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.
Photo Credits: Pixabay
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.
Photo Credits: Pixabay
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.
Photo Credits: Pixabay
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.
Photo Credits: Pixabay
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.
Photo Credits: Pixabay
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.
Photo Credits: Pixabay
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
5 Surefire Ways To Ace An Interview Every Time
During our lifetimes, there has to be at least one time when we gave an interview. It’s a process where a company wants to hire a professional to fill in a job requirement, and their way of getting to know the candidate is through an interview.
Different companies conduct interviews in a variety of ways. While some are laid back and open to how the candidate wants to express himself/herself, there are other organizations that can be strict about their interviewing procedures from the get go.
In case you’re that individual who really wants to get into a company but is afraid that something might go wrong, or if this is going to be your first interview going in, use these 5 Surefire Ways To Ace An Interview Every Time:
- Research – One of the first requirements to acing an interview is to prepare. Just going in and taking things as they come will not take you far. You will need to find out about the company first – things like their Vision Statement, the company website, history of the company, major landmarks, press coverage and anything that you can get your hands on. Not only will this prepare you for the type of interview you are going to be faced with, but when you show knowledge about the company you plan on working for, you will definitely impress the suits across the table.
- Be Passionate – True, the majority of the working class just wants to earn money and works for survival. Ultimately, everyone knows that. But don’t make it about the job or the salary hike you might earn. Show a genuine interest or passion for what you are doing. For example, if you plan on getting into a career that entails writing or designing, show some passion towards what you are doing. Anyone would love to add an enthusiastic person to their payroll.
- Appearance – Another important key to ace an interview is how you appear. Whether you are applying to a tattoo parlor or as CEO of a multinational company, first impressions are the biggest impressions. Be crisp with what you wear and look like you are in it to win it, not like you just rolled out of bed and need to give this interview because you have to. The way you dress says a lot about who you are, so make sure that you convey a moral employee who will be a benefit to the company.
- Knowledge – This isn’t just about textbook knowledge. We are talking about knowledge in general. For example, if you want to get into the finance sector, do you know anything about how it works? It’s sub-sectors? Fields? If there is any information you can gather about that particular industry, make sure you retain it and impress your interviewers with this knowledge. Also, you are bound to be asked that same inane question: “Why do you think we should hire you?” Be prepared with a great answer that is honest and to the point. If you believe you will be an asset to the company, make sure that you let them know about it!
- Ask Questions – Just as you are being put on the spot with your potential employer’s questions, feel free to ask them questions yourself. It won’t show you are arrogant (unless you pose some arrogant questions), rather it will make you seem that you are interested in what is going on and that you are an assertive human being. Asking questions will also open the way for them to understand you better and meet your demands as well.
Check out this comprehensive article on advice given by some of the experts.
IMPORTANCE OF DEPARTMENTS WITHIN YOUR BUSINESS
You are the boss of your company. You built it from scratch with your blood, sweat and tears. Everyday you work towards building it and see it grow, the same way a loving parent would do for their child. There are many intricacies with running a full-fledged company. In the beginning it may have been a start-up and you were able to manage the daily affairs efficiently. Then as it started to grow bigger, you invited friends and loved in to help you out. But then there came a time when you had to delegate responsibility to other individuals so you could concentrate on the business itself. All major entrepreneurs will tell you that in order to take your business to greater heights, you need to start handing out responsibility to others so that you can use all your energy on the important stuff – making your business grow exponentially. Here are some of the departments that you will need in your legitimate venture:
Finance Department: Everything works with money. Whether you are trying to run a house or full-fledged business, you need finances to get you going. The finance department is supposed to make this happen for you. From mundane things like paying bills to dispatching salaries to the employees, your finance team will do it on behalf of you.
Human Resources Department: To run a business, you need people. Right at the front door there may be security, you might need a personal assistant and other qualified personnel to help you turning your brainstorming sessions into reality, etc. It is the human resources department (popularly known as HR) that will handle this task for you. It is their job to find the right people to help expand your company. Human Resources is so important today that there are Masters and MBA degrees that specialize in HR!
