When your business is still in infancy, it is difficult to make major moves that can take your company to the next level. After all, big moves often require resources that you just do not have at the moment.
However, this does not mean you can just stand pat and do nothing to improve your business. Sometimes, little things can have the biggest impact. In fact, here are 5 simple business tips that can lead to more success for your startup.
1. Turn to the Cloud for Technology
One of the fastest ways to increase efficiency and productivity within a company is by investing in business technology that can automate or supplement certain parts of your business operations.
Unfortunately, business technology can also be very expensive because companies needed to invest large capital for expensive hardware and infrastructure. That is why enterprises are usually the ones who are able to implement the best tech.
However, this has changed with the rise of cloud technology. Now, more and more companies are able to offer business technology like business phone systems, cloud storage, and project management systems on a subscription basis by hosting it on their own data centers and delivering it via the internet. This makes such important business tools more feasible for startups and smaller organizations.
Without the costly capital investment required, even small businesses can now invest in business technology that can improve their chances of success.
2. Stay Focus on the Entire Customer Journey
As a startup, your focus is to get as many customers aboard as possible. After all, customer acquisition is where the money is.
However, if you focus solely on this aspect, you are neglecting your existing customers. This can eventually lead to high churn or cancellations for service providers, and no repeat customers (in the case of consumer product providers).
Sales are important but do not forget to engage your customers after the purchase. Make sure that they do not regret purchasing from your company, because if they do, they will not turn into loyal or repeat customers.
3. Provide Great Customer Service
As mentioned, you have to take care of your customers before and after the sale. Part of this is providing great customer service throughout the entire customer journey.
Make no mistake, however. Customer service is more than just smiling and being polite to people. The goal is not just to pacify their frustrations and anger, but to actually provide actionable resolutions to their concerns.
To do this effectively, you cannot just wing it. And it does not need to be expensive, as there are simple ways you can improve customer service without breaking the bank.
Great customer service goes a long way towards keeping loyal and long-term customers, so it is something every company – big or small – should invest in.
4. Study Your Pricing
Coming up with the right price can be tricky. There are different pricing models that you can use to come up with your price and each has its own advantages and disadvantages.
But the first step in determining price is always research. Take into consideration both the fixed and variable costs needed to produce your product or service. You also have to consider if there are regulatory or legal constraints that can affect your price. You also have to consider the price of your competitors as it will give you an idea of how much the market is willing to pay for your product or service.
Once you have this information, you need to determine your goal. Do you want to maximize profit on the short-term or for the long-term? Do you have a large inventory and want to maximize quantity?
From there, you can determine the pricing model that will determine the right price for your product or service.
5. Be an Acquisition Target
Sometimes the best and easiest way to take your company to the next level is to be acquired by a bigger company. Many venture capitalists and large corporations are looking for the next product or service to make it big, and they are willing to pour money into those that pique their interest.
So, why not create a product or service that will be interesting to other companies? Usually, these are products or services that will be of use to them as well, say, something that can be integrated with an existing product or service.
If you achieve this, you can be part of a bigger company without shelling out your own money, or you can also just sell your company itself to the highest bidder. Either way, you win.
These are just some of the simple things you can do to make your company more successful without having to spend too much. It is a matter of maximizing what you have at little to no cost.