3 Foolproof Ways to Make Your Business More Successful
Do you sometimes feel like you’ve hit the wall and that this is as good as it can ever get? Or have you been finding it more difficult to achieve what seems to be realistic business goals every passing year? And do you ask yourself, sometimes, if your business has reached its maximum potential in terms of growth and revenue?
You are not alone.
It is absolutely normal to feel frustrated and downhearted at times. Just remember that, while the road to (more) success can be long and winding, those who persevere can and do reach their objectives.
To help you build upon what you have already achieved, here are three foolproof ways of making your business more successful:
- Attend to the needs of your customers
Improving your products and or services (including customer service) is paramount if you are to address customer needs. And this is nothing new. The strange thing is that even successful and well-established businesses make the mistake of ignoring their customers once they have reached a certain level of growth.
Their services become impersonal and feel programmed or rote, and their product quality deteriorates as they outsource or ramp up production. Because of this, you can lose customers – even the most loyal ones. Easy access to both local and global brands via the Internet has made it easy for customers to switch brands anytime they feel ignored or dissatisfied with the company they’ve been loyal to.
In fact, according to a study carried by New Voice Media in 2019, 39% of customers will switch companies if they experience poor customer service. This could also have a potential domino effect as disgruntled customers typically go online to vent, so you may end up with bad reviews that damage your business.
Conversely, good service keeps customers loyal and encourages referrals and spending. It’s an old adage, but the customer always needs to come first.
- Hire qualified employees and keep them
One thing a lot of small business owners are great at is hiring talented people. The challenge lies in retaining this top talent. Your employees are your human capital, and without them, your business cannot thrive. So, take stock of your company policies and see what you’ve been doing to nurture your employees.
Are you giving them opportunities for career growth? Does your business culture encourage open communication, creative thinking, and innovation?
Job satisfaction involves more than just receiving a nice salary. Employees want to feel appreciated for their efforts and need to be challenged, too, for their untapped potential to come out. There are other ways of rewarding good performers: flexible work arrangements, additional days off, bonuses or commuter benefits.
Happy employees are productive employees. They take ownership of their role, and they’ll also strive to keep your customers happy. So, it makes business sense to invest in them.
- Re-evaluate and update your business plan
If your business doesn’t appear to be as competitive as it used to be, it may be time to reassess your business plan and make some timely changes. Perhaps your products and or services now seem outdated, or your competition has better offers.
Is your online presence strong enough? How’s your website performing? Are you taking advantage of the benefits of social media marketing? Are you reaching out to your customers using the same old email template? Are there marketing channels you need to be considering, and others you need to scrap?
Are there areas of your business where you can cut costs without sacrificing quality? Are there apps and innovative tech solutions you should be using to improve efficiency?
These are some of the questions worth considering when you evaluate your original business plan. There’s always time to plan better, but there’s no time like the present! Get started now and make this your best year yet.
Contact JBB if you have any questions.
If you are simply looking to buy a business or looking to sell a business, jbb can help. Our experienced brokers are just a click or call away, and you can contact us today on karli@justbusinessbrokers.com or 0409 965 540.
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