It takes commitment, energy, and focus to grow any business. To some, this involves working for more than 80 hours a week, while to others involves proper financial management. The mystery remains, where to focus all this energy. Think of all the factors involved in a business; suppliers, creditors, sponsors, employees. Where should you put emphasis on?
To have a successful business, give priority to the following factors. For starters though, it’s an uphill task to market yourself on social media platforms, YouTube, therefore, presents you with one of a kind opportunity; buy YouTube views to get more search engine results and traffic.
1. Customer loyalty
It is a common saying that customers are your boss. But really do we do this in the business premises? Let’s take this scenario, you go to a restaurant to have coffee in the afternoon. It occurs that in that area, people aren’t into taking coffee in the afternoon therefore there is no coffee available.
Instead of asking how else they can help you, the service providers leave you there not knowing what to do. They continue serving those whose orders are available. Which picture does this create? When strategizing on increasing sales, the main focus of most businesses is bringing new customers, though the same effort should be made to retain the existing ones.
As Jeff Bezos would say, customers are loyal until a competitor can provide better products and services. How do you think the above customer felt? What was his perspective about the restaurant? Could he recommend the restaurant to friends? Let’s take care of our customers because through them we not only make sales but market ourselves.
Think of the ripple effect of one customer talking negatively about your business to a friend who then impressed his friends with the same feelings. The net result may be no new customers. Let’s solve business problems while taking note not to create others because this gives our competitors the opportunity to exploit.
2. Adoption of smart technology
Just like fertilizers to the crops, technology accelerates business growth. It enables you to save on costs of labor, handle tasks efficiently while also streamlining the process. This is the grill though. Not any technology is applicable to any business. Entrepreneurs are therefore presented with an opportunity to make a decision which would either steer their businesses to the next level or drag their businesses to a pit. The key is to ensure that all your business goals are aligned with the type of technology chosen. Before choosing technology partners, look at the rate of return on investment that you want.
3. Employee training
Imagine you have two people to hire, one doesn’t have the requisite skills though from the few interactions you have had with her, she is ready to learn. The other one has the skills required though he is stubborn, fixated on his opinions and not ready to learn? Whom you hire determines the type of business enterprise you create.
The Coronavirus has shown that you cannot be certain of anything these days. Those who previously thought they had permanent jobs were fired. Companies which thought employees couldn’t work online were forced to adopt it. Institutions which didn’t embrace online learning had no choice but to go the online way. If this is the trend and your employees are so fixated on their way of doing things, what would you do?
Training such employees cannot come closer to solving the situation because they may fail to be intrigued by the new technologies. A business must not only focus on training employees when business leaps are needed but also train them on how to embrace change while retaining better systems of doing things.
What is the reason for any businesses existence? What is the impact of firing the founders of a business? In the late 1990s, two founders of Apple were fired. It appeared as though they went with the just course of the business. The company made losses time without number until one of the founders; Steve Jobs came to its rescue. The leadership of the business starts with you. You are the enzyme to employee’s motivation. As a founder, you pave way for the success of not only the business but all employees.
Do you have a venture? Do you dream of having one? How do you plan to grow your business after the first year of existence? Take note of all these because they might be your future saving grace