Sunday, January 31, 2016

Retaining Employees in Small Business

Retaining employees in a small business is sometimes not an easy task. Unlike big organizations small businesses have  smaller budgets therefore they cannot offer many perks to their employees. Small businesses have to use ways other than spending money to retain & motivate their employees. Some of the things they can do are as follows:

Respect Your Employees: The first & most important thing when you desire to retain your employees is that treat them as human beings, do not criticize or yell at them. Try not to do anything that hurt their feelings. Always be polite and talk  to them in a friendly tone. Communicate with them often and try to understand their problems.

Train & Develop Your Employees: Show them how to perform their duties in the right way. Also, time to time teach them new things. Take interest in their career development. This will motivate them and help them to work with confidence.

Give Recognition & Reward Your Employees: Every time any of your employees meets a target or perform well recognize his / her efforts in front of other employees and reward him / her by giving a letter or certificate of appreciation. Be generous with praise. This will make him/her feel good and increase employee's loyalty with the organization.

Involve Your Employees: When making decisions involve your employees. Ask their opinions and then make decisions accordingly. Keep them engaged and make them understand that problem solving and meeting targets is a team work. This will make employees feel important and they will work hard to implement the decisions wholeheartedly.

Allow Flexible Working Hours: Be result oriented and do not make rigid rules. Offer flexible working hours to your employees or allow them to work from home. As long they are meeting the deadlines you should accommodate them. Make family-friendly policies. This will provide you highly motivated and loyal employees.

Do Not Layoff Your Employees: Even in difficult times make laying off employees your last option. First focus on cost cutting. Communicate with your employees and ask them to come up with cost cutting ideas. When you will help them in testing times then most likely they will be with you when you need them.

Profit Sharing With Your Employees: Every time your organization does well and earn some handsome amount then celebrate this with your team. Also, share the profit with your employees by giving them a bonus. This will not only increase their motivation but also increase employees' loyalty toward s the organization.

Provide Good Working Conditions: Treat your employees well. Make sure the working conditions you provide encourage them to work hard and stay motivated. Give them proper tools, a comfortable place to work and all other necessary facilities which make them to perform well. Make your work place a happy place.

I hope you found the above helpful. Please feel free to comment.

Sunday, January 24, 2016

More Business from Existing Customers

There are several ways to increase your sale but getting more business from existing customers is the most economical and easiest wayUnlike big business owners mostly small business owners know their customers and they are in touch with them. On the other hand, acquiring new customers costs time, effort & money. Following are some of the actions you can take to get more business from your existing customers:

Communicate with your customers frequently: More you will talk to your customers more you will understand them and their needs. Also, time to time visit their premises, this will give you a better understanding about their requirements and give you ideas how can you serve them better.

Improve your product & service: As mentioned above, communicate with your customers regularly and improve the quality of your products & services according to the feedback you receive. Keep in mind without customer satisfaction neither you can retain them nor you can get any business from them.

Offer more related or unrelated products: Find out what else your customers need or what else they could use. You can offer them more items by increasing your product range or by offering other related or unrelated products. For example if you supply marble flooring to different home builders. You can also offer them marble floor cleaning products. Similarly you can offer other items used by them like doors, window glass, kitchen cabinets etc. This will not only make your customers' lives easier but also result in expanding your business.

Start a customer referral program: It is one of the best and economical ways to gain new customers as well as retain the old ones. Reward  your existing customers who bring you new customers. Encourage them for referrals by offering them a special discount, by giving them a VIP status or by sending them a gift,  Also, personally thank them for helping you locate a customer.

I hope you found the above helpful. Please feel free to comment.

Friday, January 1, 2016

Retaining Customers in a Small Business

All businesses need customers to survive & grow. Gaining new customers as well as retaining old ones is necessary. Here we will discuss actions needed to be taken to make them return to you again & again.

Usually, it is not possible to for huge organizations to personally know their customers but a small business has an advantage that it can meet and give personal touch to each of its customers. 

Following are some of the ways, you can apply in your small business, to retain your customers and gain their loyalty:

Honesty is the best policy: Sell truthfully. Never lie or cheat your customers. Be transparent. Always make sure that your product / service quality is up to the mark. Never compromise on quality. Make sure you deliver what you commit. Always check that your weights & measurements are as per your offer. This will help you gain trust of your customer.

Serve your customers well: A good customer service is essential for every business.  It produces satisfied customers who would like to revisit you. A good customer service includes: 
            treating your customers with respect,

             meeting their expectations and

            giving them a complaint free service.

 It is only possible when you fully understand the needs of your customers. Providing a good customer service helps you build a strong relationship with your customer. This eventually results in generating more revenue & expansion of your organization.

Communicate frequently: Always stay in touch with your customers. Try to meet them when possible, otherwise communicate them via phone, email, blog etc. Keep them informed of developments related to them. Time to time get their feedback regarding your products & service. Then take necessary actions accordingly.

Delight your customers: Happy customers are the loyal customers, who keep coming back. Keep in mind, the happy & loyal customers are the backbone of any business as they bring more revenue. The more a customer is happy the more business he / she will give you. Always give your customers the importance they deserve & delight them by:

            giving them excellent service,

            thanking them time to time,

            giving them gifts / discounts,

            being flexible with them,

            under promising & over delivering them and

            by listening to them.

Create a complaint handling system: A complaint registering and handling system plays a vital role in retaining & gaining loyalty of your customers. More quicker you respond in an appropriate manner towards the complaints more you will have satisfied customers.

When you receive a complaint listen to your customer very carefully and try to comprehend the problem. Then try to find the best possible solution. Customers are not interested in merely lip service, they want right action. Try to resolve the dispute as quickly as possible. Remember retaining old customers is a lot cheaper & easier than getting new ones.

I hope you found the found the above helpful. Please feel free to comment.