Success means something different to just about everyone, but in the hyper-competitive business world of the Empire State, you measure success through profits. For entrepreneurs and investors, the rule of thumb is that you have to spend money to make money, and you have to do your level best to make more than you spend.
There is no one-size-fits-all business strategy, but there are a few golden rules that can increase your earning potential and profit margin. Starting your business is the easy part, but coming up with ways to make your business profitable is where the real work begins. If you own a small business and are looking for ways to turn your company into a lasting success, then continue reading.
Protect your business.
For many businesses, their Achilles heel is their security infrastructure. If you don’t take the proper precautionary measures to secure your investment, then your company’s chances of survival are nil. Most crimes are crimes of opportunity, so you have to do everything in your power to minimize the opportunities for criminals to breach or compromise the cyber and physical security of your business.
The first step of protecting your enterprise is to secure the premises on which your business sits. It’s impossible for you to see everything that goes on in your business, but you can catch a whole lot more with an enterprise-level surveillance system.
With an advanced surveillance system like the ones Verkada offers, you can monitor your surveillance cameras from anywhere via your smartphone. With Verkada access control, you can dictate who has access to what doors, and the system can even tell you who entered or exited specific doors, and when they did so.
Get your employees on board with company procedures, policies, and goals.
As your business grows, you’ll need to bring in new employees to fill gaps in your company. One of the hardest things about dealing with new hires is getting them up-to-speed so that they can become an asset to your company. Hiring and training new employees is an expensive process and time-consuming process, so it’s imperative that you maximize your training sessions to get the best out of your new hires.
As a business owner, you must be vigilant about making sure your employees receive the proper instruction to be successful in your company. One of the best ways to deliver pertinent information in training sessions is to create a training video for new employees. Be sure to give your new hires an exam at the end of the session to see that they’ve retained the information given to them.
Get serious about your finances.
One of the aspects of running a company that many business owners struggle with is managing their finances. If you aren’t a financial guru, then it’s prudent for you to seek the expertise of people who know money like the back of their hand. Even though NYC is the financial center for America–and even the world–the Big Apple is far from being the only big-money market in New York state.
HighPoint Advisors is a firm of professional financial consultants in Syracuse, NY with a track record for helping individuals and companies to achieve their monetary goals. If your business operates in Upstate New York, then why scour New York City for financial advisors when the solutions you need are in your own backyard.
Provide gold-standard customer service.
Customer service is arguably the most important part of a successful company. Even if your business falls short in other areas, excellent customer service can take your business to the next plateau. Customers love to know that the companies they patronize appreciate their patronage.
If you want to grow your customer base and create customer loyalty, then provide them with the Grade A customer service that they expect from pros. By implementing a virtual call center and customer relationship management (CMR) software, you can get to know your customers more intimately and provide around the clock support. That’s the stuff that makes a winning customer service game plan.
Ramp up your marketing.
Outside of providing excellent customer service, marketing is the most important part of garnering new patrons. If you’re a small business owner, then you don’t have the marketing budget that big companies have–but all isn’t lost.
These days, social media may be the best way to market your business. Most Americans have at least one social media account, and people use platforms like Instagram and Facebook to keep up with their favorite people and companies. A couple of the greatest things about marketing on social media is that it’s inexpensive and easy to do. So if you don’t have a social media profile for your business, then it’s time to create one and start sharing!
- Surveillance Cameras in the Workplace and Public Places: Pros and Cons
- 10 Ways to Ramp Up Your Social Media Marketing
- The Enthusiastic Employee: 16 Myths on Employee and Performance Management
- Train Customer Service Representatives to Cross Sell
- Top 10 Ways You Can Increase Revenue Using Social Media Marketing in 2020