4 Tips for Business Growth
Sean Rudner, President & CEO, StockPKG
A common goal amongst nearly all businesses is the desire to grow, yet many plateau and can’t seem to become bigger and better like they’d hoped. Why? It’s easy to become set in your ways and comfortable with current processes and procedures, but the difference between plateauing and growing is operating outside of your comfort zone and adopting new ways to thrive. In markets so competitive, it takes innovation, honesty and trust to move the needle regardless of the size of the company or prominence of the brand. Here are four simple tips you might easily overlook on how to successfully grow a business. If these are procedures you already have adopted, they will serve as a good reminder of simple tasks that can change a business. These proven tips below ensure your customers are happy and that your business can be trusted, ultimately resulting in company growth.
#1 - Don't Get “Shiny Object Syndrome”
Many companies become so focused on acquiring new business they completely forget about their existing customers. It is much less expensive to maintain an existing customer than it is to replace them. At StockPKG, we’ve implemented systems requiring us to stay in constant contact with our customer base. We make a point to call every single customer – large and small – on a regular basis. This helps maintain those solid relationships that are so necessary in the industry.
#2 - Goals, Goals, Goals
We set monthly goals like many other companies, but have three specific aims outside of revenue and profitability:
A) Total number of orders: We don’t concentrate on the size of orders, but simply the number of orders placed. If the job is done correctly, order size will grow in time.
B) Total number of repeat customer orders: Since our priority is to maintain existing customers, the number of repeat orders from one customer holds extreme importance.
C) Total number of new customers: Our team sets definite goals for our sales and customer service departments, placing them high enough so our employees work diligently. At the same time, we ensure they are fair and attainable. We provide daily assistance to our customers to help them with their own businesses, truly believing in the notion if they succeed, we succeed.
#3 - You Can't Save Your Way To Prosperity
Don't get me wrong, we focus on controlling our costs. However, we make it a point to be a customer-oriented company. We are in a consumable business – we don't look to generate our money on just one order. We keep our margins tight and review the customer’s worth over the lifetime of our business together.
#4 - Use Your Spare Time Productively
Many entrepreneurs choose to spend their spare time talking to their suppliers because it “feels good.” Instead, I spend that time talking to prospects and existing customers to learn more about their business (how they’re perceived by customers, ways to improve, etc.). Be sure to make the effort to pick up the phone and ask your customers specific questions on how you can improve as a supplier. You may be blown away with what you’ll discover.
Next time you’re out in the field speaking with new business prospects or working with current customers and clients, keep in mind these four important principles – simple, yet honest and life changing. You’ll be shocked with your outcome and can expect genuine company growth in no time.
About the Author
Sean Rudner is the president and CEO of StockPKG with a focus on turning the company into an all-in-one business resource to ultimately help customers grow their businesses.