Success starts with being able to serve your customers exceptionally well—and consistently. (aka, be customer-obsessed and strive to provide the wow factor at all touchpoints). Successful businesses focus on providing value through their product or service. To earn the trust of customers and create loyalty, invest in improving the customer experience. It could be through prioritizing customer service, providing a quality product or service at a reasonable cost, or addressing concerns promptly.
Consider using a customer relations management (CRM) system so you can better manage relationships with existing and potential customers—and identify sales opportunities. You may find it beneficial to launch an email campaign to ensure your business stays on top of customers’ minds, while helping move them through your sales funnel.
Additionally, be sure to engage with customers through social media if they reach out to you. Simply thanking them for a positive review or addressing a pain point can go a long way in relationship-building, and prove to potential customers that you care and take concerns seriously.
No matter the type of business you run, having good employees who like what they do and are proud of where they work will contribute greatly to the overall success and growth of your company. Studies show that employee satisfaction directly influences a company’s financial performance, so be sure to offer an engaging work culture, competitive compensation and good benefits.
Presence impacts growth, whether it’s your physical community or your online community. Get in front of people, show up, and build those relationships. Word-of-mouth referrals for your business are amplified through social media community groups. Invite your past customers there so they can become brand ambassadors for your company. Attend local networking events, sponsor a booth at community events, offer to speak on industry related topics, volunteer for community organizations. The more people you connect with, the more exposure you give your company. And it doesn’t have to all fall on your shoulders. Encourage your employees to volunteer in the communities where they live and work. Give them PTO to volunteer. These sorts of activities show that your business is serious about investing in the people and communities they serve.
When you build strategic partnerships with other businesses, such as suppliers and vendors, it allows you to reach a broader network of customers, and also optimize your inventory needs. Vendors may be able to share their expertise about improving your product line and lowering your costs. They may help you automate the process of managing your inventory to maintain peak efficiency—or accelerate delivery as needed.
Managing your cash flow—monitoring how much money is going out the door versus how much money is coming in—is essential for every business, but especially for small businesses, which often operate on a very lean budget.
To improve cash flow, it helps to get paid faster. Some tips to speed up the timing of your payments: Move up your day of billing, charge or enforce late fees, prioritize billing your clients, incentivize with early-pay discounts, and accept multiple payment types, from credit and debit cards to contactless, swiped and keyed payments to mobile, electronic payments such as Automated Clearing House (ACH) and Electronic Fund Transfers (EFT).
Small business owners are often unaware that their local small business banker can be a great advocate for them by offering expert guidance and providing resources to improve cash flow, supporting the business through seasonal downturns or periods of low revenue, and suggesting ways to take advantage of opportunities.
At Peoples Bank, we’re committed to making your business as successful as possible. With a deep understanding of local markets and a passion for supporting entrepreneurs, we provide resources that enhance your financial strategy, so you can focus on what matters most—serving your customers and achieving your dreams. Contact our expert commercial banking team who have the experience and training to help you with the fundamentals of growing your business.
