How to grow your business in 2020

How to grow your business in 2020

Growth is one sign of a business’s success, and it’s essential for a company’s viability and survival. However, many startups and small- to medium-sized businesses (SMBs) find it difficult to grow and become large corporations. According to a 2019 study, the average one-year survival rate of new businesses from 2008 to 2018 is 78.7%, but only a third of these establishments survive at least 10 years.

If you’re not growing but your competitors are, you’re losing out on new ventures and risking your company’s survival. Are you planning to grow your SMB in 2020? Here are some tips to get more customers, improve productivity, and increase your revenue.

#1 Listen to your customers

The number of customers and their initial transactions will only get you so far in terms of income. What matters more is their loyalty to your products and services. And while traditional advertisements and marketing efforts still work, it’s best to invest in research, surveys, and interviews to make sure your customers are satisfied.

According to a study by Spiegel Research Center, 95% of shoppers consult online reviews first before making a purchase. If your clients are having customers’ remorse and bad mouthing you online, not only will it cost you your current customers, but it will also hinder your company from acquiring new ones. Unless you have a binding contract, they won’t hesitate to turn to another company that addresses their needs and listens to their complaints.

To develop better relationships with customers, always ensure they have a positive customer experience. To do this:

  • Train your customer relations officer to listen to customer complaints without interrupting — as people tend to be more agitated when they feel they aren’t being listened to — and resolve their issues quickly.
  • Be more flexible with your refund and cancellation policies.
  • Encourage satisfied customers to post reviews on your website or social media pages by offering them perks.
  • Lastly, take note of their complaints and cater your services to address them. Your company should evolve with the changing needs of your clients.

#2 Manage your employees better

It’s not enough to have loyal customers; it’s also a must to keep your employees satisfied and productive to have a successful business. According to consulting firm, Work Institute, 41 million employees quit their jobs in 2019, and it is expected to jump to 47 million — roughly one in three workers — in 2020.

With recruiter fees, applicants’ screening, temporary replacements, and adjustments of the remaining employees, each departure costs businesses one-third of the worker’s annual salary. You can prevent this unnecessary expense if you spend more time boosting your workers’ morale and work satisfaction. Employees — especially the quality ones — don’t stay in a company just because of salary; they believe in the company’s goals and values and share your vision. They want a workplace where they belong.

According to a study by Slack, 80% of employees want to learn more about their companies’ decisions and 91% want to feel closer to their colleagues. One way to do this is by investing in an employee engagement app. This will provide you with real-time access to your employees’ motivations, how they’re feeling about their workloads, and their stress levels. You can even gauge your staff’s wellness and gain insights on what you can do differently to develop a better company culture.

Make your workers feel that they’re a part of a “movement” and they’re working for a common goal — your company’s core values. This will give them a sense of belongingness and ensure their loyalty to your business.

If you have more questions about business growth, contact Refresh Technologies. Our personalized, advanced IT solutions and top-notch cloud and security services, together with our tips, will accelerate your company’s growth in today’s highly competitive market.

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