Core Elements of a Small Business

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images2 Core Elements of a Small BusinessWhile you are running your business, it is easy to get side-tracked and overlook the things you take for granted. For example, your team, your customers and… yourself. If you let these things slide, you could see your business taking a turn for the worse.

Teamwork

The core of your business is your team. Surround yourself with the best people you can and give them the opportunity to do what they love to do best. Employees with a mixture of talents, skillsets, experience and personalities will encourage a diverse culture to your business. One person isn’t an expert on everything, so utilising your employees’ skills effectively can improve performance across your brand.

“Be collaborative with your staff, your customers, and your vendors or suppliers. The more you trust the team knowledge and wisdom of those around you, the more quickly you can recognize and adapt to changes, provide better products or services, and the stronger your organization will be.” – Ellen Didier, President of Red Sage Communications.

Your employees may work for you, but if they are not treated well, their performance will be affected. So reward them for their hard work and offer incentives to boost morale and encourage healthy competition. You should see a correlation between your employees’ job satisfaction and the turnover of your business.

“Our employees take such an interest, like it’s their company. We treat them like family, we give them great benefits. That’s very important because if they’re not really part of your team, it doesn’t work. They’re excited when good things happen. We started with nine people, now we have 65. There are so many little details that we can do for the customer to make things go well for them.” – Regina Broudy, President of Clayton Kendall.

Customer Satisfaction

A small business’ success lays in the customers’ hands. If they don’t like your product/service or feel dissatisfied with the level of customer service, they won’t use your company again. Even worse, they can turn their friends and family – potential customers – away from you too. That being said, if you work to cultivate your relationships with your customers and provide the best possible service, the likelihood is that they will return to you and encourage others to do the same. Once a rapport is built with a customer, you have their loyalty.

“Look at every interaction as a networking opportunity. You never know when a business opportunity will present itself. A chance encounter could be a big break for your company.” – Regina Broudy, President of Clayton Kendall.

When you make promises, keep them. This also, will earn you kudos with your customers, especially when they know you have gone out of your way for them.

“It’s about long-term relationships and treating your customers’ right. Do what’s right for them long-term. Once you win the business, that’s when the hard work begins. … It’s all about relationships and reputation.” – Mike Sawyers, President of 7Delta.

Perseverance

“Do not underestimate the amount of effort, perseverance, and discipline that is required to be successful. I cannot stress that enough. There will be problems and you must be ready mentally, physically, and spiritually to deal with them. If you are starting a business to get rich and work less, then you are on the wrong path. One should be working on enjoying the journey not thinking about the destination. The riches-seekers never reach it.” – Noah Thomas Leask, President and CEO of ISHPI.

The key to success is not giving up. There will be periods throughout the year when business will be slow. This could be due to declines in the economy or simply because the requirement for your service/product is seasonal. These are the times that will test you and your team. You might need to rethink your strategies, budgets and work on improvements to what you offer your customers.

“Perseverance is failing 19 times and succeeding the 20th.” – Julie Andrews.

When customers return to you and your marketing campaigns finally see some results, this can mark the end of these troubling periods. Treat every experience and mistake as a lesson and remember not to get overconfident when you achieve success. Keep your eyes and ears open for changes in the market, so you will better prepared in the future. Starting you own business will begin with registering your company online which can be completed by visting an online company formation agent. Once your business is et and ready to go, there are many useful online resources and communities that can support your business as it grows. One useful resource is Guardian small business network which is full of useful information and tips to running and managing a successful business.

charlie

charlie is a content writer.

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