Running a business is a great way for people to take control of their financial destiny. However, while owning a company can be beneficial, it’s certainly not without risks and challenges that must be overcome. One of the underlying challenges of managing a company is that of making the company appealing, something that applies to your clientele and employees alike. Here are a few ways to build an approachable and profitable business.
In order to bring people in, be they customers or applicants, your place of business needs to be well kept. This can mean any of several factors need to be tended to, many of them purely aesthetic in nature. For starters, consider the exterior. Start by employing a lawn care service in order to aptly maintain the grounds of your company headquarters, and consider the added benefits of growing flowers on the premises. Landscaping can be useful in situations in which your building sits on rough terrain. The exterior of the building itself is also important, however, as apparent flaws with the building’s exterior speak to a lack of maintenance. The evidence of maintenance is the evidence of monetary stability or success, as well as that of investing in your business.
The interior of your building is arguably much more important, at least once you’ve gotten people through the front doors. Therefore, an equal or greater level of attention needs to be given to the building’s interior. For starters, the interior of your building should speak to the established branding associated with your company, and this can have an influence over the color palette of your building. For example, consider retailers like Target. Target’s branding heavily uses the color red, and that color is seen throughout their stores. The specific colors used both in your branding and in your interior design need to be given immense thought, as color has been shown to impact mood. In addition to the palette, one needs to ensure that comfortable seating is available that doesn’t sacrifice an elegant appearance. However, leaning too heavily into class can turn off consumers in a business that offers a more universal product or service.
Incentives offered to both customers and employees are shown to provide more long term brand loyalty, which tends to offset associated costs that might drive business owners away from this practice. In order to incentivise customers to choose your business over other options, you can offer reward programs, for example. Take into account programs like CVS’s extrabucks in which purchases are often rewarded with a currency that is exclusive to CVS and equates to occasional savings or outright free products once enough points have been saved. Programs like these encourage additional shopping by making each purchase a chance at additional savings.
Keeping employees on your roster can be an even greater concern, because fewer employees means that each employee counts for a greater percentage of your workforce. While employees can be replaced, there are costs associated with doing so, including time in which their absence can be felt. One way to incentivize employees is to offer benefits like health and dental insurance. These valuable services can be prohibitively expensive to some, and a business that offers to pay for these services or even merely help pay for them stands to gain the loyalty of their employees. This creates a reason to keep doing the job beyond simply a paycheck that one can pursue elsewhere, for example. It will also improve the morale of your employees, which may in turn boost productivity.
Marketing is one of the most fundamental aspects of any business precisely because it heavily dictates the public’s awareness and opinion of the brand in question. Therefore, your marketing strategies need to be on point in order to gain clientele and applicants. Marketing encompasses several distinct methods that all seek to accomplish these goals, the most well known of which is advertising. However, the foundation of marketing is knowing who to market to. Establishing a personality for your brand influences everything else, and your brand’s personality needs to speak to the people around you who are your potential customers and employees. This means that you need to do some market research in order to determine the demographics to which you’ll be tailoring your brand.
While running a business successfully depends on managing the intake and retention of customers and employees, there are a plethora of proven methods to do so. Research into this topic is an essential part of any successful company, especially a fledgling company that has less to fall back on in case of mistakes. Using these tips as a jumping off point, you can drastically increase traffic to your business, as well as the loyalty exhibited by customers and employees.
Publish Date: July 22, 2020 12:40 PM