Being a business owner is the dream of many. However, it’s not always as easy as it might seem. From handling finances to pleasing customers, there are a lot of moving parts to keep track of as a business owner. Falling behind or making an error in one department can have serious consequences that can crush your dreams. To ensure your company thrives, it’s important to know how to operate it smoothly. To help, take a look at our four steps to grow a successful business.
1. Get to know your customer base
Your customers are your company’s lifeline. Without them, you’d have no one to sell your products and services to. With that said, it’s important to protect them at all costs. To do so, get to know your customer base, including their wants and needs. With a better understanding of your audience, you’ll be able to curtail your products and services to better serve them and increase sales.
To understand your customer base better, take time to read reviews and testimonials left online. If you don’t have many reviews to go off of, ask your customers for feedback. You can do this by leaving a message at the bottom of your receipts asking for a review on your website or Facebook page, or send newsletters reminding your customers to leave reviews for your products and services.
Remember, when it comes to reviews, you want them to be legitimate. While it may be tempting to provide incentives, such as deals and promotions, to customers who leave reviews, it can hurt your legitimacy and cause search engines like Google and Yelp to penalize you.
2. Hire the right employees
Your employees are the backbone of your business. They’re the ones on the front line pushing sales and interacting with customers to grow your base. With that said, you want to pick your employees wisely because they’re the face of your company. One bad apple can spoil the whole bunch, which is why you should take your time to ensure you hire the right employees.
To find the right employees, it’s important to do a comprehensive background check. This way, you won’t face any unsuspecting surprises, such as an employee with a history of theft or a worker you hired as a financial analyst with a poor credit score. Background checks can uncover a lot of pertinent information, including:
- Criminal history
- Credit report
- Education history
- Previous addresses
- Personal information and Social Security information
- National Sex Offenders Registry
- Employment history
Significant details background checks include are a candidate’s criminal history and credit report, as they both tell very different aspects of a person. For example, criminal history can provide information about small misdemeanors to more significant felonies. On the other hand, credit reports uncover financial information, such as debt, late payments, and tradelines. For most, you may be wondering, what is a tradeline? A tradeline details consumer accounts and lines of credit, with information such as account name, credit limit, credit balance, and date of delinquency. This information can prove useful, especially if you’re hiring for financial positions, because a candidate with a poor financial background can stunt your business’s growth, rather than boost it.
3. Attend networking events
Networking is another essential aspect of running a business. Through networking, you can grow your business by finding new customers and other businesses to partner with. There are plenty of ways you can network. From attending in-person networking events in your area to joining online professional network communities, you can find like-minded business people who can give you industry tips and information to help take your company to the next level.
4. Harness the power of social media
A free and easy way to grow your business is harnessing the power of social media. Through social media platforms like Facebook, Instagram, Pinterest, and Twitter, you can promote your products and services, reach a broader audience, and communicate with customers. With a social media management app, you can make timely posts, create social media marketing campaigns, and so much more.
Growing your business can be a challenge, especially with all of the other tasks on your plate as a business owner. However, with these four steps to growing a successful business, you’ll be able to bring in new customers, improve sales, and make your brand name seen and heard.