Regardless of what business you run or where you operate, it’s safe to say that four pillars are forming the foundations of your success. All successful companies need to have these pillars in place if they want to thrive. Those of you that are starting a business – or are already running one – need to know the keys to success.
Keeping that in mind, this article will run through the four vital pillars of a successful enterprise. These are four different aspects of a company that need to be well thought out and fine-tuned. If you can look at each of them and be confident that you’re meeting the mark, then you will likely be successful.
So, here they are:
We’ll begin with an obvious one; customer service. The way you treat your customers, and the service you provide them will go a long way to deciding the fate of your business. It’s no secret that companies with terrible customer service end up in the bin. Excellent customer service means that people are more likely to return to your company – this is known as retention. Repeat business is key if you want to establish your business.
Providing great customer service also helps you grow your company and make more money as it draws in new customers. Of course, the opposite happens when you don’t know how to deal with customers. Sales will fall, you’ll get hardly any customers at all, and your business will be reduced to nothing.
Keeping that in mind, you need to focus on an excellent customer relationship management strategy. Working with a CRM development company can help you achieve this by creating a strategy that puts your customers at the heart of everything. Focus on communication, give them multiple ways of solving problems, and always respond with empathy.
Sales & Marketing
You have to group sales and marketing together as they fuel one another. Obviously, a sales strategy is needed to ensure that you’re hitting targets and selling as many products as possible. A huge part of this strategy revolves around generating interest in your brand and what you offer. As such, marketing plays a significant role here.
Without a good marketing strategy, you won’t have a good sales strategy. The key is figuring out what will work best for your business. There are tons of marketing ideas and techniques you can employ, but some are more effective for you than others. You must take into account the size of your business, but most importantly, your target market. Who are the people you’re going to aim your products/services at? Get to know them a little better, and you can devise a marketing strategy that’s more likely to appeal to them and create interest.
From here, you need to work on your sales funnel to push any leads generated by your marketing strategy towards making a purchase. When your sales and marketing work effectively, you will obviously make a lot of money. It’s impossible to run a successful business if you’re not making lots of regular sales and growing your customer base through marketing.
The third pillar is the financial aspect of your business. Needless to say, this is of paramount importance. We’re talking about the need to balance your books and ensure that your business can actually make money. Everything we’ve talked about already is pointless if your finances aren’t in order.
Think about it, you can have outstanding customer service and a winning sales strategy that brings in loads of money every month. You’re making so many sales, you’re getting loads of new customers, but it all means squat if you’re spending more than you’re making. The money coming into your business needs to be greater than the money coming out – this is the only way you make a profit.
Therefore, you need to stay on top of all the financial comings and goings in your business. If you can’t do this yourself, then think about hiring some accountants of financial administrators to do it for you. Think of ways to save money in your business wherever you can – as long as you don’t damage the quality of your service. Always monitor the financial performance of your business to see how you’re doing. If profits are steadily increasing, then that’s a positive sign.
The final pillar is employee management – this refers to how you manage your workforce. Hardworking and motivated employees will improve your business. So, your employee management begins by ensuring you hire the right people for the right jobs. Put together a talented team of individuals to keep your business moving in the right direction. Or, think about outsourcing to have access to remote teams instead. It can save money, but it may not suit every business.
The crucial aspect of employee management is keeping your team happy. Happy employees are more motivated and will stay with you for a long time. This prevents instances where you’re turning over staff like crazy. A high turnover rate is bad for business as it means you waste time, money, and resources hiring and training up new employees all the time. Ideally, you want to keep your team together for as long as possible – and the way you manage them determines this.
Be sure you have a great benefits package that rewards your employees for working for you. Also, be keen to remind them how worthwhile they are with bonuses and performance review meetings. Most importantly, listen to what they want. Give your employees a voice and listen to some of their suggestions for improving the workplace. As a result, you can maintain engagement and boost employee morale.
We’ve come to the conclusion of this article, but there’s one fundamental point that needs to be addressed. Your business will only be successful if all four of these pillars are in place and hitting the mark. You can have an excellent sales & marketing strategy and brilliant employee management, but it means nothing if your finances aren’t in order and your customer service stinks. Maintain all four pillars to achieve true success!