Several years ago, I learned this word. It took me forever to realize that it was not a word, but it was a culture. It represented what it takes to create a successful business. It also represented what it takes to keep your customers coming back.
So I am sure you are asking your self what in the world do these seven letters mean and how does it apply to me. When I am done explaining this to you, I hope you will take the time first to memorize the seven letters and then figure out how you will apply this to your idea or business. As I mentioned before, this is not just seven letters, but it is a culture. It is a concept that hopefully will revolutionize how you do business. Before I go over the meaning of the seven letters, I recommend that you get a writing utensil and some paper to write down your thoughts as you read this article. I would also recommend you put away all distractions to identify with the words you are going to read.
From the headline, you know that the seven letters have to do with creating a successful business. In every business, if you do not have revenue, you do not have a business. So the “R” represents revenue. Other than the obvious, you need to make sure that you are creating enough revenue to keep up with your customers. It takes money to stay relevant. It takes money to continually innovate and make sure your product or service provides value to your customer. Another aspect of this is having a budget for your business. I am always shocked when people tell me they have a personal financial budget, but they do not have one for their business. I guess money grows on trees for some or their idea of a budget for their business is just signing up for another credit card.
I was listening to Barbara Corcoran the other day. Gary V. interviewed her and asked her what changed in 2020 and what successful businesses are doing. I loved the simplicity of what she said. She said that successful businesses are going where their customers are. They are showing up in the places where their customers want them to be. As simple as that sounds, it is so important. The “I” stands for image. This is not just about what your product or service looks like. Your image allows you to stand out and be present in front of your customers. Your image is a representation of you and your business. If you have a clean product, your customers will think you have a clean run business. If you treat people with respect, your customers will think you run a respectful company. I can go on and on, but I think you get the idea.
The next letter represents the importance of having good processes and systems in your business. No, the “p” does not stand for process, but it stands for productivity. A large part of productivity is having the right processes and systems in your business. This means knowing the importance of each task in your business and how it relates to making money. If you have a process that does not directly or indirectly make you money, you need to dump that process. Another part of productivity is consistently improving the processes you have. An easy way to start is to get a piece of paper and draw a line down the center from top to bottom. On the left side, write down the way you do a task today. On the right side, write down how you want to do or change the task. Then you want to start measuring how you do the task today to see what changes you need to make to do the task the way you described on the right side of the paper.
Let’s move to the “e” in RIPESSS. The “e” stands for efficiency. Once you have laid out your business processes, you need to create an action plan to know what needs to be done daily, weekly, monthly, and so on. I like to call this building a habitual relationship with your business. Use the processes to make habits, and you will see a huge increase in your revenue.
I like to smash the last three S’s together. Once I tell you what they are, it will make sense as to why I did it. A big part of building a business that can bring in consistent revenue each month has everything to do with your customers. They want to know, like, and trust you. They want good customer service. They want you to go out of your way for them. They want to be treated with respect and not be sold. The last three words are safety, security, and stability. If you can provide this to your customers, you will have a customer for life. I cannot tell you how much business I have received from clients because they could always count on me. I have been doing this for almost thirty years and have been extremely fortunate not to pay for marketing and advertising because my customers loved me. If you do not have a solid relationship with your customers, I suggest you put together a plan to make that happen today. This is the long game that I talk about in many of my LinkedIn posts. If you have a long-term vision for your company, you can build a long-term relationship with your customers. If you are doing business from day to day, then you are going to have a day to day customers.
I hope this helps to build some clarity around your business, and you received some value.
As always, I offer a free 37-minute consultation. If you want to set up some time to chat. Here is my calendar link. http://www.calendly.com/businessattitudes