Every business owner wants to run a successful and profitable venture. However, statistics show that 80 percent of new businesses survive their first two years.
However, only 35 percent get to celebrate their decade in business. Chances are, you want your business venture to outlive you.
But how do you make this possible? Here are some suggestions:
- Focus on Customer Service
The quality of customer service determines whether or not you’ll get repeat customers. According to studies, 51% of customers will not return to a company with poor customer service.
But that’s not all! It takes several positive experiences to remove a negative one from your customer. Some of these clients may never forget these experiences.
Examine the current customer care service and identify the areas that need improvements. Focus on offering superior services than what your competitors are offering.
- Invest in The Right Technology
Investing in technology will do wonders for your firm. However, one must be careful about the type and nature of the technology they’re investing in.
A good technology like IBP software helps your business improve forecast accuracy and sales adoption. Such technology should align the sales of your product with the supply chain to ensure maximum results.
For instance, you can invest in a demand planning tool as a way to predict what customers want. As such, you will only stock the products that your customers are willing to buy. The result, reduced warehousing cost, and improved sales.
- Reduce the Business Expenses
As your business grows, the cost of doing business is expected to rise. Keeping your expenditure in check is a vital task for entrepreneurs.
Yes, cost-cutting is a necessity, but take time to understand its implications on your business. For instance, in 2013 Walmart Supply Chain developed a reputation for having an out-of-stock problem.
But how did a big and technologically advanced firm like Walmart end up here? Because the firm didn’t forecast demand before implementing cost-cutting measures. As such, the products were in the warehouses but there was no one to move them to the shelves.
- Find and Retain Good Employees
It’s not easy to get the right employees for your firm. The recruitment process can be a nightmare. And even after the exercise, there’s no guarantee that you’ll get a good employee.
Therefore, be thorough in your recruitment exercise. Ensure that only the best get to work with you. Also, implement clear measures to ensure they remain motivated to work for you.
- Stay Balanced
Have you ever had anyone go to the grave wishing they’d spent more time in their office? Of course, not. Rather, too many people sacrifice their physical and mental health for their business. Don’t make this mistake.
Try and get an acceptable level of work-life balance. Eat the right type of foods, exercise, and develop a positive relationship with your family. Finally, you and your business shall prosper in the long run.
Conclusion
All business owners want to run a successful and profitable venture. However, it is not clear to many what needs to be done to achieve this goal. This article sheds some light on the important measures that support and enhance business growth.
Comments are closed.