A car engine can be brilliantly designed, with tons of time and ingenuity put into its creation, but if one part is broken or not working properly, the whole thing stops working. The same concept can be applied to your business, where optimal functioning matters in every aspect. This is because in 2018, the world of business is more advanced and cutthroat than ever before.
FInding exact statistics on the failure rate of businesses within the first year, the consensus seems to be that it’s more than half. It makes sense when you consider the amount of consistent effort and impromptu learning required to stay afloat. There are, however, better and worse ways to set up your business for success. In this article, we will demystify how exactly you can better your chances of professional survival.
Your customers are the most valuable thing to the survival of your company, so it is your job to be valuable to them in return. A common pattern seen in entrepreneurs once they find a market niche is to think the work is done. In reality, maintaining an informed perspective of the job is incredibly important. This means seeing through the eyes of the customer must remain a top priority.
The key to your success is in the pocket of customers, so empathy goes a long way. Consider the channel of communication that is best for them. Think about ways in which you can create superior customer service. Many websites are now having a messaging feature which allows an actual employee to hear their complaints or give them guidance. Actually being able to speak with someone in your time of need is incredibly cathartic.
Don’t let your ego cloud your judgment in disputes with customers, especially if there is a recurring pattern in the complaints. You can either try to tackle the problem as soon as possible, or you can pay the price for your arrogance in the form of time and money down the road.
Technology is obviously of tremendous value to a business, but that also means being responsible with your data and information. When things are going well, it’s easy to forget that one power surge or downed power line can potentially ruin a business in one fell swoop.
Consider looking into a data backup appliance that can keep your operation running smoothly in the event of a system shutdown. This means less time lost and reduces the need to play catch-up with any work that had to stop when the system was compromised. It is inevitable to run into some kind of serious setback, so always plan for the worst.
While technology is increasing in sophistication, unfortunately, so are cyber crooks. Data breaches are more common than ever, so it pays to have preventative measures in place. Employee negligence or error is partially to blame, but the majority of these cases are due to the ingenuity of hackers, so it’s your responsibility to be ahead of the game. Your data is your most valuable asset, so treat it as such.
Beating competition not only means being reliable and competent, but also displaying your uniqueness to a sufficient degree. Those that fail to stand out in the market will have lots of trouble staying afloat, and it only gets worse as the market becomes more saturated. Don’t settle for just barely making it while hoping things will improve without you lifting a finger.
It pays to put effort into your uniqueness, and there are many ways to go about it. Perhaps you wish to pride yourself on superior customer service, and emphasize its importance to your company. Maybe you would like to advertise a compelling guarantee or offer. Otherwise, you could narrow your niche to become exceedingly good at it.
Part of having an incredible company is making sure the customer base knows that it exists. In today’s world, social media is becoming increasingly valuable for a variety of reasons. This is partly because it allows people to become familiar with the company, but also because in a world where dissatisfied customers can proclaim their discontent to the world, it helps to have a method to combat it.
Psychological dogma dictates that simply being in front of consumers’ eyes breeds familiarity, and thus preference. This is referred to as the mere exposure effect, and has a lot to do with why marketing is a business at all. Commercials and social media can have an effect on the consumers which is deeper than what is detected on a conscious level.
Many people that fall short of remarkable do so because of their own self-sabotage. Good leadership enhances the well-being of those being led, while poor leadership does the exact opposite.