The large majority of things worth living for don’t come overnight. As a business owner, you’re well aware that if you want a positive outcome, you have to not only work for it, but you have to invest in what you have available here and now. That may be a lot or nothing at all, but learning to take advantage of what you have is the best way to reach your goals. The problem many business owners run into is that they spend too much time brainstorming how they can drive sales, but not enough time learning about how they can invest in the company itself. Although pushing sales will certainly allow you to see some short-term success, if other areas of your business aren’t growing and developing as well, you’re going to be disappointed with your progress several years down the line. Keep reading to learn more.
Company Culture
In the business world, company culture is the investment that keeps on giving. And many business owners don’t take the time or effort to create a company culture that garners success. Think about it, if you took the best sports players in the world and put them on one team, would they be very successful? Chances are, each player would perform well, but it’s unlikely there would be enough team chemistry to make anything significant happen. Now take some more mediocre players who share the same goals and values and put them on a team together. This team will be far greater than the sum of its parts and result in a team that’s self-sufficient well into the future.
Your company culture can be viewed in a similar way. That’s not to say that your employees are mediocre by any means, but they all have something to bring to the table and aren’t necessarily all-knowing in any facet. Company culture is not only what makes a place interesting to work at, but it’s what drives goals and allows your company to flourish in a market that may seem impossible to navigate otherwise.
So what are some ways you can invest in your company culture? A good place to start would be to hold more company-wide events or fundraising opportunities. These are great ways for your employees to get to know each other and to pursue things outside of work.
Customer Relations
In our last two blogs, we talked about the importance of customer retention. Although this is part of the customer relations process, it certainly doesn’t encapsulate the whole picture. Customer relations includes anything from providing easy access to customer service, reaching out to potential customers, and maintaining your communication with existing customers. If you’re so busy pushing sales that you skip over a customer’s complaint or concern, you’re not doing your business any favors, and customers will likely speak out about the poor experience they had with you.
When it comes to customer relations, your investment is more about time than anything. If you notice yourself starting to focus too much on sales and not enough on customer relations, you’re going to need to take a step back and either plan out a new system for communicating with customers or improve what you already have in place. Remember that it’s nearly impossible to run a successful company without happy customers. Take the care to invest time into your customer relations now and you’ll benefit later.
Business Relations
Another component to investing in relations is in regards to businesses. It’s tempting to fall into the mindset that your business is alone in the industry and that any other company is competition. And although this is probably true in most aspects, the most successful companies are always looking for ways to partner with other companies while remaining competitive. For example, a home renovation company and a waste disposal company would have excellent synergy together. It may be difficult to cold call a company asking about a partnership, but it could be the beginning of a long partnership that’s highly beneficial for both companies.
Contact FRF Consulting Group
One of the most important parts of investing for the future of your business is understanding who you should go to for advice. At FRF Consulting Group, our highest priority is to provide you with the knowledge and skills you need to enter the business world and succeed in it with confidence. No matter what industry you’re in, having the right know-how is essential for being able to formulate a solid business plan and make decisions that will affect you well into the future. If you have any questions or you’re ready to get started, contact us today.
Read part two of this blog to learn more about investing in your company.
