March 21, 2016
Business owners need to maintain not only clients but employees to keep operations running smoothly. One big mistake employers make is not promoting from within. Some positions won’t be able to be filled by your existing employee pool, but when they are not considered for vacant or new positions, loyal employees can feel underappreciated. This could lead to lower performance or those employees quitting, which leaves you with the task of filling their positions as well.
Keep Your Customers
The loyal customer is the biggest asset a business can have. Sometimes, business owners take for granted their established client base when going after new customers. Consider the needs of existing customers and what makes them feel appreciated. By offering discounts only to new customers, businesses risk making existing clients feel that they are no longer valued. One alternative might be a referral reward system, by which existing clients get a discount for anyone they refer, and the new referral gets the discount as well. Keep in mind that if your clients feel the need to go elsewhere, they may tell others of their negative experience.
Track Your Finances
It may seem elementary, but business owners can get so caught up in other aspects of operation that they don’t pay attention to financial statements or check them in-depth. Simply looking at credit card and bank statements is not an in-depth examination of financial health. Hiring an experienced CPA can help you in this regard.
Establishing systems will help your business function more efficiently. Working with office managers and department leaders to implement a plan will ensure consistency and minimize interruptions during times of transition, such as vacations, maternity leave, or employee turnover.
For more information, please see http://www.entrepreneur.com/article/272425