Save your business in troubled waters

Today’s business environment is much more competitive than past business environments, no will it be easier in future either, with lot of new business coming in to operation. More competition, shrinking profit margins, increases in fixed and operating costs are just a few of the issues people face every day. To survive in the troubled waters, you have to be up to date and well organized.

Successful business people know why they are in business. They have one or two areas of specialty and they stick to what they are good at. They do not try to become everything to everybody. Research has proved that specialists tent to do better than generalists. Concentrate only on one or two specific areas of business. First ask these questions from yourself. Have I created a niche market? Am I the best in my trading area? Do I stick to what I am doing? Or do I stray away on other directions when revenue is small?
Increasing monthly bills and slow going months will tempt you to go in new directions where you do not have experience, but you might not be able to understand that your revenue is spreading thin and can cause you to loose focus in the specific area you are good at. The result will be the quality of work not being good and customer dissatisfaction. You need your customer loyalty to keep up the business going during hard times. If you stray away you will keep picking up more and more work than focusing on your customer needs.
Customer loyalty is very important in today’s competitive environment. Some people think that customers are concerned of only getting the lowest price. The most likely thing to happen if you use this method is you might loose your profit margins. Price is not the factor that is important always. Maintaining good relations with your customers is the most important thing to do.
Keep an up to date data base of your clients. Keep regular contacts with them. Know your customer’s names. Give them reason to continue business with you. Get to know what your customers want and expect. These are the basics of keeping good customer relations.
Developed customer loyalty results in high profit margins and reduced advertising costs. Thinking about this once in a while will not do. This should be maintained regularly every day and every sale or transaction you do. To provide high quality service, get personally involved. Put yourself in the customer’s position and think what great customer service will mean to you. Plan your good customer service.
You have to improve your sales skills constantly. Refer books and articles. Train your employees how to deal with customers. Never use aggressive and hard selling tactics. If you use these methods, no one will want to be bombarded with spasms and forcing. Develop your skills on understanding your customer. This does not need psychology training classes. You can learn it yourself. Some people have great understanding of customer needs, they make quick sales. This comes with constantly dealing with customers, having a passion for sales and also being able to focus on other people.
Running a small business is not easy. With time, the business grows, and more responsibilities come your way. You have to plan and prepare for this. Give people reason to buy, such as quality products and services and also maintaining friendly relations with your customers. Employ and train right people. Get involved in your community. Word of mouth is a very cheep way of marketing your product or service locally, and also internationally.
These facts will help you remain competitive now and in future. Straying away is not the solution. Plan a good investment before starting your business and insure your business. This will take a huge burden off your shoulders. Even if there are slow times, you can focus on one area and think on how to improve it than searching other directions.

One thought on “Save your business in troubled waters

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s