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See also: 22 Tips to Start Tire Business in Nigeria
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To acquire success is easy, but to maintain it is difficult.
This calls for a need for technical knowledge on how to maintain the success.
You have acquired through committed effort in your business.
Many businesses have risen and fallen due inadequate knowledge of how to manage the success.
Some small scale business operators fail in their businesses due to lack of success maintenance.
They felt as long as they have attained the height of success, they will never fail.
This has prompted me to do some research.
And came out with some profitable strategies.
That will guide successful businesses from falling from “grace to grass.”
1. Planning
“Plans are nothing; planning is everything.” Plans always change.
However it’s important to plan your strategies.
People think of planning as final decisions with no chance to change your mind later.
However true planning involves looking at a number of choices.
And choosing the best path to take.
Sometimes planning takes you off your chosen plan, and that’s ok.
Keep your eye on the goal and change accordingly
See also: Top 50 Iron Steel Related Business in Nigeria
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2. Customer Service
Let’s face it, customers keep you in business.
Without your customers, you would have no revenue.
Therefore, it is important to take care of your customers and make sure they are satisfied.
Most revenue comes from repeat customers, not new ones.
Keeping your customers should ALWAYS be the priority.
Don’t approach your customers with bias mind from your previous experience.
Either from home or elsewhere.
You might pick a quarrel with your wife before going to your business.
And a customer with her resemblance approached you, instead of you treating her like a queen.
You extended the anger on her and say all of you are the same.
Don’t do that, it will kill your business success.
Leave what happened at home at home.
When you go back you can continue from where you stopped.
3. Don’t be Afraid of Risk
Business is fickle and ever changing.
Neglecting risks will cause your industry to stagnate and lag behind your competitors.
It is important to change with the times because return always increases with risk.
However, it is important to balance risk taking with safety.
Risky ventures have large payoffs because they are so risky.
When deciding on taking on a new risk for your company.
Carefully evaluate the pros and cons.
And make sure that your return is worth the risk.
This is where your planning comes in!
See also: Tips to Start Wheat Flour Production Business in Nigeria
4. Retain a Competitive Edge
To gain and keep customers.
You need to provide a product or service that is better than anyone else has.
It is always important to keep an edge over your competitors.
If a rival business overshadows what you do best, you will need to discover another competitive edge.
This is where you will usually need to take.
5. Encourage Flexible Working
More of us are looking for an equal work-life balance, and that’s being encouraged by those at the top of the organizations. Flexible working can be hugely beneficial for staff.
They’ll feel like they have the freedom and not the restriction of working hours.
To make time for home and family emergencies, health appointments and other commitments.
As long as the work is done, that’s all the matters.
Remote working is also useful for some staff, but of course, for some businesses and staff members, this might not be possible.
Try rolling it out to a few members of staff first before giving it to everyone.
It should be seen as a reward and staff are respectful of the trust you’re giving them to be flexible.
6. Always Communicate
When there’s no communication in an organization, things can fall apart, and mistakes can happen. That’s never good for business, so it’s important to stress the necessity to communicate between employees and in particular, the different departments of your company. It not only clears up any uncertainties but it builds relationships between the staff, which of course is always a positive.
7. Streamline Your Finances
Whether you’re a new business or one that’s been established for several years, it’s critical to maintain good finances because that’s what keeps the company afloat. You can streamline your finances a lot easier nowadays using software that keeps everything from your expenses to your invoicing, all in one place. This means nothing will get lost or forgotten about which can be important when you have money coming in and going out on a daily basis.
If you haven’t already, it’s always good to have a finance team that solely work on the finances. You should also seek advice from financial business advisors on how you can save money in the business. Perhaps an audit of some sort would be handy for the advisor to look at all aspects of the business.
Read on: How To Start Cassava Farming Business In Nigeria
8. Set Goals
Goals are a great for predicting the successes and failures of a company. They should always be put in place daily, weekly, monthly and annually. Without it, there’s no direction on where to go and what to do. So set goals for yourself and for your staff. Give managers the creativity to dream big and conduct meetings to go over new goals and the progress of existing ones. Always keep a record on how everything is doing, and you’ll certainly see the results, which in itself can be extremely motivating.
9. Focus On The Digital
The digital world is so powerful at the moment, and when it comes to social media and digital marketing, there’s a whole world to take advantage of. If you haven’t already, build your company a website or improve the one you’ve already got. Take advantage of all the talented web designers and SEO whizz kids that can help build traffic to your site. You’ll also want to have social media profiles on as many platforms as you can, the main ones being Twitter, Facebook, and Instagram. Connect all of these and your website together using your company name and branded logos, banners etc. It’s important to spread the right message and also to help customers, clients and potential investors recognize your brand.
Having a digital profile also makes it handy for you to communicate with your customers. It provides them with a line of communication to reach you directly, whether that’s through email or just by tweeting you. It’s frustrating when customers can’t find the means to contact you, so it’s beneficial to have it available.
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10. Reinvent The Business Strategies
Whether it’s a certain campaign, project or product that’s not working well, it might be time to reinvent the wheel and try something new. There’s no point to it if it’s just losing you money or wasting time. Seek and find new and creative ways of refreshing your business strategy.
See also: How to Start Plastic Recycling Business in Nigeria
11. Never Give Up
There will be times where the failures outweigh the successes. And you may on occasion have a bad day, month or even year. But the important thing is to not give up. It’s expected in life, that not everything is perfect and sometimes mistakes can happen. But instead of chastising the company or anyone in it, it’s a learning curve for the business. Take the criticism and lessons and use it going forward. This will ensure you don’t do the same thing twice and it turns itself into a success.
