The race for a formidable bottom line is, more often than not, the factor that drives business ventures and entrepreneurial initiatives. You want to increase your return on investments while simultaneously seeking information on what the competition is doing. You compare your competitors’ output and scope of coverage and strategize to match or exceed their numbers. But comparing yourself with yourself is also a good strategy to work your way up the rungs of profitability and success as a business and entrepreneur.
To make such comparisons, you should look at various salient issues such as the following:
- Review Your Ratings With Your Customers And Clients – happy clients/customers make a successful business. Review the feedback and satisfaction status of your clients and customers. The market you serve must be satisfied. Your customers must not pay to receive your apologies. They pay for their satisfaction so “I’m sorry” may not cut it.
- Take Feedback Nicely And Seriously – customer/clients feedback is not an opportunity to join issues with the provider of such feedback, notwithstanding that the feedback may be adverse. Customers and clients may provide adverse feedback in the life of your entrepreneurial journey. This happens to be so because customers seek satisfaction and value for money. Thus, customers may always be quicker to express their disappointment.
- Work Smart To Address Customers’ Concerns – It’s helpful that you have a dedicated resource that’s skillful at handling and answering issues and questions raised by your customers. Don’t take customer issues for granted, they make or mar you.
- Carry Out Spot Checks – of the resources that you’ve put in place to address customer and client issues by wearing the customer’s shoes sometimes. Speak with the customers also as often as possible to know their feelings. Remember that the customers lay the golden eggs, therefore you cannot overlook their concerns and needs. If required under the circumstances, stop until the customer’s issues have been addressed. If your target market is well served with all grounds covered through your enterprise, you will have little or no need to be bothered by competition. Your good reputation will go before you, sustain your performance and be dynamic.
- Be On The Right Side Of The Law – The regulations governing your chosen industry were put in place to be complied with. Don’t toy with them, it’s cheaper in the long run to comply than cut corners. When you run afoul of compliance with regulatory provisions, a clog is thrown in the wheel of your progress, your availability to your customers is affected, your bottom line is threatened, etc.
- Make Your Internal Resources Happy – The significance of your internal resources can never be overemphasized. You have to work out ways to keep them satisfied while they keep you in the line of your target.
The only way you win is really to do the little things right. Doing the little things right becomes you and it reflects on your bottom line eventually.