Everyone who has ever been in the world of business knows it can be merciless and cutthroat. In the restaurant world, for example, some reports indicate a first-year failure rate of approximately 26%. This is even considered relatively modest, compared to other estimates. But just because the statistics can be daunting does not mean the aspiring entrepreneur should be paralysed by fear.
There are many things a business can do to better the odds of success. Delivering a reliably consistent product of high quality is a tried and true strategy. Below, this article will go into various ways for you and your business to work smarter.
Explore Software Innovations
Among the greatest perks of conducting business in modern times is the ease with which monotonous but essential duties can now be completed. Looking into automated options is worthy of the savvy business owner’s time. Taking advantage of available options could make or break the difference between keeping up with the competition or going under. After implementing programs that complete tasks better than older or analogue iterations of the function, many businesses experience increased performance at a decreased cost.
Nearly every business under the sun necessitates purchase order management. Inventory software now makes crucial duties of the like infinitely simpler. Purchase orders are the most effective way of holding business transaction records. Having these records makes tracking purchases and sales easy, as well as making refunds or returns much easier to process in the event of a sub-par or damaged product. This duty has traditionally been relegated to paper, but opting to use software for the job allows for numerous advantages.
Stay In Touch With Customers
The principal duty of a business is to fill a niche in society, so it makes sense for the dialogue with customers to be maintained. Coming up with a great idea for a new service or product does not mean the work is done. It’s important to detach from the arrogant tendency to think that you know more than “they” do about everything regarding the business.
For best practice, always assume that the customer knows something that you don’t. Running a business may inherently foster certain blind spots due to the difference in perspective, so view customer complaints and criticism as a gift – especially if the same ones pop up repeatedly.
In today’s world, a social media presence is essential for a business. Cultivating familiarity with a customer base or potential clients is incredibly important, and creating a social media interface is one of the most effective and inexpensive ways of doing so.
From a psychological perspective, social media benefits businesses by way of the mere exposure effect. This dictates that the simple phenomenon of repeated exposure to something breeds familiarity, and thus preference. This likely explains why companies shell out big bucks for 30 second Super Bowl commercials and YouTube advertisements, even when they only seem to annoy or downright irritate the consumer on the surface. Other techniques commonly employed involve using customer testimony, humour, or an earworm-y jingle.
The type of social media presence you choose to craft may depend on the type of business you run. If you run a bakery, Instagram can be a great way to show off the work you do. Conversely, if you run an IT company, perhaps an Instagram isn’t the best choice. Instead, creating a Twitter can allow for concise promotion of services or deals, as well as a forum for customer interaction and feedback.
Dare To Be Different
Hastening productivity is impossible if there are no customers in the first place. If there is a competitor in the same realm your business operates (and there probably is), there needs to be a reason why customers should come to you instead. If this is not clearly established and conveyed, the odds are against you – especially if the competitor has already created an empire that your fledgeling startup will need to contend with.
Find something that rivals do not or cannot do, and put a lot of stock into it. Whether it’s superior customer service, cheaper rates, or a certain type of flexibility unique to your team, let people know what exactly sets you apart from the rest. If you do a good job for someone, they will be eager to tell their friends about it, which is incidentally one of the best forms of press a business can get.
Get Employees Involved
A company without motivated and enthusiastic employees is like a car without an engine. If you want to ramp up productivity, studies would suggest the implementation of high-involvement work practices. Few things pose a greater risk to productivity than an uncaring, unmotivated workforce.
The four main constituents of high-involvement work practices are defined as decision-making agency of employees, information sharing among employees, reward for good performance, and sufficient training. Ensuring that these categories are properly fulfilled is a good starting point for any business owner looking to incite some ambition in the hearts of employees.
Beware of Self-Sabotage
There has likely been a celebrity or entrepreneur you are familiar with who experienced a fall from grace due to their poor decision-making. Perhaps it was arrogance or carelessness once they attained a certain fame or status. The lessons to be gleaned from the likes of Charlie Sheen or Mel Gibson is that success requires constant maintenance. You must stay grounded, humble, and avoid complacency at all cost.
Making sure you are conducting yourself appropriately with employees, partners, and customers will keep the operation running smoothly and mitigate the chances of a disaster from within.