Acquiring new customers is expensive and time-consuming. As a matter of fact, research shows that attracting new customers is 5X more expensive than keeping your existing customers. One of the most effective ways to increase your revenue is to invest more time with your existing customers.
In the early stages of building your business, you use marketing to attract new customers. Once you land a steady flow of customers, your work has just begun. As a small business owner, you need to keep customers coming back. This is why marketing to existing customers is essential for your small business.
Don’t let customer relationships fizzle out after the first sale. We have identified four methods you can use to invest more into your existing customers and to help keep them coming back.
Tip 1: Stay in Contact
Most of the time, your customers are not at your business. It’s important to stay visible by building brand awareness and marketing when you customers are not around.
Tip 2: Address customer needs
When you operate as a small business, you have an advantage over the larger corporations by offering a personal experience. What problems can your business solve for existing customers?
Find out what the customer expects as soon as possible. Ask open-ended questions during your earliest conversations and listen to understand customer perception. Open-ended questions are those that require something more than just a simple "yes" or "no" in response.
Tip 3: Collect data
Data is gold when it comes to marketing to existing customers. You can use data to personalize marketing strategies for current customers.
Find out your customers’ opinions by collecting feedback. For example, you could send a follow up email to a customer to ask if they are satisfied with your product or service. Have a place where customers can submit feedback. Also, set up a process to let customers know how you fill use feedback.
Tip 4: Add Complementary Services to Existing Products
Adding complimentary services or products may help you gain new clients, as well as maintain existing ones. Review the products of your competitors for ideas.
Tip 5: Set up a loyalty program
A loyalty program rewards existing customers for returning to your business. Creating a loyalty program also connects customers to your business.
A loyalty program rewards customers for buying from your business. Set up a loyalty program for your business to encourage customers to keep coming back. Since they draw current customers back to your business, loyalty programs increase your revenue while rewarding customers.
These are just a few tips on how to get more revenue from your existing customers. By implementing these simple tips, you will soon see opportunities you can use to develop or enhance your customer service policies and procedures. The best part about reflecting on your existing processes, is that your customers will benefit and feel that they are appreciated.
Make this a focus of your marketing efforts and you will soon see the rewards come back in the form of increased referrals and increased sales.
I have not failed. I've just found 10,000 ways that won't work - Thomas Edison
Today in your business, the day to day responsibilities may be moving like a bright beam of light in the sky. Fast. It may be so fast that some weeks your to-do list for the business can appear duplicated because you have not been able to manage the workload and thus prior week’s task gets moved into a new week.
The question then becomes, why? In many cases, it’s not because the task is hard to complete but more so because you did not have the visual reminder that a needed task was to be accomplished. When a checklist is used with operational processes and procedures, checklists can promote standardized work performance to help reduce variances; thus, reducing errors and costs leading to an increase in profits.
The key to developing checklist is not to include every single item you can think of for your staff or employee to complete - remember, they are professionals in their fields. The goal is to provide a resource of reminders to the most critical and important steps, many times all of what a professional and/or expert needs, even the most highly skilled.
If you think about the industries who presently use them heavily, you may think of healthcare, childcare and crime scene investigators just to name a few. These industries are filled with highly skilled professionals but having a checklist to accompany their day to day responsibilities can literally save lives. They can also do the same for your business. When launching a business, your brain switches gears into overdrive mode because you become so keened finding your ideal clients and building the business.
As you think about what’s next for your business, don’t forget that the products and services you are developing, marketing and branding are saving lives for individuals and business owners everyday. Thus, your focus should be to implement the proper tools within your business that will allow you to avoid the most common glitches by incorporating checks and balances.
Think back to the day you decided to kick-start your own business. The adrenaline was high and the “list of must do” items on your business list was overwhelming to say the least. How great would it have been to have resource tools , such as a checklist, to accompany you through those moments and days of confusion and frustration on what should be your key focus for a few hours, a day or even a week?
Using checklist and your business “to-do list” allows you to schedule activities and not let anything fall through the cracks. So, if you do something time and time again on a daily basis, and you want to do it right every time, create a checklist. In his white paper “Use This Checklist or People Die!”, Jacobson provides this checklist for creating your ideal checklist:
A. Target areas that are under-performing.
B. Establish a benchmark for improvement.
C. Document the sequence of tasks for each involved.
D. Prioritize each task and identify those that are essential.
E. Identify every area where a decision is made or judgment is required.
F. Implement a checklist and measure results.
G. Create a checklist for future edits – don’t assume you will get it right the first time.
Checklist, whether simple or complex have been identified as great tools to improve effectiveness and efficiency. If you feel like you or your employees could do more to optimize their time each day - create a checklist.
