Creating a company whose history is filled with stories of speedy growth has been a businessperson’s dream for centuries. It’s the perfect basis for a rags-to-riches story, and that story has been lived happily by many people. Almost without fail in the modern era, certain tenets have described the trajectory of successful businesses. If you’re trying to create a wealth-based story in your own life, you might check to see if your company has taken the following measures.
1. Create a unique product. Copycats create an environment in which any original idea eventually becomes commoditized. In the space of time between that occurrence and the formative idea, there are typically years of potential profitability. Extending that profitable period often requires new innovations to be added to the product design. However, this is not always the case, as a certain cola beverage manufacturer has demonstrated.
2. Price your product or service so that a fair profit can be achieved. It’s important to create a perception that your pricing is fair. Unfair pricing, or price gouging, is completely different than brand up-selling, however. If your market is upscale, it’s essential that you price accordingly. Ensure that higher quality matches the elevated price range though, or your higher prices will backfire.
Purchasing Return Customers via Telephone Systems
3. Online availability is as important as having something for sale in the first place. With a brick-and-mortar store, it’s easy to grab local business, especially if you’ve opened the first and only tire shop in town. But with online shopping the norm, it’s nearly impossible to grow at an expedited rate without online access to your wares, be they physical or intangible.
4. Vertically scalable phone systems facilitate the growth of the ordering side of the business. As sales numbers increase over time – often a short period of time, depending on the industry – servicing customers becomes more involved than a mere ordering system can handle. Customers need a place to file complaints, to learn about warranty claims, and to transact other account-specific business, as well as to order more products. Using the same three line system that got your company moving along from the garage-based concept to an independent stand-alone building isn’t especially savvy if your phones are ringing off the hook frequently. Missed calls are missed opportunities.
5. First rate customer service is now a nationally recognized entitlement. It may not be so in other countries, but in America, the vast majority of people have grown up believing that when they’re customers, they are correct. Offering service which accedes this point is essential, not only to profitability, but to longevity and survival.
6. Standing behind your product is necessary. Whether that’s a lifetime warranty or a three year warranty, it’s essential to the recipe of first-class business practices that your company stand behind its offering 100%. Anything less creates suspicion of either a shoddy product, or bad service.
7. Rewarding loyal customers is a practice that’s been going on for centuries. Although times may be ‘modern,’ it’s important to recognize the successful habits of the past, and to carry them through to the future. Whether it’s the occasional discount on a large order or a party invite, it’s essential to good business to create a rewarding scenario for loyal customers who return again and again. Without loyal, returning customers, even the most profitable business will wither on the vine.
These seven business tenets should form the cornerstone of your company’s policies. From newer ideas including the internet and telephone systems, to old time practices, these have proven useful in many success stories.
Article by BuyerZone. BuyerZone is a leading online service provider that connects buyers and suppliers for a range of services and equipment such as telephone systems.
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Seven Tenets of a Successful Business Practice