Insurance Services of Washington Blog
If you think your business is stuck, then you should know why. However, it doesn't matter which industry your business is in or at which level of revenue it is stuck. The problem is always how to reverse it and take your business to the next level. You need to challenge your present standards, and you may have to raise the bar for your small business. Here are some action steps that you must take in order to get your business back to growth.
Market to Both Current and Past Customers
Your first marketing priority is not new customers but your current and previous ones. Pay attention to them because they are the ones who may be able to do business with you in the future. Look for ways to reward customer loyalty and to improve engagement with new ones. Identify new needs, communicate with them, and let them know that you have the solution to their problems or needs.
Find Ways to Create a “Wow” Experience With Your Customers
Not just with your customers but with your prospects, make sure that you have found ways to satisfy them. Make sure that you go beyond the usual level of satisfaction by adding extra effort that should make the client or prospect say, "Wow!" Ways to wow the customer include a very polite, positive, and caring way for employees to engage with customers. Another way to wow customers is execution or the speed and excellence with which you can solve the customer's problem.
Raise the Level of Your Leadership
The higher the leadership, you can expect that the more efficient your business is. If your business is currently “stuck,” then it means that something’s wrong with the leader’s current level of leadership. Recognize your current limitations and work on them. Grow as a leader by learning more about the business. Sharpen your leadership skills and train your managers and employees as well.
Identify System Bottlenecks and Correct Them
In order to improve your revenue, think of your business as one large system with several subsystems. These subsystems include marketing, selling, fulfillment, HR or people management, and back-office or admin. Find out where the bottlenecks are in one or more of these systems. Deal with these right away, enlist ideas to improve this, while you also enlist employees who can help you with the matter. One small change could significantly improve leverage.
Some Final Words
While your present marketing strategy may be working well, create a new marketing engine for a new market of customers. Marketing is a system that can determine the growth of your business. If it's terrible, then marketing can prevent growth. If it's excellent, then it can lead the business to massive growth. Whatever happens, make sure that you have a business insurance policy to buffer your mistakes in case you commit one or more.
At Insurance Services of Washington Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (425) 868-1123 or Click Here to request a free quote.