? And, more importantly, do I have plans in place to maximize my daily efforts to that my actions are ultimately increasing my business dollars?
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Copyright 2005(c) Leanne Hoagland-Smith, M.S.
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