How customer surveys help a business grow
Any business is all about generation of the maximum revenue without reporting any loss. For that the entrepreneur needs to get to the crux of the business and study about it inside out. Collection of data with the help of surveys from the customers helps to reveal about the preferences of the customers but only if they are analysed in the proper way. Here are a few ways how the customer surveys can help to improve the business.
1. Helps to recognize the target audience – Customer satisfaction is all that makes a business successful. These surveys help every size of business to know what the public and the existing customers think about the business. This helps the company to make the prospective clients become regular customers. Surveys help to pinpoint about what exactly the customer wants and what the company is lacking.
2. Shows benchmark measurements – Benchmarking helps to know in which areas the company can improve and what are the weaknesses. They also help on how to maintain the strengths. If the company comes to know where to begin then it will allow to track the success of the strategic planning.
3. New ideas – Data from the customers will help to reveal the latest trends that will help to understand the needs of the customers. If the company knows what the customer needs, it can come up and develop new and innovative ideas. When you recognize the demand for a particular product, a survey will help the company know how much the customer is ready to pay for it.
4. Develop customer relationships – Customer are able to share about their feelings through the survey and gives them to be a part of an improvement in the business. Incentives lures customers and a survey assures them that the company are taking care of their needs. The customer feels that their opinion actually matters.
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6 Mistakes first-time company founders can make
First-tie founders of companies could actually be considered as the future of a strong market. They are passionate about their work and have better ideas. When they succeed, they also change the lives of people around them, but such people also tend to make mistakes. Here are a few mistakes that first-time founders usually make.
1. Not considering the market risks – Market risks are realistic and exist and can be the sole reason for a company to fail. It is a great idea to work closely with the customers as to what they actually want and validate their ideas. A number of people often waste their energy in perfecting the technology.
2. Ignoring a feedback – A customer is a third person who has seen a drawback first hand. His feedback has to be considered very seriously. If ignored, the problem could remain at the same place and could grow. It is important to work on a constructive feedback of anyone.
3. Hiring the wrong people – If a person has the qualification but not the skill, then such people are of no use. It is important to hire people who have the actual skill, irrespective of the qualification. People who have the skill can make a dramatic difference.
4. Taking the wrong advise –In a startup, there will be a number of people who would come up with their respective advises. But while taking an advise, just make sure that you consider the source and calculate your response accordingly. Not all people have the valid advise.
5. Going too fast – it is important to take one step at a time. Baby steps are the key and could lead you to success. Making blind investments could not give you an idea as to what the future would lie.
6. Ignoring mental peace – it is natural for founders of companies to remain stressed. They are now the owners of a company and not 9 to 5 job employees. Many of them work tirelessly without having a good night’s sleep. Take out time for yourself and take opportunities to unwind.
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Tips to maintain a successful family business
There is a vast difference between a family business and a business that has been newly established. However, it is not a common scenario to see a family business to be passed on to the second ad the third generation. The percentage to pass on the family business is very low. Those who do manage to take the family business to generations do have certain driving factors. Here we will be discussing the points that help towards the success of a family business.
1. Communication – This is the key and different families have different ways of communication. Make sure that it is open and regularity of it is essential. If you sense any kind of communication problems, make sure that you confront it and bring out a solution immediately.
2. Change with times – When the family business has gone through many generations, the times have also changed. It is essential to take the business to the new generation as well and adopt new and modern ways to cater the latest era. There could be risks but there are always adoptive issues that get solved ultimately.
3. Keep family problems out of business – Indeed the family is involved, but when it comes to decision making and other factors related to the business, make sure that the family issues are out of the boardroom.
4. Never recruit family members – when it comes to staff and leadership positions, make sure that you recruit people from outside and not family members. There is a pool of talent out there that could be more helpful to you and the people who be more dedicated.
5. Maintain supremacy – A successful family business is due to the trade secret that might be maintaining certain quality. Make sure that you maintain that quality without any compromise and watch your clients be loyal to you forever, despite the competition in the market.
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4 Reasons why the client is always right
There is a very old phrase that says that the client is always right. It is the customer or the client who helps the business to be successful. Here are a few very valid reasons why the client is always right.
1. The customers make the business – Entrepreneurs who go by the rule or believe that the client is always right, actually know the importance of their clients. A business cannot stand without clients. There is nothing better than a good feedback from the client it makes the entrepreneur feel welcomed and appreciated. There are also a number of businesses who forget this phrase once they become successful. The success of the business depends on the service that has been provided to the customers. There is nothing better for the customer than personal attention and appreciation.
2. Backlash from the customer can be unhealthy for the business – A backlash from the customer would mean that there has been something wrong with the service or the product. Once wrong move or a little leniency would lead to a dissatisfied client. This mostly happens with some of the established business who are no longer interested in serving their customers better. Lack of service have the ability to sink the business as it affects the reputation. Stop before it becomes an epidemic.
