In this post we look at going back to business basics, there are some key things that you should be focussed on from customers to goal setting to competitive analysis. Read on to find out 6 key business basics for SMEs:
1. A Customer Service Focus
Small businesses need to be focussed on making sure that their customers are happy and satisfied. Each customer represents potential future revenue for the business owner. Make sure you are doing regular customer satisfaction surveys and talking to your customers often.
It is also essential to develop ways of handling customer complaints effectively and efficiently. Having a clear set of policies regarding any customer dissatisfaction is essential to the continuation of a long-term customer relationship. Understanding the individualised needs of each customer also helps small businesses to add to that personal relationship development strategies they use when marketing.
2. Delegation of Responsibility
Business owners must be willing to pass on responsibility to other team members. This helps motivates individuals and keeping people motivated can be tricky sometimes when it's not their business. Learning to delegate and give other responsibility can help make employees feel appreciated, something which is essential to the development of a strong business. Understanding the value of each individual employee is something that business owners should know.
3. Avoid Micromanagement
Related to number 2, business owners who choose to micromanage often find that they burn out quickly when running their business because they are overseeing too much details.
That then has an impact because they don't have the necessary time to think about strategy and expanding the business. When you chose your staff, you thought they were capable of the tasks you wanted them to do, so you need to allow them to learn and grow, even if sometimes that means they make mistakes. Make your company culture one where mistakes are learning opportunities.
4. Realistic But Ambitious Goal Setting
Focus on positive progress at all times. This means setting goals for your strategy and checking progress against the goals regularly.
Set your goals, then see if you can set some higher ones to push the business!
5. Sales Training
Sales training allows individuals to learn sales techniques which will be beneficial to making new connections. These seminars and training sessions should be made available for all employees even if they are not in the sales department. Why? Because this means that at any time any employee in the company could be called upon to sell a product or service even when they are not necessarily in the sales department. This training will also help people to clearly and concisely speak positively about their company.
6. Competitive Analysis
Business owners should always be analysing the competitive nature of others in their industry. Learning what the competition is doing will help to create a strategy which differentiates a brand from their competition. Look for opportunities where your business can compete in new markets or niches that your competitors are not in. Knowing your business strengths and weaknesses and being able to compare these to competitors is valuable to keep ahead.
