Running a profitable business is everything but simple. A study shows that more than 540 thousand new companies are launched each month, but a staggering portion (50%) of small businesses fail within two years.
It’s obviously not so easy to start a company and keep it productive in the long-term perspective, but what can you do to prevent failure and make your team more efficient? There are tons of tricks and tactics to use here, but some of them prove to be more fruitful than others.
In this post, we will show you seven ways to make your organization super successful. Let’s take a look!
1. Determine Business Goals
As an entrepreneur, you must have some goals that you are trying to reach. The ultimate objective is, of course, revenue generation, but this should never be the one and only business goal. On the contrary, you can only achieve it if you previously fulfill all other preconditions.
What you want to achieve depends on the nature of your business, but most companies are trying to hit the following targets:
- Traffic increase: One of the first objectives is to raise awareness by attracting more people to visit your website.
- Customer retention: Perhaps your goal is to build a larger base of loyal consumers.
- Improve customer service: Customer service is an important brand differentiator, which is why you should try to improve the overall level of consumer satisfaction.
- Lead generation: A lot of companies are trying to generate verified leads.
- Drive conversions: Finally, you want to convince prospects to convert.
2. Customer Service
We already mentioned that customer service is a critical part of every organization – and for good reason. According to the research, more than half of consumers have stopped doing business with a company because of a poor customer service experience.
In such circumstances, you cannot afford to neglect this segment of your business. Customer service agents have to be knowledgeable and polite, answering clients’ inquiries in a timely manner. Besides that, chatbot technology made a massive breakthrough in the last few years, so we strongly recommend you to consider adding it to your customer service portfolio.
3. Choose Marketing Channels Wisely
Small businesses should choose their marketing channels very carefully. You probably don’t have too much money to spend on brand promotion, so you better find the most productive and cost-efficient ways to tell the world about your company.
This is where digital marketing steps in to save your day. Namely, content creation costs 62% less than traditional marketing and generates about three times as many leads. The best thing about it is that you can distribute pretty much the same types of content through different channels, including social media, a website, email newsletters, and so on.
Digital marketing is amazing because it allows you to reach global audiences almost instantly, but you don’t even have to spend the budget on it. If you are able to create outstanding content week after week, you can earn higher search engine ranking organically and enjoy the privilege of forming a wide fan base.
4. Make Use of Local SEO
Do you know that 46% of all searches on Google look for local information, while 70% of customers visit a store based on information found online? More and more users conduct “near me” searches, so you should exploit this fact to make your physical store visible online. All you have to do is create a business accounton Google and add company-related information such as address, phone number, etc.
5. Retain the Best Employees
Products, services, software, and devices don’t make a company. On the contrary, employees are what makes your organization so valuable and you must give all you have to retain the best workers. This is not only common sense but rather a proven fact as the cost to replace a highly-trained employee can exceed 200% of their annual salary.
How can you stop your best people from leaving the company? You can try a number of different methods:
- We all work to make a decent living, so it’s always a good idea to give your finest employees a raise.
- You should embrace workplace flexibility and help employees to balance between personal and professional duties.
- Another option is to provide workers with small perks such as free snacks or gym memberships.
- Of course, building a friendly atmosphere is a great way to improve employee retention.
6. Leverage Online Tools
No matter what you do or how well you do it, you can always find a digital tool to speed up, automate, or improve the process. This goes for almost all areas of business as you can quickly search and find different types of online assistants. From proofreadingand case study writing service all the way to virtual surveys and collaboration software, tons of incredibly useful tools are only a few clicks away from you.
7. Analyze Achievements
We begin and end this list with your business goals. While the first part was dedicated to goal-setting, the last one is all about measuring the results of your professional activities. Key performance indicators (KPIs) must follow the goals you set because it’s the only way to determine whether you are doing the right thing or not.
As soon as you notice that something is not functioning the way you planned, you should change it or remove it completely. Of course, business analytics is not a one-time process, which means you have to do it regularly in order to maximize the productivity of your organization.
Small businesses depend on hard work and strategic planning, so you’ll have to invest a lot of time and efforts into making your company profitable. We can name dozens of interesting solutions on how to improve your organization, but there are only a few mechanisms that can guarantee excellent results both short- and long-term.
In this post, we presented you with seven ways to make your business more efficient. Make sure to remember our tips and let us know in comments if you have any other ideas to share with our readers – we would be glad to read it!
Guest Post: About the Author
Jacob Dillon is an editor and journalist at EssaysOnTime. The best way for Jacob to express himself is to write. Being passionate about what he does, Jacob likes to discuss stirring events as well as express his opinion about technological advancements and evolution of society. Find Jacob on Twitter and Facebook.