Can your business use a checklist? Sure it can.
Take action today and schedule your consultation with Fontenot & Associates Solutions, LLC today.
Whether you sell clothing, hair products or chicken and waffles, stellar customer service will help your business grow. Great customer service can be the difference between being able to compete and survive and failing for small businesses.
A company’s reputation is only as good as the customer service it provides. “The experience that individuals have with a company and then what they hear from friends and family influence their perception of and likelihood to do business with a company,” says Megan Burns, a senior analyst at Forrester Research, a Massachusetts-based research firm that specializes in customer service. It’s “absolutely an essential moment of truth for companies.”
Here are 4 small business tips for delivering a world class customer experience.
1.Start with Staff
The most critical person to hire in the customer service scheme of things is the manager.
As the business owner, you want someone who plans to stick around and aligns with the mission and vision of the business.
2.Use online tools to personalize assistance
Many customers have their first exposure to your business by visiting your website. The homepage of your website should be welcoming, user friendly and even a bit personal. Customers like to read bios or social media feed as they take time to decide about making a purchase of product or service. Online tools such as FAQs are key to connecting with customers and making the best of their experience.
3.Provide local support
Businesses may choose to outsource their customer service calls to call centers for efficiency and to save time but the business owners should not lose sight of the expectations of the customer service experience. The outsource employees should be trained to communicate with all types of clients.
4.Be Willing to find the answer
A customer always deserves an answer and it’s important to always be honest, but never say “I don’t know” unless you follow it with “However, I will find out for you.” – The Balance
Company's can do various quick fixes to improve customer service but why not start simple? Implement new policies and train staff on how to meet company expectations. This will provide additional clarity to the components of delivering the “WOW” factor in customer service.
As a small to mid-size business the relationships you cultivate with customers are a key aspect to differentiating you from your competitors. From the beginning, customers should know the culture you are building is designed to build long-term relationships with them. This not only builds trusting relationships but it also lets them know you are not out for the quick sale, your professionalism and experience is prepared to solve their problems.
As you well know and have heard repeatedly, customers by from who they like and trust. If you are a solopreneur this to you being responsible for building the customer relationships but if you have a support team and/or staff, it is your responsibility to train and prepare them for solving customer problems.
A small business can take advantage of its smallness to service the customer at exceptionally high levels. Customer service is one of the key aspects, which when done right, can take your business to the top.
Service them in the best way possible by starting with these three great tips.
1. Build a system
The customer service delivered should be consistent amongst all customers every time not just one. For this to happen you need the right systems and processes in place.
2. Employees with the right attitude
A vital element of great customer service starts with having the proper skill set to interact with customers on a consistent basis. This interaction can be via email, face to face or on the telephone and either way should not matter because the attitude of management and staff should create the positive impression.
3. Strive to offer the best customer service
To achieve goals for being known as a business who puts their customer needs forefront starts by example. As a business owner, the support team or staff will follow suit with what they see and is expected. Create a customer service guide for your business that outlines the deliverables and expectations when engaging with customers. This will show new staff what type of business they have joined and how much commitment and willingness to go the extra mile is expected.
Align your mission and brand with service and stay consistent, customers will reward you with loyalty and referrals.
Schedule your free consultation with our firm today, your new and existing customers will benefit from the change and growth in your business guidelines.
A franchise business is a business in which the owners, or “franchisors”, sell the rights to their business logo, name, and model to third part retail outlets, owned by independent, third party operators, called “franchisees”. Joining a franchise can be seen as a two-way process: the franchisor is assessing the suitability of you as a franchisee at the same time you are gauging the opportunity as an offer.
A business owner you should be prepared to do your own ground work in order to determine what kind of franchise you want to buy. If you have a particular kind of franchise in mind, then do research on that type and make sure it fits you, as a business owner and personally.
To invest in a franchise, the franchisee must first pay an initial fee for the rights to the business, training, and the equipment required by that particular franchise. Once the business begins operating, the franchisee will generally pay the franchisor an ongoing royalty payment, either on a monthly, quarterly or annual basis.
