There are different benchmarks to measure the success of a business. It could be that you consider your business to be a success if turnover is high, your staff retention is good or that you are the market leaders in your area. Whatever you consider to be a successful business, here are some of the 5 main ways you can ensure your business achieves its goals.
If you want to be Market leaders in your field then make innovation a priority. By investing in creative ideas and research you can uncover what your target market needs and be the first on the pulse of a new development. By being the first company to think of a product or service, you will be seen as the go to company and consumers will associate you with being the market leader.
Interact with your customers on social media channels and ask them what they want. Old fashioned market researchers with a clipboard make people scarper but social media offers better engagement.
Low Staff Turnover
Having high staff turnover isn’t good for your business success in terms of profit or reputation. It’s far more cost efficient to retain staff than having to constantly train new starters. Having loyal, reliable staff looks good to shareholders and will improve your company reputation. Yet retaining staff isn’t always easy. If you don’t treat them well then they’ll be uploading their CV on job sites looking for a way out.
Look after your staff by making them feel valued. Offer an open door policy where staff can offer ideas freely and feel involved. People are more likely to have a sense of pride and ownership over their work if they have had a part in things, rather than just being told this is what’s happening and you need to do it.
Offer training and development and cross train staff within other departments. This means your employees are less likely to get bored in their role if it’s more varied. In addition it benefits the company, as if someone is off sick or leaves, you have someone readily trained to take on the role.
With a saturated consumer market getting your business to stand out from the crowd can prove difficult. Consumers want cheap high quality services and products – that’s a given. Yet during the buying process many people are looking to make a purchase which makes them feel good. Companies which highlight the fact you are helping communities or the environment by making your purchase help persuade people to make that purchase. People are now more aware of the choices their making and wanting to help do their bit.
If your company are doing their bit for the environment, let your customers know as well as stakeholders as it will help your reputation. Whether this is using sustainable materials, reducing your carbon footprint or giving back to your community.
Although getting more sales or clients may be the answer to a growth in profit, an easy way to increase your profit is to reduce unnecessary costs. If you have a hefty rent bill at the end of the month, which is eating into your profits or your business is haemorrhaging money, then it’s time to start looking at your expenditure.
You can save lots of money and boost your profit by making some cuts and not the staff kind!
● If you have lunch or dinner meetings consider whether a conference call would actually be better.
● Review whether your rent bill is too high. This is a cost which can really eat into profits. For cheaper rent you could opt for industrial rather than commercial space as the rent is cheaper
● Switch to energy saving light bulbs, refillable printer cartridges, buy used equipment – small changes can really mount up
● Perhaps you could allow a work from home day now and again; this will reduce energy and commuting costs.
● If you have an office, opt for laptops over desktops as they use 90% less energy.
Good, reliable business logistics are important as they actually ensure the transactional sale can happen. If you have an online store especially, good transportation is needed to make sure goods are delivered promptly and intact. If items get lost, not only will customers be unhappy and not shop with you again but you could become embroiled in a legal battle.
As consumers we want products at our disposal right now, so if a company is known for having quick delivery we are more likely to go with them. If we have a last minute occasion we need an outfit for, or need quick parcel delivery, these companies are the ones we go to.
Good business logistics enable you to become involved within global markets. If you are able to transport or import components, parts or materials internationally then you could potentially save money and distribute worldwide.