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Tips on Building Revenue for Your Business
It’s a dog-eat-dog world. You must be prepared for anything when deciding to open your own practice or small business. And once you become a business owner, you need to know how to make your business grow.
“What keeps business owners, practice owners and partners up at night is likely the challenge of managing and growing the business,” says Steven Stralser, clinical professor at Thunderbird: The Garvin School of International Management and author of “MBA In A Day.”
In his book, Stralser addresses business professionals who have extensive training in certain industries but want to learn the skills necessary to manage businesses of their own.
Packed with examples, helpful anecdotes and real-world case studies, this straightforward guide gives readers a comprehensive business education without having to spend the time and money on graduate school.
The book covers essential principles and concepts taught at today’s top business schools. Topics include negotiation, accounting, marketing, effective communication, information technology and leadership.
Stralser offers the following tips to help your business grow.
* Focus on existing customers. With advertising and other marketing costs, finding new customers can be expensive. Acquiring new business is important, of course, but so is keeping and growing your current clientele.
* Stay in touch. Offer more products or services to existing customers, clients or patients. They will respond with loyalty and future business. Think “greater share” of customers instead of “market share.” It’s simpler and more profitable in the long-run.
* Develop a Web presence. Developing a Web page puts information on your business right at the fingertips of clients or potential clients. And not only does accessing your Web site save them time, it saves you time as well.
For example, a client can have access to old reports from past projects. By having this information accessible online, you won’t have to take time out of your busy schedule to print and ship the reports to that client.
Making your Customer Service Better
First off, influence isn’t nearly as important when it comes to support. Your social influence may get people through the door initially, but it will not keep them coming back. For that you are going to have to develop relationships that have nothing to do with brand power, and everything to do with what is appropriate so far as the customer is concerned, and keeping your people on the same page.
As a company, you are going to want to be working with the same client information within your corporation. Working from different information is a set up for disaster. You can allow this database to be updated regularly so that everyone is on the same page.
Understand that answers can come from unexpected places. Just because a certain question is fielded by a certain department doesn’t mean that department will be able to field the answer as well. Allowing a corporation-wide customer data base is a step in the direction of allowing a corporation-wide answer pool to problems that your clients will bring you. Use those social networking tools to unify your work group.
An awareness of what is ok to do or communicate online is going to be necessary to use online social media effectively. For instance, if you have to get a client’s personal information, it would be ok to start that transaction on a public forum, but the information is not public so you would want to get the conversation to a more private mode. While it may be important for those conversations to start out in public so that more people may be able to provide an answer, once it gets personal, the conversation needs to be moved away from the public forum to a private message or email type situation.
Be sure to be receptive to your existing and prospective clients. Provide up to date answers to their current problem as they ask it. Keep things tight within your company and respect your client’s privacy. Use phone, email, real time conversation software and other tools as you need them, but keep things discreet when it comes to your client’s personal information. Be aware that regardless of your companies social influence, taking these points into consideration may be the difference between losing customers to bigger companies, or stealing them because you are professional, and are able to use social media to resolve your customers’ issues as they come up in a respectful and courteous manner.
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