Generally, the franchisor will require that the business model stay the same. For example, the franchisor will require the franchise to use specific uniforms, business methods, and signs or logos particular to the business itself. The franchisor also exercises some control over some elements of the franchisee’s operations necessary to protect its intellectual property and ensure that the franchisee is adhering to its brand guidelines. The franchisor has little or no role in the day-to-day management of the franchisee’s business, because the franchisee is an independent operator and not joint employers with the franchisor.
Franchising is simply a system for expanding a business and distributing goods and services. It is based on a relationship between the brand owner and the local operator to skillfully and successfully expand. While every franchise is a license, not every license is a franchise under the law. In the United States a license becomes a franchise when three specific elements are in place:
The definition of a franchise can vary significantly under the laws in some states and may include other definitional elements including, but not limited to, the franchisor providing a marketing plan or maintaining an interest with the franchise. As a business owner seeking to purchase a franchise, how do you know if you are truly ready to be a franchisee?
Fontenot & Associates Solutions, LLC encourages business owners to understand their options as an entrepreneur and business owner and to be prepared for the daily operations, time and training ahead of them. Understand the details first, then move forward. The policies and procedures must be developed in detail and our firm is the right support team to get you started.
"If you hear a voice within you saying 'you are not a painter' then by all means paint and that voice will be silenced. - Vincent Van Gogh
Making the decision to climb out of bed every morning and drag yourself into a 9 to 5 is not always easy. But it is the reality of what many people face today. It is what they do every day to be paid at minimum wage from a CEO, with the big corner office. I’m sure you know that office, right!
Of course, you do! It’s the one office employees dream about having every time they pass by it. Does the future of that corner office have your name on it?
Not everyone is going to be motivated each day to work long nights and rise with early mornings for that big “CEO” corner office. Successful entrepreneurs are more ecstatic about waking up each day because they are the head of their own startup. The leadership they display about their passion is going to be the key driver to achieving the success they aspire to.
A published article by Entrepreneur magazine, supports the importance of staying passionate about your business because it is a key driver throughout the sustainability of a business. One way to stay passionate about your business is to fall in love with the problem. Falling in love with the problem allows a business owner to stay focused on solving the customer’s problem and not so much on their own solution.
Without passion, it’s difficult to differentiate yourself from the crowd and get people to take notice. Allow your passion to show in the “real” relationships you build. This will also display in your work or product – and will strengthen your personal relationships. This is imperative
when you are in the startup phase of your business. If your only goal is to make as much money off other people as fast as you can, eventually you will make business decisions for the wrong reasons and ultimately hurt your reputation and growth potential. The longevity of your business can be accomplished by developing more relationships, inside and out of the office.
This style of relationships is what helps fund your passion.
Your greatest strength in building a financially healthy business is being a keen listener to your customer needs. Act by performing research about your customer pain points when you want to understand their needs. If a customer says they want certain things it is important for you as a business owner to give it to them. This will in turn create the opportunity for customers to share their positive experience with your business and refer others to your business. It takes time to build wealth, stay motivated to build wealth with current, existing and new customers.
Use your passion to embrace, reveal and stand apart in your business.
You have finally done it!
You are mentally prepared to launch your own business. The battle of second guessing yourself is over. Keep in mind, that when you own your own business, there will always be something to do. Without a doubt, you can handle this challenge you have embarked on yourself because of the pure combination of brains, ambition and bravery. As you step out, be bold about it -- by understanding how to build a financially healthy business.
It’s no secret that capital is needed to fund any business. When just getting started, it is important to first be realistic about how much is needed to fund your business venture and where the funds will come from. Ask yourself, do you have enough in savings or will you borrow from family members? Ideally, if you are still working a 9 to 5 job, you will be using those funds to build your business. Don’t elude the importance of how much of your personal funds are necessary to maintain personal expenses, such as monthly mortgage and utilities.
Believe it or not, one of the key reasons entrepreneurs do not survive past five years is due to the process of poor accounting. For you, that will not be the case.
Here are 7 key actions to consider when funding your passion project:
Will it require some amount of risk to start a profitable business? Absolutely! However, in the process, you should not lose your passion. If you prepare yourself financially for the risks ahead, you’ll provide your business with the necessary runway to take off.
Putting in the time and effort up front to stack the odds in your favor and will help light the everlasting fire of entrepreneurship.
Please email us, firstname.lastname@example.org if you should have any additional questions or need business support with the development of policies and procedures or accounting.
