Business done Right - How to Build a Sustainable Business
Everyone wants to run a successful business, but few ever focus on building a business that is successful and sustainable. Why is this important? Because a successful business may not actually be sustainable, but a sustainable business is definitely successful. Perhaps an example would illustrate this better.
Company X was gaining popularity in the market, thanks to their top-quality cloth materials. After a few years, the management decided to double the profits by slashing the quality and increasing prices. As a result, X generated huge amounts of money in a very short time. However, the customer care service was busy dealing with an ever-increasing number of complaints. The company was losing popularity due to the drop in quality, and after a couple of years struggled to retain its customer base.
Now when we look at the situation which X is in, we see that long-term success was sacrificed for short-term gains. Keeping this example in mind, here are a few points to remember in order to build up a successful, sustainable business:
Always deliver consistent services
One thing that really appeals to the customers is consistency. When you maintain consistency in your products and services, customers are more likely to stick to your company. This eventually will create a customer base, something that will act as the very backbone of your business. Companies that compromise on the quality of services they provide fail to retain this segment of customers, thereby failing to last long in the market.
Improve your customer service
Businesses often make the mistake of not giving much importance to their customer service. Remember that your customer service is the first line of communication that your customers will have with your business. As such, how your customer service representatives interact with your customers makes a huge impact on the success of your business. No matter how big the complaint, if you deal with your customers politely, effectively and proactively, there is every chance that you will be forgiven.
Go an extra mile
Never be too rigid with your customers. Go an extra mile while dealing with them. Send a birthday or anniversary wish, a free gift or even give a special discount. Also, make sure to add an element of personal touch in your business dealings. More than the products and services, customers are influenced by how you make them feel.
Take care of your employees
Companies rarely ever given more importance to their employees over the customers and profit. This is a harmful business practice which simply does not work in today's world. Instead, focus on taking care of your employees. Make them feel that they are important to you and that they are your first priority. A workforce that is well-taken care of is highly likely to take better care of the business and its customers.
Focus on building customer relationships
Every goal and decision of yours should be driven towards building relationships with your customers. Your focus should not be on seeing just one-time, but on working with them for a long time. Make this a core element of your business goals, and you will be able to reap the rewards!
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Posted In: The Vast Universe