Achieving business excellence is a core goal of every business and organization. Forbes reported that a staggering 54% of companies that reached the 10-year mark since 2000 were unable to grow earnings or sustain their success. The reason is not that businesses have learned to do the wrong thing, but rather because they did not know how to do the right thing from the start.
Fortunately, there are many ways to develop excellence in your business operations that come from both tech-savvy and old-fashioned techniques alike. We focus on the entrepreneurial mindset and how to develop it. This is the first step in business success but here are our 17 steps for how to build excellence in your business.
1. Know the value of your company.
This is a question that every small business owner(owner) has to answer when they first open up shop. What do you believe your company is worth? Is it 1/3 the cost of what you’re selling or more? Understanding what your product or service means not only to yourself but to those who buy from you is essential in being able to set a price for it.
2. Know the value of your employees.
Every business owner wants to have well-trained, motivated employees. However, the reality is that you’ll be lucky to keep them for as long as you want or need them, so don’t put money into training until you’re certain that it’s worth it. Also, understand that your employees are what make or break the business and treat them as such.
3. Only offer products that are in-demand,
By offering a product or service that is in demand, your company can provide an easy way for people to do business with you and even recommend you to others. By not only knowing what you’re selling but also knowing what your customer wants, you’re ahead of the game.
4. Invest your marketing budget in value-added services.
Rather than spending money on a fancy logo or advertisements, invest in the services that you do best. Services are what will lead to generating income rather than wastes of time and money on things that don’t provide any real return on investment (ROI).
5. Know your customers’ needs.
Know who your company is geared toward as well as who they serve or provide for. Keeping up with what your customer wants will allow you to stay on their radar and bring more customers in the door. It’ll also help to know who your competition is so you can find ways to outdo them in order to keep your customers buying from you and bringing their friends.
6. Always be learning and improving.
It is never good for business if you are complacent or stop learning, both personally and professionally. As soon as you stop learning, you stagnate and become ineffective; which are two things you want to avoid at all costs.
7. Understand why clients want or need your product or service.
When your customers know, they appreciate the value of your product because they know that it was customized for them and that without it they wouldn’t get what they want or need.
8. Know how to grow your business before you do it.
A business that isn’t growing or isn’t technically sound will become obsolete in a very short amount of time. By knowing how to grow your company before you actually do so, you’re better off.
9. Know your competitors’ strengths and weaknesses.
Knowing each other’s strengths and weaknesses allows one company to rise above the rest because they know more about their competition than the others do. When a person knows how to handle the competition, they’re ahead of most of their competition.
10. Stay in touch with your clients.
Keeping in touch with your customers and clients allows you to continue to provide a service for those who need it. If you don’t work hard enough to stay in touch, it’s likely that your competition will take over and you’ll be left wondering why your business is not doing as well as it used to.
11. Don’t settle for less than you deserve.
Not having what you want or needing a new product are some of the main reasons that people shop. Having what you want and not needing a new product are two things that make people regret their decision to go out to get it.
12. Don’t work for free.
No matter how big or small your business is, you need to do whatever you can in order to make the most amount of revenue possible. If you’re willing to work for free, your competitors will be more likely to take over your business.
13. Think outside the box.
No business is perfect and no product or service can ever be considered the “best.” Companies and products need to always keep in mind that they can always be better than what they are currently doing if there is a better way to do it.
14. Don’t sell a copy.
Businesses that sell a copy are businesses that are not willing to stand behind their products and services. Businesses that sell a copy usually have middlemen who do not have the capacity or motivation to make sure that the product or service is selling based on its quality, reliability and functionality.
15. Read your contracts carefully.
Some people don’t understand how contracts work, but it is important to make sure you comprehend them before signing. It is the law that you do not have to read contracts, but it is recommended.
16. Do not take advantage of your customers.
Consumers are often taken advantage of by companies because they give a company trust and then when there is a question or problem with the product or service, they are left with no answers for their questions and concerns. This could be due to the company not being able to provide them with good answers or because they are making money off the consumers’ fears.
17. Think about what you can do differently and better than your competition in order to keep your customers.
In order to keep customers, you need to always think of something that you can offer them that your competitors may not offer. This could mean giving them something that is unique to you.
If you want to achieve business excellence then it is crucial that you know what counts and what doesn’t. By knowing about these 17 simple steps, you will be able to take your business further than your competitor and into the national spotlight.
Good luck on your journey to business excellence!