The Focus 53 Podcast: Business Systems, People, & Processes

F53-066: A Great Watch Company’s Strategic Advantage, Building Relationships - Randy Williams

11.01.2016 - By Ryan Ayres: Business Coach and StrategistPlay

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Guest Name: Randy Williams - Talley & Twine Watch Company Guest Intro: Randy Williams is an entrepreneur, author, and speaker based in Hampton Roads, Virginia. His most recent venture, Talley & Twine Watch Company has been featured in Black Enterprise, The Network Journal, and Inside Business. Randy is passionate about inspiring other entrepreneurs to take a leap into business ownership and believes that service is at the heart of everything we can do. As a side note, he has a beautiful, young daughter. He's a new dad so he and I like to talk about that. Topics We Discuss: Talley & Twine's business model: A direct consumer watch company that cultivates lifelong relationships with customers What influenced his drive to build relationships with customers: Seeing it as a strategic advantage Systems and processes in place: Social media presence and looking at customer service emails so they can speak directly and sending out personalized video emails Biggest challenges with running the business: Inventory management/Cash flow Learning what to do: Maximizing what little amount of cash he has and selling a few watches at a time; choosing to spend money on the things that have the best return Assessing new projects versus existing projects: Using information from the emails received from clients to determine what products they should create or offer to clients at the right time The power of market research: Do an Amazon search for their top selling items, look at the things that are already selling, see how you can improve upon that, and create an even better product. Key metrics that drive his business: Monitoring your daily financials or run rate (number of products you have to sell per day) and cash flow (seeing how much money is in the bank vs. expenses) Vanity metrics: Are you sure you're turning them into customers? Focus on your actual business versus your vanity metrics Hiring for greatness: A heart that cares and recognizes the value of delivering the gift on time and connecting to the human element of it Books, People, & Resources: Talley & Twine Watch Company Randy has a special gift for Focus53 listeners. Just go to the Talley & Twine Watch Company website. Enter in Focus53 upon checkout and receive $10 any timepiece. Randy's tool recommendation: Shopify Randy's book recommendation: The War of Art: Break Through the Blocks and Win Your Inner Creative Battles by Steven Pressfield  

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