Giving up is something that no successful person ever does, and even if it seems bleak, there’s always a light at the end of the tunnel.
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12. Focus On The Digital
The digital world is so powerful at the moment, and when it comes to social media and digital marketing, there’s a whole world to take advantage of. If you haven’t already, build your company a website or improve the one you’ve already got. Take advantage of all the talented web designers and SEO whizz kids that can help build traffic to your site. You’ll also want to have social media profiles on as many platforms as you can, the main ones being Twitter, Facebook, and Instagram. Connect all of these and your website together using your company name and branded logos, banners etc. It’s important to spread the right message and also to help customers, clients and potential investors recognize your brand.
Having a digital profile also makes it handy for you to communicate with your customers. It provides them with a line of communication to reach you directly, whether that’s through email or just by tweeting you. It’s frustrating when customers can’t find the means to contact you, so it’s beneficial to have it available.
13. Reinvent The Business Strategies
Whether it’s a certain campaign, project or product that’s not working well, it might be time to reinvent the wheel and try something new. There’s no point to it if it’s just losing you money or wasting time. Seek and find new and creative ways of refreshing your business strategy.
14. Never Give Up
There will be times where the failures outweigh the successes. And you may on occasion have a bad day, month or even year. But the important thing is to not give up. It’s expected in life, that not everything is perfect and sometimes mistakes can happen. But instead of chastising the company or anyone in it, it’s a learning curve for the business. Take the criticism and lessons and use it going forward. This will ensure you don’t do the same thing twice and it turns itself into a success.
Giving up is something that no successful person ever does, and even if it seems bleak, there’s always a light at the end of the tunnel.
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15. Keep in Touch
Friends who stay in touch, stay friends, isn’t it? There are a lot of ways to build out that relationship. For instance, a simple message on birthdays and anniversaries is one way to show you care. A smarter approach to sending out such email messages is to run automated campaigns. You can set up a variety of email campaigns:
- Send an onboarding message to a new customer
- Share helpful content from your blog
- Create an emailer with hot new tips for your customers
Email marketing doesn’t have to be expensive either. There are many inexpensive email marketing tools to choose from. A simple email is good enough to offer your customers a little more than they expect from your business. Well, and when it’s automated, it’s super-fast and easy to manage.
16. Offer Rewards for Referrals
Running a complex rewards program can be tricky and time-consuming. But you can always run your own smaller version of a loyalty program. Offering a bonus or a gift of appreciation would be a pleasant surprise for clients. Plus, you can ask for referrals.
Let’s say you’re running a local fitness studio. You can offer a month’s free subscription to anyone who gets you a new member. Next, you can include it in your fitness automation program, with onboarding follow-ups and enticing motivation (very important in the health sector). Include it on your social media pages.
17. Set the Right Expectations
Ever felt cheated to find a product or a service doesn’t live up to your expectations? You would not want the same reaction from your customers, right? At times businesses exaggerate their offering for getting more sales. Being honest is the best way to lay the foundation of lasting customer relationships. It’s good to be clear about what you can provide before making a commitment.
18. Impeccable Service
When companies are too worried about growth, they start devoting everything to sales. The result: existing customers don’t get the attention they deserve. Prompt service could be the best way to stand out in a competitive market.Customer service can either be memorable or a complete disaster, take your pick. Clients always talk about their buying experience with peers. Being ready with a helping hand is all it takes to provide better customer service and build trust.
19. Get Feedback
You might be a great chef. But knowing about your restaurant visitors’ tastes adds to your skills. The same is true for any business.
A little hospitality goes a long way in getting close to your customers. There’s no better way than to talk to your customers and ask for feedback. This way you’ll be killing two birds with a stone by:
- Getting to know what your customers expect from your services.
- Making your customers feel valued.
But small business companies which rely on user-generated content need to keep users inspired to share their input. By rewarding positive user-behaviour these companies manage to see repeated behaviour in the future.
20. Social Media Monitoring
Clients always look for a quick response to their queries. At times, they put them up on social channels like Twitter. Responding will help you win those much-needed brownie points.
You can make use of a social media monitoring tool to keep tabs on your brand mentions and respond.
- Be more personal on social media
- Do not paste standard replies
- You should not delete negative comments
- Take negative feedback in your stride
Social media is for customer service and for knowing your audience.
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21. Be Approachable
Your business should be approachable to (potential) customers. Customer care numbers, email contacts, are all critical. It’s essential to display these on your site. Chat is becoming more popular.
Your site, by the way, should be well designed and quick to load. Recent SEO trends and tactics research showed that those are among the top 5 things that get people to leave a site once they have landed on it. Make sure the contact option is right there and visible.
21. Remarketing Campaigns
It might seem only for new customers, but many times your loyal visitors would come to your site and move on without looking back. Don’t forget they showed an interest in what you’re selling. Remarketing campaigns are a terrific way to connect with them again.
A paid campaign pointing at those who visited your site is a cool way to win back lost leads. The repurchase is loyalty. You can make use of remarketing campaigns on Google, Facebook, and even LinkedIn.
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Conclusion
Being nice to your customers is the best way to get them to make larger purchases from you. The strategy can help you to turn your clients into money-making assets. Happy clients will give you everything – sales, positive reviews, testimonials, and referrals. As a small business, you need to make ‘customer delight’ a habit and everything else will fall in place.