It’s always taken hard work to build a successful company, but times are different now. COVID-19 has thrown our economy into a climate reminiscent of the Great Recession. In these difficult times, it’s important to have an agile business strategy that will allow you to succeed now and beyond.
Even though much has changed in the business world, many things are still the same. You still have to satisfy your customer base while expanding to attract new customers. Small businesses still have to be crafty about advertising to promulgate their message without breaking their budgets. Additionally, there are still time-tested methods that are common among the most successful companies in the world. Continue reading to learn which five common practices successful businesses implement.
1. Invest in your business infrastructure.
Usually, when we hear about infrastructure, people are talking about physical structures like buildings, roads, bridges, and other physical structures. However, infrastructure entails so much more. As a small business owner, the infrastructure of your business is the foundation of how your operation functions.
Your enterprise infrastructure includes your facilities, the equipment you use, your IT infrastructure, and even the people who make your company go. Investing in your company’s infrastructure is the only way to grow your small business into a mid-size or large company.
A great way to improve your company’s operations is with state-of-the-art equipment. No matter how sound your best practices are, your team members can only be as effective as the tools they have to work with. Just like a cosmetologist or esthetician wouldn’t dream of working without the right pore-cleaning tools, your team members need to be equipped like the pros they are.
Leasing your equipment out to employees and subcontractors can be risky, but with CHEQROOM, you can keep a constant watch on your equipment. CHEQROOM allows you to have total control of your company’s assets, loss and damage prevention, and the ability to monitor your inventory in real-time from any device with internet capabilities.
2. Expand your customer base.
It’s no secret that customer satisfaction is the hallmark of a successful business. When you’re in a tight battle with your competitors for the same customer base, customer retention and attracting new customers requires you to put a lot of energy into creating the best customer experience.
As a business owner, the first step to attracting new customers is to develop an affordable marketing strategy. However, did you know that marketing is about much more than mere advertising? Everything from the aesthetics of your facilities to your customer service is also a part of your marketing strategy.
The best way to expand your customer base is to get your loyal customers to do your evangelizing for you. Television advertisements and social media are great, but no one advertises like happy customers. Beyond offering free trials and offers on new products, the best ways to increase your customer base are simply getting testimonials from loyal customers into the ears of potential customers.
3. Hire people who add value to your company.
One of the hardest things for business owners to do is find people who have qualifications that can help take their company to the next level. Sometimes, you have to be willing to allow potential hires to gain the skills you need them to have.
If you’re running a salon or barbershop and need new stylists, you could offer to help new hires get the education they need. There are plenty of people who would love to have careers in cosmetology who can’t afford school. Offering them the opportunity to get that cosmetology education and work for you is the best way to get an influx of loyal new talent.
4. Develop a mobile app for your business.
One of the best things about eCommerce is that it’s made it so that businesses never close. Even if your favorite store shuts its doors at sundown, there’s an easy way to access their products at any time if they have an online store.
With the popularity of online shopping, the most successful business have built apps for their business. When you have a mobile app, customers can get access to your inventory and customer support with the press of a button or a tap of the screen.
5. Involve yourself in the community.
One thing that most successful companies have in common is community service. When you show the people in your area that you see and care about their needs, it helps increase your influence as a business owner in the community and raises your company’s profile.
The most important thing to remember about growing your business is that you have to be patient and stay the course. There are plenty of ups and downs in business, but tracing the footsteps of other successful businesses will lead you down the path of success.