At the core of every business are values, ethics, principles, and motto that has its roots in the idea of what that business stands for, in terms of the founder—founders objective.
But for an organization to truly achieve its aims and objects, there needs to be a pyramid of other ideas on which a company’s mission can be built on in other for it to truly reach its full potential.
Every company that has stood the test of time has found ways to stay afloat amidst the economic ups and downs that have plagued the global economy. But in finding and implementing strategies that have enabled these high flying companies to survive the turn of events, several procedures and policies had to be put in place.
Which now begs the question—where and how did such companies discover such practices? That empowers the sustainability of a business no matter the circumstances.
Is it pricing, innovation, market strategy, or a discovery of a new product or approach not known to others? The truth is that there are so many factors that are usually in play for a business to be very successful.
But there is something that, above all else stood out in various findings. And that is the fact that knowledge played a huge role in setting the pace for most of these organizations.
That is why it is pertinent to obtain some form of business education, be it a diploma in business or an MBA. Just get yourself equipped with knowledge as this will arm you with the necessary tools to run and grow any business.
Below are a few business ideas that you can get from enrolling in a well planned and structured business program. It is, however, essential to note that not all business programs will give you extensive or the required knowledge.
So it is up to you to do your due diligence by doing detailed research into schools or training with a proven track record.
1] Customer Trust & Loyalty
Selling and persuasive influencing both suffer from the general misconception that success demands you to cleverly or aggressively push a product or service.
And this misconception can have a ripple effect that may cause people to become elusive, pushy or very talkative and agreeable, depending on the circumstances.
The benchmark for good selling and influencing should be good behavior, moderate openness, in assertiveness with warmth and competence. Coupled with a great product or brand, this goes a long way in establishing customer loyalty.
Here are some nuggets for building brand loyalty:
- Deliver customers with a steady well-branded experience each time they deal with you or your organization.
- Provide incentives for new and old customers to keep returning and reordering.
- Reward loyalty for steady customers.
- Always try to outpace or outsmart your competitors—be competitive, because what seems like a good deal to you, might not match your competitors.
- Continuously improve your business process based on customer feedback.
- Make sure you reassure clients with a reliable service and product offer.
2] Increase Employee Job Satisfaction
An organization with an excellent positive self-image and a sense of pride will be more in sync. and efficient, with a stronger “employer brand.”
When employees respect and appreciate the organization they work for, then their productivity, quality of work, and job satisfaction–increases.
The question every business owner needs to ask themselves is this—are my employees happy and proud to be working for me?
This sense of pride can be as a result of the business practices, ethics, and mission statement set in play by the organization.
Here are simple tips in boosting employee satisfaction
- Find out what the values of your employees are—and what they will like the company to implement.
- Provide avenues or mediums that will allow your employees to engage in fundraising and volunteering events.
- Try to stay away from corrupt business practices that may precipitate a bad company PR nightmare—nobody wants to work for a company with a bad reputation.
- On the flip side try to carry out compassionate corporate acts like fundraising, donations, cancer campaigns—just something that puts the company in the limelight as a good company, thereby making employees feel proud to be associated with your organization.
3] Avoid waste
In a bid to make more profit, most businesses shift their focus to sales and distribution, forgetting or neglecting the importance of business processes and the long term effect of waste.
Look at it this way, A business that strives to streamline their processes starting from the sourcing of raw material to the production and distribution of goods and services will stand a better chance than an organization that lacks that kind of sleek efficiency.
Tips for better efficiency
- Try to have a picture of what success will look like, how it will be measured, and when it will need assessment.
- Create a concise plan of how to reduce areas of wastage and replace them with a more streamlined process—or processes
There are so many things we ought to learn and know when it comes to owning and managing a business, but a step in the right direction will be first to get some form of business education.