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“Leave the door open to the unknown, the door into the dark. That’s where the most important things come from, where you yourself came from, and where you will go.” – Rebecca Solni
Clarity is defined as “the quality of being clear, in particular.” As a business owner, how clear are you about the future of your business and how clear is the plan to share that message with staff and customers? Most business owners in the small to medium market are identified as owners who spend more time working in their business than working on it, in comparison to their counterparts. Counterparts in bigger businesses, the owners are not working in the business, but they tend to lack resources and professional development.
The goal that is not clearly defined will not be clearly achieved as expected. Believe it or not, clarity allows passion and purpose for business owners to align and it becomes a means of overcoming obstacles. In a perfect world, business owners have the resources and means to develop clarity from day one. Since we do not live in such a perfect world, we strongly suggest that business owners start with self. Start with self-awareness, self-purpose, self-goals, self-strength and weakness and self-values. These will give business owners a head start on answering the “why” about the business. These will help you determine why a goal or vision is important and how it will help you achieve your overall business goal.
When taking on a challenge like this, the best recommendation is to start with simple steps. For example, have you ever come across a business who says “We offer GREAT customer service”? Any business can say it but do you know what it means? How do you strive for “something” if it’s not clear what that “something” is? You must give it some clarity and strive to put a definition to GREAT.
Here are 4 tips of how clarity can work for your business:
As a support to your business, Fontenot & Associates Solutions, LLC can develop your management policies and procedures that can not only bring clarity to your business, but also enhance business performance. Working with our team of professionals will help you define what your company does and where the company is going.
Visit us on the web, www.FontenotSolutionsBlog.com or join our community by emailing us email@example.com. We look forward to hearing from you!
Let’s make it happen!
As you wrap up another year of business accomplishes and defeats, it becomes an ideal time to conduct a yearly review of business activity for future planning. Building a cushion in your bank account isn't a complicated concept, instead of having just enough to pay bills and staff it is time to have a larger amount in the account. An amount that will not only allow for timely payments of monthly billings but enough to transfer into savings.
Cash flow is the life of an organization, its a means to pay salaries, buy supplies and make stock investments. As the statistics have shown, owners who cannot efficiently manage their business cash flow are almost certain to fail. To improve cash flow and sustain growth it will be important to build a cash cushion. Having cash reserves enables companies to cope with a business disruption, deal with seasonality, and manage slow-paying customers. It allows a business to take advantage of new opportunities should they arise, and plan for future growth by having investment capital available.
Here are just a few tips on how to business owners can boost their cash flow:
Fontenot & Associates Solutions, LLC recommends identifying the method or strategies which work for your business culture. Building a stable business for long term means having sufficient liquidity and a developed and executed form of policy and procedures with clear defined goals.
Does you current budget for marketing meet expectations? - Fontenot & Associates Solutions, LLC
I don't know about you but I'm tired of the small business statistics, according to Small Business Administration research, that report, only half of new businesses survive for the first five years and only one-third of new businesses are able to survive for 10 years.
Knowing what steps one would take to solve problems when they occur, because they will occur, can go a long way toward saving your company. While any unforeseen situation can cause for a nightmare, one important factor to question all business owners should ask themselves is, do I have a solid financial footing in place? Regardless of how the business fares out, it should not make your personal financial matters worse.
Negative cash flow can push successful businesses into tailspins, with profit driven efforts rapidly changing to panic and insecurity. If done properly, business owners should be able to detect problems brewing months away and develop uniquely designed strategic solutions. Unfortunately, many business owners don't have solund processes inplace to predict, revenue, expenses, and cash flows.
Let's make note of 4 key ways to examine and maintain a positive cash flow:
As with any business, planning is essential. It's no secret that small business owners have a lot to do. The financial implications of business ownership are extensive, yet critical to a company's success. However, starting your own business could be the ticket to the personal autonomy and financial independence you’ve always wanted.
Your vision will dictate your outcome. Fontenot & Associates Solutions, LLC is experienced with developing the business tools necessary to measure business success, visit us here to get started today.
Did I mention you can also find our article about your business cash flow is on the online magazine, Business Business Business?
Hello, I'm Terra the Founder and Marketing Director of Fontenot & Associates Solutions. Thank you for joining my Accounting world. Our blog's purpose is to teach with the determination of closing industry and accounting process gaps that knowingly exist with our uniquely designed detailed procedures and trainings.
My mission is to offer the best accounting results for all companies seeking to close their process gaps with actual solutions. With my Bachelors and Masters Degree in Accounting, I strive for continuous development and professional growth in this profession. My professional career has been in the Oil & Gas industry for nearly the past 10 years but my business focus is to support and train accounting professionals in all industries.