6 Effective Business Practices To Implement Today

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Successful businesses are dynamic. They take the best tips of the trade and experiment with them as needed. Getting too comfortable with where your business is at means that the business model will most likely fail over time. Interests change, technologies advance, and clients often move on to the next best thing. The best way to avoid this is to employ some prime business techniques that will ensure that your company stays on top (or makes itself there if it isn’t already). Here are 6 effective business practices to implement today:


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1. Network More

Networking can be a free way to meet new prospective customers and partners. Firstly explore your circle of influence and determine what networks you could leverage.

Then look at what business events are taking place near you and select key events to attend where your target customers are likely to be.

Make sure you practice an elevator pitch so you can explain in under 1 minute what your business does and how it can help them. 

And remember many people who go to networking events are nervous about introducing themselves so be first and smile. 

2. Market Efficiently

As you begin to market your products and services, avoid the impulse to pour money into billboard, newspaper, or magazine advertisements. First, consider who is already interested in your business and think about the channels you could find more people like them through.

Look at which social media channels your target customer is likely to use. And then create high quality relevant content that helps them and share it on your social channels. 


Recommended reading: 6 Effective Types of Marketing Your Small Business Should Be Using


3. Keep Track of Reviews

While direct marketing may work for many customers, some prefer to check reviews. Reviews often feel like a more authentic measurement of a company because they’re directly from former customers. Businesses have less control over the reviews that people leave. However, do keep track of your reviews. It's an opportunity to hear what customers are saying about you and to respond as well.


Recommended reading: 4 Reasons Why Fake Reviews Are Deadly For Your Business


4. Improve Customer Communication

Customers who are listened to (despite being dissatisfied) are more likely to return a second time. Customers who are ignored tend to leave for good.

Contact customers regularly to discover what your business really does well and make changes to processes and rewards to emphasise those traits.

How often do you currently contact your active customers? 

5. Take (Smarter) Risks

Businesses must change to thrive. Preferably, start testing with small changes to determine what effects a specific alteration might have on your business. Complete overhauls are rarely a good idea because they tend to leave both customers and employees confused.

Work through changes a little bit at a time and watch for unintended consequences. Once you’ve determined that something new increases your productivity or income dramatically, then you can implement it across the board as soon as possible.

6. Keep Upgrading Your Technology

One key upgrade that should happen frequently within your company is your technology. Holding onto a camera or monitor for ten years, depending on the equipment, is almost definitely too long.

Costs can be intimidating, especially when you’re attempting to determine the return on investment before the purchase. However, new technology can up your productivity, increase customer confidence, and help retain employees. Outdated technology sends the message that your business is simply trying to get by and may increase the risk of a security breach. New technology can also reduce costs in the long run as programs and devices become more efficient over time.

Invest a little bit of time in implementing these effective practices so your business can start reaping the benefits. 

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Wednesday, 16 October 2019
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