5 Ways to Make Your Franchise More Successful |
Posted: March 27, 2019 |
Running a successful franchise or small business is one of the most rewarding things a person can do, but the rewards don’t come easily. Many small business owners can feel like they’re running on a treadmill, i.e., feeling exhausted and getting nowhere (particularly in the early days), but the truth is that building a business is a marathon and not a sprint. You need stamina and a huge amount of self-belief, but you also need to know when to take a breather. Stop going through the motions, slow things down and think about how you could make your business more successful. Here are 5 business health checks to get you started. 1. Sharpen Your Customer Service A survey by American Express found that 78% of customers have cancelled or decided not to purchase from a company because they experienced poor customer service. It’s also widely accepted that it takes multiple positive experiences with a brand to make up for just one negative one. In addition, selling to loyal repeat customers is much easier than attracting new ones; you need to be 100% confident in the quality of your customer service. Take a critical look at your current processes to identify potential issues. What are your competitors doing that could give them an advantage? How do you communicate with customers? Read your reviews and take constructive criticism on board. Happy customers will recommend you to friends and family, and word of mouth is a very powerful tool for a new business. 2. Invest in Marketing Marketing is, unfortunately, an area where many start-ups and new businesses struggle to make headway. A big reason for this is that they’re often too busy running the business itself to even think about anything that’s not necessary for terms of daily tasks. However, there are plenty of simple and low-cost ways to promote your business such as sending out promotions with your invoices, advertising your business on your vehicle with a vehicle wrap, joining professional and/or business organisations, and sending press releases to local media to mark significant achievements. 3. Build or Improve Your Online Presence If you’re business isn’t online, i.e., you don’t have a website or a presence on social media, you’re likely to be missing out on customers. According to a study by UM Media in 2018, 76% of UK consumers research or get inspiration online before they make a purchase. A professional and easy to use website which has been optimised for search engines will greatly increase your chances of being found by the right customers. It can depend on your industry and target audience, but social media platforms like Facebook, Instagram and Twitter can also be great, low-cost ways to increase brand exposure. Most people use their mobile phones to browse online now, so make sure the website is mobile-friendly. 4. Cut Business Costs In addition to finding new customers to increase profits, you also need to think about ways you can reduce costs. Look at your outgoings and see if you can identify areas you could be spending less. Perhaps you’re paying a lot in vehicle expenses or rent for office space which could be downsized. Utilities like electricity, gas, and water are regular costs which can often be reduced by switching business utilities supplier. You can use online services like Utility Bidder which will find you a better deal and handle to switch for you so you can get on with running your business. Review your expenses and outgoings regularly to keep on top of areas you might be overspending. 5. Hire the Right Employees You can’t do it alone; you need to surround yourself with the right people is key to long-term business success. Making quick recruitment decisions can often lead to high staff turnover, which is not conducive to a motivated or experienced team who share your ambition to make the business the best it can be. Focus on hiring quality staff, train them well and find ways to keep them with you for the long term.
|
||||||||||||||
|