Friday, June 14, 2024

How Business Owners Can Make 2020 The Most Successful Year Yet

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The business world is an ever-changing landscape, and the leaders of modern businesses both small and large are encouraged to have an adaptable, flexible, and forward-thinking mindset. Change is good for business, and the rules of the game may change practically year by year. Because of the versatility of the market, businesses need to focus not only on just staying afloat in 2020, but thriving and not falling behind the rapidly-changing times. Here are a few great ways to make 2020 your company’s best year yet:

Revamp Your Marketing Strategy (Blogging, Social Media Use, Advertising, etc.)

Using analytical tools is more important than ever for online traffic, so your business’s weakest areas may quickly be diagnosed and addressed. Some websites, social media profiles, or keywords might be bringing in weak results, or they have already become irrelevant. Many advanced analytics tools allow web experts to adjust your business’s marketing strategy to maximize organic traffic. Experimentation is recommended, and your business can become more active on social media profiles that get a lot of attention or start using different keywords more often. Prune what doesn’t work and give more attention to what does.

And on a similar note, remember the Pareto principle and apply it (it’s the 80/20 rule). Around 20% of your business’s customers may be responsible for 80% of your company’s sales and income, and investing more in these customers can generate serious returns. After all, loyal and repeat customers are highly profitable, while it’s more costly to bring new customers on board (not that it should never be done, though).

Research Reverse Consolidation

Your company’s cash flow will be much stronger and more consistent when you take advantage of debt consolidation services; in fact, many business owners may save 50% of their monthly advance payments this way. If your business takes out multiple cash advance loans, you may get caught up in a cycle of taking out new loans to avoid defaulting on older ones, but reverse consolidation can prevent that. In this way, weekly disbursements are made into your bank account, and this satisfies the current costs of cash advance payments. This automatic withdrawal is done at a fairly low cost, and this may prevent crippling debt or cash flow interruptions for your business.

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Consider Investing in Real Estate

Digital marketing and online traffic analysis are big now but don’t forget the world of the physical. Real estate investment is more popular than ever, and the residential real estate asset class is worth $29 trillion. If you add commercial real estate, that’s another $10 trillion in market value. This is an entire topic in itself, but suffice it to say, there are many apps you can use to find properties to invest in, and you can use those apps to track the current state of your properties’ residents and their rent payments. Of course, before you buy a property like this, be sure to look it over in person and perform any necessary remodeling or utility repair (plumbing, electric, HVAC, etc). After all, your tenants are not responsible for the building’s upkeep; you are. Fortunately, many residents may be quick to alert you of any outstanding repair needs.

Bring In New Customers

It was stated earlier that an existing, repeat customer is more lucrative than bringing on a new one. By the numbers, this is true, but your customer base needs to expand sooner or later. You can find new customers based on the intended demographics of your product or service, and hire experts who can find similar demographics and advertise to them, too. Often, new customers can be brought on board when your product or service is described in “features/benefit” format; that is, you explain not only what the product/service does, but how it will make the potential customer’s life easier, cheaper, and more fun. All products and services, on some level or other, are meant to do one or more of these things, and it helps when you make these things clear while advertising to new customers.

Don’t Forget About Your Old Customers

Now, let’s talk about repeat customers again. These are the most lucrative customers of all, so you have a great incentive to keep them happy. This involves not just consistency in product/service quality, but also how you treat those customers. This includes in-person communication, as well as e-mails and especially telephone calls. All customers, including repeat ones, expect to be treated with proper manners and clear communication, and it may take only one incident of bad customer service to drive them away. Therefore, all sales reps should build a rapport with those existing customers and maintain it, and communicate clearly, patiently, and with an upbeat but professional attitude. All of this can assure a current customer that they are being listened to and that their needs will be promptly and fully met.

Look to Make a Profit Not Just Earn Revenue

At first, a company will probably have various debts for inventory financing, payroll funding, truck loans, rent, and more, but if your company grows past this stage and gets bigger, it’s time to think about profits. As you pay off some debts or wean your company off of loan services, look for ways to reduce unnecessary overhead costs while expanding into new markets, and start investing more and more in real estate and other forms of passive income. Of course, performing audits on your own company also helps, so you can clearly see how much money is coming in and going out. A self-audit can also help you diagnose any problems with the company’s finances, especially as your enterprise becomes more diverse in its products and customers. If your company becomes very large and diverse, consider hiring professional auditors to help with this.

Focus on Quantity

More specifically, be sure that your company does not rely on a gimmick product; diversity in products is key. If your company’s sole profitable product starts struggling to sell, the entire company will suffer too. But with a wider variety of inventory to sell, one struggling item has a more limited impact on the company as a whole. You can imagine a furniture store that sells incredible chairs (such as the world’s most expensive chair, worth $28 million), but if there are no customers, the business suffers. Put another way, you shouldn’t hold out for one big sale that keeps everything afloat. Other items for different customers, and in different price ranges, helps you avoid putting all your eggs into one basket, so to speak. Minimize the blind spots in your sales efforts.

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Improve Employee Morale

Your employees are not robots; they are people with human needs. Bear in mind that many employees today quit not because of low pay or harassment, but because they do not feel acknowledged or valued. Employees need not only to feel accepted and valued but also find opportunities for personal and professional growth at your company. They want skill-building opportunities as well as a paycheck, so be sure to provide that, especially for younger employees. Not only can you regularly praise and acknowledge your employees and their work (in person and otherwise), but also hold regular interviews with them to check in on them.

Pay More Attention to Your Competitors

Even if your company is fairly niche and off-beat, there is bound to be competition in some shape or form, such as online catalogs and boutiques, or similar companies that offer related products or services. Without resorting to anything shady, find ways to know what the competition is doing and how they are doing it, which can give you new ideas and keep your company from falling behind. It’s also a good idea to attend trade shows and seminars related to your company’s field so you can learn from experts all around the globe.

Running a business is a tricky enterprise, especially in the modern age where the physical world and digital world go hand in hand. But staying relevant is absolutely doable, and any skill or current trend is 100% learnable through books, seminars, trade shows, workshops, and beyond. This can keep your company successful and thriving, subsequently protecting your cash flow, keeping your employees happy, motivated, and working hard, and keep your customers coming back!

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