Marketing & Advertising Departments: You might have a brilliant product that you are sure is going to sell like hot cakes and be a hit with potential customers. You have spent a lot of time building it and making it suitable for the public at large. But you do not know how to get word out there about it effectively. Enter the marketing and advertising departments. They will come up with strategies, campaigns and ways to make sure that your product is sold out there in the market in the best way possible. They are qualified to come up with unique and tried and tested ways to get your product from your boardroom onto the streets.
Information Technology Department: These days, everything runs on computers and machines. Whether it is the software or the hardware that your company uses, you cannot use your precious time cracking codes or huddling under the desk checking wires. This is where the IT department comes to use. They make sure that all your online stuff is working seamlessly because let’s face it – without the use of computer technology, you might as well get yourself a time machine and go back to the stone age. These brilliant employees need a significant place in your company.
These departments are the basic pillars of a company. Depending on what you are specializing in, there would be other departments that would help you carry forward your venture. Other departments include Legal, Planning, Projects, etc. Whatever decision you take, remember something that Sir Richard Branson advised: you need to employ people who will be the backbone of your company, dealing with its daily running so that you can concentrate on more important issues. Very sane advice, indeed!
Is there anything that you would like to let us know? Maybe you’ve got your personal stories that you would like to share? Comment below!
THE IMPORTANCE OF BEING IN BUSINESS
You might still remember the thought that led to a dream about beginning your business. Maybe it was your intuition that made you realize you wanted to be your own boss. Or maybe it was that business tycoon you looked up to who always seemed to change the game in their field. Whatever planted that seed, you have kept up to the idea of starting your own business. Here are a few reasons encouraging you to go ahead and begin your own venture.
Being Your Own Boss: One of the best parts about owning your own business is that you get to be your own boss. You get to make the rules and run the show. Starting up a venture means that you also need to come up with the mission statement of your organization, know in what direction to take your work – basically CREATE from scratch. There is no other satisfaction that comes close to waking up everyday and making the rules.
Taking The Risks: Another benefit of starting your own business is that you get to take risks. People are usually intimidated, if not afraid, about starting the word “risk”. But think about it in a positive way – all the blood, sweat and tears that you’ve put it will reap great rewards. When you take that leap of faith, it is almost certain that you will meet success on the other side. Do not think about losing because that will unnecessarily divert your attention. Make sure that you look ahead always and simply jump.
Building Your Own Team: So maybe you worked before as an employee with someone else and had to be part of a team or department. You didn’t get to choose who worked with you and sometimes your ideas were shot down or ignored. But guess what? Now that you are the boss of your own venture, you get to decide who will join you in the walk to success! One of the major tips that entrepreneurs will give you is that you need to surround yourself with like-minded people always so that everyone goes in the same direction.
Tax Benefits: There are many countries that offer tax benefits for budding companies and small businesses. Check with your legal team (if you have one) and apply for these benefits as soon as possible. Also, loans offered by banks come with special features that will be good for your venture. Never underestimate the power of a tax benefit because after all, every penny saved is a penny earned that can be put back into your venture to offer better service to your customer.
Creating An Awesome Product: There are so many legendary entrepreneurs out there who had an idea, worked with it and went down in history. Maybe that idea in your head is another revolutionary product that you know will change the market you work in. You may just never know until you decide to take the plunge and start that business. How would Steve Jobs know, walking barefoot across the street to a temple for free food, that Apple would break all sorts of technological records and go on to revolutionize personal computers and the way we listen to music? It is because he took the risk and made his dream a reality.
Believe in yourself and the product that you plan to create and just go with it. No one ever succeeded by only dreaming. That is just the start – the true adventure will happen when you turn your dream into a business venture. If you have it inside you, you also have the potential to make it real. So go ahead, register that awesome company name and start creating!
Got any more tips for a start-up business that you want to share? Or maybe you have stories of your own success. Comment below!