If your business is up and running and doing well- congratulations! When so many startups and small businesses don’t make it past their first year, you have already defied the odds. But you know that just surviving isn’t enough, in the cut-throat world of business, you want to increase sales and get ahead as much as possible. Here are some of the factors to take into consideration when aiming for business growth.
Metrics and Data
Saas metrics, average revenue per user, custom acquisition costs and Google Analytics data are all metrics and figures you should be keeping an eye on as a startup or small business. Knowing what’s working and what isn’t allows you to tailor your strategy. Knowing how much things cost and how everything is progressing allows you to effectively plan and budget. If you’re not confident in working with this data yourself, make sure you employ someone who is. It all comes down to the facts and figures, and to know how well your business is really doing and how to move forward you need to be able to interpret this date and use it to your advantage.
All feedback from customers is useful, whether it’s good or bad. Complaints and negative feedback should be carefully evaluated and used as a way to help you improve. Did a customer’s products take a long time to arrive, or arrive in bad condition? You might need to hire a new courier service. Were the wrong items or variations sent out wrong such as the incorrect size or color? You may need to have a word with your warehouse staff. Have you received complaints that your company is too hard to get hold of? Perhaps you need to have more people on the phones, on social media and replying to emails. Whatever it is, focus on what the problem is to come up with a suitable solution. And of course, positive feedback is always good and lets you know what you’re doing is working.
Your staff are vital in the running of your business. Ensuring everyone is kept happy and healthy will boost morale and productivity. As well as a competitive wage you could offer employee benefits. This could be anything from a company car, to a free lunch once in a while depending on your company’s financial situation. You could provide staff with an excellent office space. Go for light, bright and airy with desks positioned close to windows, natural light is said to be a huge mood booster. Invest in good equipment so employees can do their job quickly and efficiently. Supportive and comfortable chairs and regular team building activities to build bonds and trust within the team. As will customer complaints, take on board any employee complaints. If you look after your staff, they will look after for your clients or customers. So focus on your worker’s happiness as a way to help grow your business.
What key things do you think are essential for business growth?