3. It marks good business ethics – Giving the client a priority is good business ethics, which is a group of actions which are morally correct that includes treating the customers as well as the associated well.
4. It is a standard – Customer service should be a whole department in a business firm. Special team assigned to just manage the clients leads to the success. A number of businesses suffer due to customer loyalty and customer loss that happens mostly due to lack of service and attention towards the clients. It is also wise to allow the client to be right even amidst a dispute.
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8 Signs you have it what it takes to become an entrepreneur
An entrepreneur is not just about being ambitious, but it has a deeper meaning. While some might be happy being in their respective jobs, serving their companies, but there are people who like to live life on their own terms and this is one of the biggest sign of an entrepreneur. A business begins in the person’s head first and then applies to the actual world. If you are one of those, look for these signs that might hint that you have it to be an entrepreneur.
1. You are comfortable with isolation – This might sound like some mental illness, but an entrepreneur need some time alone and those lonely nights when they motivate themselves and ask themselves what best they can do with the penny in their hand.
2. You read a lot – Gaining knowledge never goes waste. A promising businessman, wishes to learn more about the trends and little things that you might come across on a new day.
3. You believe and apply smart work – Hardworking also makes a person strong and promising, but smart work is a quality that creates an entrepreneur. You find ways to make things work easily and not through a long way.
4. You are not deterred or scared of failure – Failure is a part and parcel of a business and a promising entrepreneur does not mind it.
5. You don’t like to be ordered – One of the biggest qualities is that you don’t like to be working under someone and like to be your own boss.
6. You like to have company of intelligent people – Entrepreneurs are hungry for ideas and being amidst intelligent people gives them a source.
7. You seek feedback – Not everyone takes feedback the sportily. It is a promising businessman, who is hungry for one.
8. You can work from anywhere – Yes since you are not an employee, you are concerned about your own baby which is your business, due to which you can do anything, i.e. you can work from anywhere.
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Strategies to protect your dwindling business during pandemic
The year 2020 proved to be fateful for a number of small and big businesses due to the coronavirus pandemic. There are a number of business that have already shut down or are struggling to keep up in the current scenario. While some have changed their directions towards other businesses, some are still finding ways to float. The good news is that you need not to shut, but apply a few strategies to firewall your business.
1. Cut on unnecessary expenses – This is a time when you need to cut down on the unwanted expenses where ever possible. This will help to get lean and will also help you to be confident to have some extra saving in your balance sheet. There could be a few things like magazines subscriptions and other things that do not make any sense anymore.
2. Innovate – You need to introduce innovation in every aspect of your business to make it work and survive. Make your clients realize why you stand out in front of your competition. They need to realize why you are unique and why your services are different. This is where innovation starts working.
3. Digital marketing – While the pandemic time might not be encouraging everyone to travel and give personal visits, digital marketing is the best way to reach your target audience. There are courses that could be done and watch how your company becomes popular overnight with the help of digital marketing.
4. Restructure – Make a new system completely by starting new. You can appoint limited yet new staff members to be explored to new ideas and new energy levels. Fresh ideas help entities to adopt new strategies with the help of influences.
5. Take Minimum risk – While the second name of business is risk, this pandemic, you need to take minimum or no risks. Working capital is what should be your preference and that could be limited. Give it a priority.
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5 Business ideas that can be implemented from home
Gone are the days when you need to have or rent a commercial space and have a lump sum capital to begin a business. Times have changed and so has the scenario. People these days are trying to find a revenue potential even in the smallest things. A thriving business can be set up even at the comfort of your home. All you need to have is some wisdom, tact, patience and off-course business ethics. For those who are longing to start a business from the comfort of their home, here are a few ideas that could be implemented without much efforts.
1. Photography – Not many are aware but there is a big demand for quality pictures and fine photography out there in different sectors. If you are good at photography and pursue it as a hobby then it can be a great idea to allow it function as a side operation. It is a great way to earn some extra income.
2. Baking at home – There is nothing sumptuous and inviting than the fragrance that comes out of an oven that is baking a cake or some cookies. Baking cookies and cakes at home is a thriving idea and people are usually attracted to home-made stuff than the ones that are packed and sold at the stores.
3. Freelance writing – This is the cheapest option as you just need your writing skills and our laptop and fulfill the demands of a number of people who demand for online web content.
4. Digital marketing – There is a huge demand of people who have a hand on the social media or for people who know how to post an add on Facebook.
5. Party planning – This is another business that is lucrative and does not need much efforts or investment. You just need to pay attention to the needs of the people who wish to organize a party which is not rocket science.
6. Home day care – If you love children and like to spend time with them, you can open a home day care for children who have working parents. You just need some space and some basic amenities to be child-friendly.
Photo Credits: Pixabay