Kaya,
May has gone by in a flash and yet it has also felt like it would never end!
For me, May started out with my fiancé and I contracting COVID and ended in the farewell of two incredible women leaving their roles with BGCCI to explore new horizons and adventures. Both will be missed and at the same time, this creates an opportunity for new energy and focus to come into the Chamber.
Last month we talked about the rising cost of business. On Monday this week, I posted a message on our Facebook page that highlights the strain many businesses are experiencing. 2022was set to be the year that COVID pressures started to ease. For many businesses in the region the pressures over the last 5 months have been worse than we’ve seen before. In some instances however, others are thriving. So, what are some of the differences between businesses in the same industry thriving versus those that are struggling. While there is not an easy or simple answer to this question, it is important that business owners are interested in the answers relevant to their business.
Location is important without a doubt, but there are also ways you can attract people to your business that makes location less relevant. It can be a trade-off. A great location might mean you don’t need to market as hard as someone off the beaten track. So, what else is important?
Some businesses have great products and services, but is there a market for that in this region? Understanding your target market and customer base is a vital piece of the puzzle. Smart businesses take the time to understand who their ideal customer is and how to attract them. The best products in the world with no-one who wants to buy them will not lead to a successful business. Who are your customers? What do they want and why do they want it? How do they want to buy your products/services? Gathering this information and intelligence is incredibly important!
How do you promote your business? How do you connect with your customer and engage them in a transaction/sale? The different elements of running a business are complex. If it were easy, everyone would be doing it. But knowing who your customer is and why they want/need your product/service is going to make the whole process easier. If marketing, advertising and promoting your business is not your strength, employ or engage the services of someone who specialises in it. Having the best product/service and no one who knows about you is like being a needle in a haystack.
In my view, service delivery is about having a great team. Build a great team by training and supporting them to understand why they are there, enroll them in your passion and gain their commitment in being your representative. They are your most valuable asset. If you invest in your people, they will be your partners in building your business.
Businesses who are genuinely interested in their local community also tend to be more successful. They are engaged and in touch with how the local economy is performing. They connect with other thriving business owners to support one another, share ideas and learn and grow together.
It is important for businesses to be interested in what their customers want, how they want it delivered and why they chose to buy from you. Customer retention is essential to a thriving business, and customers also want consistency. In some cases, people will be straight with their feedback and tell you what is wrong or what they don’t like, but in most cases, they will simply walk away in their dissatisfaction, never to be seen again.
At times a business owner may feel a bit like a plate spinner. There are so many tasks and projects that are spinning at the same time, it is definitely a balancing act. Keep things fresh and respond with clever ideas and insights into your customers’ needs rather than just reacting.
As someone running a small business myself, I know it isn’t easy. BGCCI is here for you. We pride ourselves on providing access to a range of services and support so that you can build your business, and with a great community of likeminded businesses, you are not alone on this journey.
If you would like some extra support or guidance, please contact the BGCCI on (08) 9791 2292.
