For most busy entrepreneurs and managers, there is a continual focus on what’s new and exciting in the world of business. There are always the latest technologies to learn about and use, no matter the industry, as well as innovations when it comes to creating and delivering products and services.
However, don’t forget that sometimes it’s also a good idea to stop and think about some tried-and-true business concepts that never go out of fashion. From areas as diverse as customer service and finance, to leadership and innovation, there are plenty of simple yet effective strategies that all business owners should continue to keep in mind. Read on for some ways that you can get back to basics in your venture today.
Many entrepreneurs and managers get so caught up in the day-to-day work of running an organization that they forget to spend enough time concentrating on finances. As a result, this can lead to many issues, including lost revenue or added expenses, over the long term. It’s worthwhile considering studying at least a basic accounting course, or more intensive finance option, if you run a business.
Entrepreneurs should at least have a good understanding of how to read basic accounting reports and numbers. These include profit and loss statements, balance sheets, profit margins and forecasts. It’s also vital to always know what’s happening with your company’s cashflow, as lack of cash is often one of the primary reasons that businesses fail.
Don’t forget too that it usually pays to go back to basics with regards to the types of payments you accept from customers. While modern payment methods such as Apple Pay tend to be expected by customers in this day and age, lots of clients also want to be able to utilize classic payment methods when they want to.
After all, lots of people like to pay via cash, direct deposit, and over-the-phone credit card transactions for various types of bills, as well as even putting checks in the mail sometimes. As such, it pays to allow customers to choose their preferred payment method so that you can satisfy as many people as possible.
While many customers submit questions and feedback via social media or automated follow-up questionnaires these days and find this type of service useful, there is also a lot to be said for direct customer service that allows for more in-depth interactions.
Even though online customer service can be time effective, businesses should never neglect face-to- face or over the phone interactions. These tend to be more personal, and can go a long way to building a strengthened relationship with a client.
With direct communications it is typically easier to learn more about customers’ needs, their problems, what they love (or don’t like) about your business as it stands right now, and any other feedback. Chat to customers and you can find out their opinions on your products and services, the selection you offer, and any added value they wish was available.
Their complaints can also provide a wealth of information that you can you to tweak your business. Listen to issues that customers present and you can find ways to better your delivery methods, service, communications and more, as well as discover new goods or services that should be added to your range to increase sales and repeat business.
At the end of the day, a company’s success really does come down to the quality of the leaders who run it. If your business is struggling or you just want to grow it more over the coming years, you should really stop and think about how the management of the firm is steering things.
If teams are unproductive, this typically stems from a management style that isn’t working, or a company culture that is really lacking. Change comes from the top, and it’s important to lead by example if you want to see a difference in results.
To get back to basics, examine the culture within your business and see if there is a focus on positivity, teamwork, passion, and commitment. Employees should be acknowledged and/or rewarded for their efforts, and listened to as the important parts of the company that they are. Staff members also shouldn’t be excessively stressed by unrealistic goals or too much work per person.
In business, a variety of leadership styles should be used where needed. Team members should also be consulted regularly for their feedback, opinions and ideas; plus there should be a focus on training and development so that employees are able to grow and be promoted within the business over time.