Supporting a Growing Business While Taking Some Time Off
Supporting business growth can take long hours and many late nights. You deserve some time off. Unfortunately, the responsibilities that come with operating a business can make it hard to take that summer vacation with your family, or even an occasional three-day weekend.
After all, you’re doing business in the time of the “empowered customer.” Today’s consumers are connected and informed. They have plenty of choices. Their loyalty to your business largely depends on how well you understand and fulfill their needs – when it’s convenient for them.
Your customer base isn’t taking a holiday, and neither should your business.
This isn’t to say you should be held hostage by your business. That is unhealthy and unsustainable. Rather, this is to point out that a growing business should be well-positioned all year long to attract and retain customers, even if you’re not always there to direct its day-to-day operations.
These tips can show you how to grow your business – with a little less oversight from you.
1. Clearly Differentiate Your Business
Identify what makes your company’s brand unique, and make sure this is clear in the minds of your customers.
Does your company distinguish itself through superior customer service? Make sure you have a REAL person answering calls instead of sending your customers through a meandering phone tree.
Does your organization add more value to the customer than your competitors do? Empower your employees to delight and surprise customers in the moment without having to go through bureaucracy for approval.
Does your brand have a sense of humor? A memorable mascot will keep your business top of mind when customers are researching your industry (think the Geico Gecko®).
2. Narrow Your Focus When Necessary
Have you directed your team to expand business efforts to the widest possible market during slow periods (such as the long, hot days of summer), assuming the numbers game will work in your favor? It probably won’t.
Instead, identify which of your prospective buyers need your company’s products or services the most right now and have your team focus only on those opportunities. Then you will increase your odds of getting the right product to the right customer at the right time. Adjusting your sales efforts based on a well-thought-out strategy will take you further than blind luck.
You are only one person and can’t possibility wear every hat all the time. To grow your business, you must invest in people to do the tasks that you don’t have the time to oversee. It’s a misconception to think that it is cost-effective to manage everything yourself. Lost production and missed opportunities will cost you much more.
Build a team you can trust. Then trust them.
4. Invest in Technology
Upgraded technology is often the engine that drives business growth. Enhanced automation will increase productivity and provide better insights, which ultimately helps you and your team to work smarter, not harder. Investment in the right technology can save money in the long run by removing some manual tasks and standardizing work processes, which may reduce both the number of errors made and the amount of time it takes to complete tasks across the organization.
Invest in yourself by positioning your company to thrive, even in your absence. Then, go take a vacation. Your business will be just fine without you (for a little while).
Get the tools to simplify your finances and help your business grow, season after season. From business accounts and cash management solutions to loans and business credit cards, Royal Credit Union has the solutions to help you save time, support your cash flow, and keep your business moving forward.
This information is for general informational purposes only and does not constitute tax, legal, or business advice. Business and commercial loans are subject to credit review and approval.