Archive for July, 2014
Business Growth is not a matter of simple 1, 2, 3, meaning launching your business product, advertising it well in the media and internet, and innovating a smooth sales program for the customer’s satisfaction. It also incorporates ways and means for the business to move ahead of competition, provide excellent customer service to gain repeat business, and correcting any mistakes made along the way.
Purge Non-Movers in Timely Manner
If a product is not moving well in sales despite efforts to advertise and put it before the public eye, consider if the sales of the low margin product is a hidden benefit, and actually making up the difference in its lower sales volume against the high margin products. If your calculations do not give a saving verdict to the low margin product, cut it from your product inventory. In good management, decisions on when to focus on a product and when to retire it are paramount to growth.
Walk Away from the Wrong Customers
If low margin products or underpriced work is depleting your bottom line of profit, decide to politely step away from customers causing this depletion. As you refine your marketing strategy, it’s important to understand your best niche and focus on it. Customers who require more overhead expense or special service costs to you will not make your business grow. Put more of your energy into the money makers and do not encourage the money takers.
Initiate more aggressive use of social media by adding zest to your blog. Listen to customers and run sales or promotions through your web site pages. Foster referrals and use their power to stimulate the business growth. Repeat customers are excellent advertising and invaluable to growth of a business. Utilize your customer list by revving up your customer service to give them the feeling they are your priority, and they will return and bring friends with them.
The small business needs to foster zeal among those working for or with the business. This is best done by complimenting performance and instilling the drive for excellence in those working to make your business a growing and thriving one. Personnel reports with noteworthy praise, occasional appreciation bonuses or increasing the individual’s authoritative duties go a long way toward company morale. Review personnel performances and determine the management encouragements that are the most effective, then capitalize on them.
Good employees can be hard to find, but finding great employees takes time, talent and tenacity. That’s usually because most people are only great when they’ve got the proper motivation.
A decent job with salary and benefits simply isn’t motivation enough to move employees from good to exceptional. Nearly all employees begin their positions with enthusiasm and an extra dose of can-do attitude. Over the years though, most employees can lose passion.
Here’s my top ten three tips for properly motivating employees to be the capable rock star you saw during the initial interview(s) and first few months.
1. Interview aggressively – It’s my personal belief that every employer should regularly interview prospective hires. Shoot for once a quarter at best or twice a year at minimum. You should have on file an active list of potentials (with the proper credentials, availability and up-to-date, completed paperwork) to fill in nearly any position within your organization. This does two things. First, it gives you as an employer confidence and keeps your expectations reasonable. Secondly, employees who are keenly aware of new hires cropping up without delay will earnestly affirm their worth within your company.
2. Offer quality continued education – Most companies are required to do annual checklist training or compliance certification. This is often treated as a pesky interference within the workday. Code compliance is imperative to the success of your organization. When ignored, your company can pay costly fines or fees. Show your employees that learning and properly implementing this information is beneficial and worthwhile to them and to you. Hire a third party to do team building in-between the certification or modular breaks. This is the least you can offer employees. If at all possible to hire a professional who understands the fine print of your work and who is skilled at motivational training, make it happen! Your employees will develop an increased appreciation for their work and you will reap dividends on that investment.
3. Create a flexible work description – Usually you’ve hired an individual because you CAN see the potential within them. However, once hired, their work can become monotonous if stuffed into a rigid job description. Consider options like task shifting so that you can find the best fits for your employees.
Let’s face it, some work can get repetitive. Still, you don’t have to loose quality players due to monotony. Use these starting points to elevate that rock star!
Companies already have plenty of people trying to sell to them, and you probably have some sales fatigue as well, I know I certainly do. Everywhere you go online or in-person there are advertisements, no matter where you look. How do you break through sales fatigue? Stop selling products and start selling solutions.
If all I tried to do was sell pieces of metal to my customers, I would just be another face in the crowd. Instead, I made myself a solution to their problems. Better customer relations do not come from the lowest price. My clients come to me tired of dealing with low-quality products, overseas shipping, and poor customer service. By solving all of these issues, I am able to create a product that I am proud of and can charge premium for it.
No matter what kind of business you are in, you have the opportunity to bring the same concept to your business. Anyone can create a product, only you have the ability to be the solution to your clients’ problems. Once you’ve shown your client what you can do, use it as an opportunity to cement your relationship and improve customer relations.
In the global marketplace, manufacturers are not unique. There is always someone who can do it faster and cheaper than you. To remain at the top of your field, you need to see things differently. Being a provider of solutions gives you something to make your business the one and only choice for your customers.