What is deemed essential in a business? Is it something like money? Or is it your resources? There are so many factors that make a business thrive. Running a business that ticks all the boxes is a constant challenge. But if you are keeping a decent profit that is okay, right? Let me ask you this, what would you do if there was a sign that your business is starting to go downhill? It is a common worry that all CEO’s and leaders have, but it doesn’t need to be a concern. Having a handle on what your business is can be tricky, even if you are running a small organisation. What follows are some things to think of so you know that your bases are covered.
The Right Employees
It is a common reason for employees to stay in a business. People will look far and wide for a job where they can coexist in the same space with someone without wanting to throw something at them. By the same reasoning, you need people to be happy in the work environment.
Unhappy workers makes for a few things:
- Quick staff turnover.
- A decrease in productivity.
- Low morale (which is toxic).
- Poor workplace relationships.
Looking for the perfect people to fit the bill is a big challenge. If you can afford the time or the resources, it is worth every second. The right person can stand out by a few simple signs:
- Their CV is above the average “I am good for this because…” schtick.
- They exhibit leadership qualities.
- They are personable.
- They communicate themselves well.
- They present themselves well.
Don’t underestimate your instincts when it comes to the interview. If it feels right, even though they don’t fit the bill on a superficial level, sometimes it was meant to be.
A Solid Marketing Strategy
A marketing strategy is not just a piece of paper to glance at occasionally when feeling stuck on where to take the business. It is a manifesto to work by. If you market the business the right way, the returns are infinite and the business can change overnight from little league to a big player.
To get your product as far and wide as you can, bear these things in mind:
- Partner with allies. If working in the same field as another organisation that is selling the same product, contemplate teaming up to help them corner your market, and yours for them.
- Collaborate with influencers. The cream of the crop will get you further than your estimations because they have already climbed the ladder. They can help you incredibly.
- Social media savviness. The power of social media to sell a product and spread the word has made things easier in one way, but also requires each business to “shout” louder than each other to be heard.
- Market across different platforms. Videos, online marketing, television, mobile apps. With the internet, the possibilities of viral marketing are endless.
- Think outside the box. It doesn’t stop with the internet. Use your brain to do something no one else has done before. That’s easy for me to say, but incredibly difficult to pull off. But when lightning strikes, it will strike gold.
Keeping The Company Secure
Security is something that needs to be at the front of the business mind. It covers a wide range of aspects, but protecting the data and security of that information boils down to a few items:
- Adequate Data Protection Act (DPA) knowledge.
- Software security.
Software and data security is something that a lot of companies are very hot with now. Infiltration of security by fraudsters and hackers can result in a massive security breach and can cost a business heavy fines.
A few ways to deal with this are as follows:
- Adequate DPA training. Making sure your staff have DPA knowledge.
- Updating your software security. Keeping these updated and extra security such as a virtual data room can be a lifesaver.
- Confidential waste bins for paper. So sensitive information can be disposed of properly.
- Using work computers for work only. It is easy to fire off a quick email to a friend or open an attachment that carries a virus, so be vigilant.
From speaking with customers to communicating with your staff on a one to one level, the ability to get your point across as brief and quick as you can is cost effective.
Communicating with customers relies on a few characteristics:
- Tone of voice. Are you speaking calmly or are you erratic? Tone will do a lot to alleviate customer complaints.
- Speed of voice. Talking too fast can make for a difficult encounter. Speaking slow will help diffuse a difficult situation.
- Volume. Not shouting will turn an irate customer into a softly spoken one.
- Language. Over complicating things can be misconstrued as condescending and will not resolve a customer situation. The result of that would be a lost customer, never to return.
If a customer is unhappy about your product and wishes to complain via social media, establish a dialogue with that customer. It is much easier to use Twitter or Facebook and complain about a product directly to a company now, so the onus is on you to resolve the issue with the world of the internet watching. If the customer is pleased with how the issue was resolved you have already made yourself a very effective advert for your company.
When communicating with fellow employees, it boils down to:
- Being Open.
Essentially, treat them like you would want to be treated. Many people in higher powers feel entitled and will keep people “in their place”. Instead, be open and fair with employees will give you approachability. If people feel they can approach you, communication is increased and the operation of a business can be run more smoothly.
Following these pointers will result in a smoother operation. Even if you take one thing on board from this, use it wisely, and reap the benefits.
Founder Dinis Guarda
IntelligentHQ Your New Business Network.
IntelligentHQ is a Business network and an expert source for finance, capital markets and intelligence for thousands of global business professionals, startups, and companies.
We exist at the point of intersection between technology, social media, finance and innovation.
IntelligentHQ leverages innovation and scale of social digital technology, analytics, news and distribution to create an unparalleled, full digital medium and social business network spectrum.
IntelligentHQ is working hard, to become a trusted, and indispensable source of business news and analytics, within financial services and its associated supply chains and ecosystems.