ExecutiveChronicles.com | Increase Your Business Success: A Guide to Navigate in a Crisis | Whatever line of business you operate in, making a success of it is your number one concern. What does it take to make a success of your business? The first is to have a product or service that people want or need. Secondly, it needs to be priced right. These two things are just the tip of the iceberg. There are many more things you need to practice if you want to succeed in business — especially in times of crisis like a pandemic.
Every small business owner feels a mix of nervous energy and anxiety at the prospect of launching a business. During a tough economy, those feelings can become amplified as start-up owners face greater uncertainty. But you can calm your fears and fund your business dreams through various financing options — even when banks aren’t lending. Next Advisor provides a few tips on making sure your startup is successful during tough economic times.
In the meantime, here are a few quick tips –
Have a Business Plan
If you’ve got a business plan, you’ll have a much higher chance of achieving success. Surprisingly, however, there are many entrepreneurs who don’t have one and are just throwing caution to the wind. One question you should ask yourself is where do you want to be in a month, a year, even two or three years’ time? Then you need to work out how you’re going to get there. Include as much detail as you possibly can, and this will act as your foundation stone for the success of your business.
Focus on Being Customer Centric
If there’s one thing that turns customers off, its poor customer service. Your customers are the bread and butter of your business. Without them, you’d be nothing, so it makes perfect sense to provide them with the best customer service possible. Good customer service should be your number one priority because a loyal customer is much easier to sell to than one who has just found you. It might interest you to know that it takes several good customer experiences to make up for one bad one, so do everything you can to make sure there aren’t any. Especially in these times, customer service means delivery to your doorstep. That isn’t new, right? Just do better.
Word of Mouth
You might think that word of mouth is an outdated concept, but it’s even more relevant today, thanks to social media. Wherever your business is located, whether you work from home, in a small community or a large city center, what your customers are saying about you is important. Nowadays, most consumers turn to the internet if they want to know where to shop. Therefore, it’s vital your online reputation is a good one. The way to improve your reputation is by providing a good service, solving customer problems swiftly, engaging with them and giving back to your community.
Spend Time and Effort on Marketing
Customers aren’t going to come knocking on your door if you don’t spend time and effort marketing your service. It is the most effective way to increase your sales. You’ll be pleased to know that it doesn’t have to break the bank either. There are a wealth of different ways you can promote your business. Why not send out promotions with your invoices? Become a member of a selection of professional or business organizations. Invite your local newspaper along when you’re moving premises, involved in charity events, or when you’re opening a new store, even a virtual one. Provide your customers with workshops or online classes so they can learn more about your services or products.
Build Your Online Presence
Every business needs a website whether you’re a one-man operation or a much larger concern. If you don’t think you’ve got time, you’ll be pleasantly surprised how quick and easy it is to create a better and more professional-looking website. Be able to stand out as many more are doing the same thing these days. You don’t need a qualification in website design either. In case you needed any more convincing, 88% of consumers now research their purchases online. At the very least aim to describe who you are, what you do, and how customers can get in touch.
Professional Development
Whatever type of business you run you can provide your customers with the best value possible by investing in professional development both for yourself and your workforce. As well as keeping abreast of what’s “hot” in your field, you should also provide opportunities for training and educational development. For example, if you want to get your MBA degree online from Walsh University, as an example, and find the time to do it. Encourage your employees to further their education as well.
Cut Costs
The cost of running a business is always rising, so it makes sense to try to cut costs wherever possible. One way to do this is by taking advantage of technology because it also makes the job much easier. There are a number of different cloud-based applications that can make things quicker and simpler. Regularly review your major costs such as utility costs, staff expenses, business insurance, and office space. Encourage your employees to come up with ideas on how you can reduce costs or find new and more productive things to do.
Get a Good Team Behind You
Even if your business is very small at the moment and it’s just you doing all the work, follow the tips above, and it won’t be long before you need to look for some extra help. A successful business is one that can attract top-quality staff and keep them on board for the duration. Your employees are going to be the face of your company so make sure they’re qualified, well-trained and friendly. Once you’ve got a good team, the hard work doesn’t stop there. In order to keep them performing at the top of their game, you have retain them and keep them motivated.
Remember to Take Time Off
Running a business can be very demanding, and often, all it might need is for you to take a little time off. Switch off your electronic devices and take some time out for yourself. Leave a trusted employee in charge for a few days and enjoy some relaxation, even when you’re home anyway while on lockdown or quarantine. When you return, you’ll feel invigorated, and your passion will be reignited.
One last piece of advice is not to forget about your mental and physical health and your family relationships. There is an acceptable work-life balance, you just have to find it. Make sure you get enough sleep, eat a healthy diet and leave room in your schedule for regular exercise. Keeping yourself healthy is going to benefit your business in the long term.
Success is not something that comes without making changes and putting effort into what you do.
