5 Do’s and Don’ts for Modern Businesses
Running a business is a lot of hard work. There are customers to satisfy, employees to motivate, and whole host of other factors you need to take care of. Plus, you can’t forget about those pesky rival businesses that are trying to take your customers away from you. Yea, they’re a nuisance — but you need to stay ahead of the game. Otherwise, your rivals will release better products than you and start to control the marketplace!
So, to help your business become more modern and perform better, here are 5 do’s and 5 don’ts for you to follow.
Recycle, Recycle, Recycle
Embrace Digital Operations
21st century business operations are in full flow. Now, there is no excuse for businesses to be behind the times. Technology is here — and it’s not going anywhere. Therefore, your business needs to wrap both its arms around digital operations and embrace it like a long-lost friend.
The most exciting part about modern technology is that it can be incorporated into pretty much every aspect of your business. Customer service? Provide it online through your website. Customer data? Store it using cloud technology. Marketing? Do most of it online through channels like social media.
Invest in R&D (Research and Development)
R&D is a highly debated topic. For some businesses — particularly smaller ones with limited budgets — conducting genuinely effective R&D is difficult. However, suppose you’re a fast-growing or already established firm. In that case, it’s highly recommended that you invest some of your funds into R&D. For example, you can invest funds into product development and new technologies.
Focus on Customer Feedback
Businesses cannot grow or be successful without listening to the people that matter: The customers.
You can gain customer feedback on a consistent basis through various means, including social media surveys, product reviews, and directly calling customers to speak with them in-depth.
Create Contingency Plans
The past year and a half have shown just how fragile the world’s economy is. At any moment, disaster can strike. So you need to be ready for it.
Modern contingency plans should consider everything; from where employees will work if they can’t come to the office, to backup suppliers if your main supplier is experiencing supply chain difficulties.
Bonus ‘Do’: Be Creative With Membership Programs For Customers
The modern customer loves membership programs.
Membership programs allow customers to build a bond and rapport with the brands that they like. Moreover, membership programs are beneficial to both parties: Customers get discounts and other benefits, while businesses enjoy greater profits. What’s not to love?
Don’t Become Complacent
It’s easy to take your foot off the pedal and become complacent, especially when your market share is growing and customers are happy. However, it’s important to remember that nothing is guaranteed in business — it doesn’t take much for everything to come tumbling down. Whether it’s a supply chain disaster or PR nightmare caused by poor customer service, you cannot assume that tomorrow is guaranteed! So, stay on top of your game and never become complacent.
Don’t Try to Appeal to Everyone
It can be tempting to try and appeal to every customer imaginable. Men, women, children, the elderly — all these different demographics are like potential candy stores that you can’t wait to access. But, it’s a much smarter choice to stay in a specific lane (particularly if you’re a start-up). Trying to appeal to everyone always ends in disaster. Instead, find your specific audience and stick with them.
Don’t Ignore Remote Working
Don’t Be Lazy With Customer Service
Customer service is a hot topic right now. The modern customer is incredibly demanding. Don’t believe that? Just head on over to any major company’s Twitter page and check the replies to their tweets.
It’s vital that you provide A+ customer service. At a minimum, you need to have an online customer service option (such as through your website or social media platforms) and email and phone options.
Don’t Overcomplicate Your Online Store
More and more customers are shopping online — it’s becoming an insanely popular hobby. Therefore, your online store needs to be user-friendly. Don’t make your customers’ lives difficult by overwhelming them with different pop-ups, prices, and animations. Instead, work with a web designer who can set up a functional yet practical online store for your business. By providing customers with an online store that is easy to navigate (as well as fun), they’ll keep coming back for more. It’s all about the user experience!
You should have come up with some new ideas after reading this essay. More suggestions can be found on this page: 6 Tips For A Seamless Overseas Business Expansion