Expanding on the valuable insights from our previous blogs, including 'Top Tips for Launching Your Small Business,' we recognize the paramount importance of sustaining momentum, efficiency, and success in your business journey. Beyond building a strong foundation, delving into strategic planning, risk mitigation, and efficiency is key to achieving ongoing effectiveness and growth.
Business Health Check
It can be easy to track your business's progress by simply analysing the cash flow; however, there are often telling signs of an unhealthy business that can only be brought to attention when carrying out a business health check. By examining your finances thoroughly – inspecting Accounts, Balances and Bank Feeds – you can receive a better snapshot of the actual position of your business. We make the extraction of this data by offering our customers a free Xero Health Check, giving you our findings as well as a one-on-one consultation to explain the information.
These health checks are great to take periodically in order to ensure your business is tracking along well.
Collecting Customer Feedback
An often overlooked – and invaluable – piece of information, is asking for feedback directly from customers. The most rewarding aspect of running a business is being able to offer your specialties to the community. By understanding exactly what consumers want, we may be able to adapt our practices in an effective way that can benefit both us and the customers. Simply asking a customer how they found your product or service after consumption may bring great insight; another alternative is to send out feedback forms or polls to give consumers an opportunity to express their opinions – both positive and negative.
Additionally, collecting customer feedback is a great way to connect to the community. By offering a two-way relationship, consumers will feel as though they are cared for. Statistically, most customers lose loyalty to a company because they feel as though they are not cared for by the organisation. Incorporating a collaborative approach can thus be very helpful for the success of your business, giving you valuable information about your customer demographic that can lead to effective changes and creative idea exchanges.
Market Your Specialities
Providing potential customers with the opportunity to find your business can be a pivoting decision. As entrepreneurship grows, it becomes easier for businesses to get lost in the advertising of other competing firms. In some cases, customers may be looking for your business specifically from word-of-mouth recommendations; however, if you do not provide these consumers with a point of contact, it can be easy to lose their business. Take advantage of the range of media platforms available for advertisement, particularly those that are free. Starting a Facebook, Instagram or LinkedIn account can be a great starting point as they are free and require little start-up time.
It is beneficial to provide a brief explanation of your business and the services that are offered as well as how people can get in contact with you. This helps to put your business in the ‘online world’, allowing for significantly greater exposure and growth opportunities.
Moreover, there is growing popularity for companies that engage actively with customers online. Presenting behind-the-scenes work and more intimate moments – such as milestones – can provide a sense of connection between you and consumers. This can take away from the rigid professional relationship and allow for a more friendship-like acquaintance – increasing the likelihood of maintained loyalty. Additionally, the launch of promotions online can generate a lot of interest for your business, allowing for further promotion.
Thus, harnessing the virality power of social media and online platforms can be the ultimate boost for your business image and advertisement. Take advantage, and begin creating some free accounts for your business now!
Keeping your business viable can get difficult, especially in the current economic climate. However, by taking each step decisively and remaining persistent with the goals you put forth, things may be easier. If you are in need of assistance with your business, particularly with the analytical and bookkeeping end of things – we are here to help. We want to make this process as easy as possible for all businesses and can provide you with financial services so that you can focus on bettering your business!
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