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Four Strategic Business Analysis Tips for Small Business Owners

by Guest Author 8 May 2019 07:59

If you're looking for some effective Business Analysis strategy for next year, you need look no further. We have got some great ideas on this subject for 2018 and beyond.

To take your business to the next level, try the following analysis:

DEFINE YOUR BUSINESS STRENGTHS

The first step with any business analysis is to determine what your current strengths are. With any strength, you don't want to hide it under that proverbial bushel. Rather, you want to maximize it so you get the most optimal effect from it. As the saying goes, if you don't use it, you lose it. This adage definitely applies to maximizing your business's strengths. Business strengths can come in many forms. For instance, you and your business may excel at providing outstanding customer service or perhaps you have access to the best technology in the industry. Whatever your business strengths are, highlight and maximize them!

DON'T UNDERESTIMATE YOUR WEAKNESSES

Here the idea is to not overlook or underestimate where your business weaknesses lie but rather to identify those areas of your business that demand remedying. Business weaknesses can range anywhere from your location, outdated equipment or technology, staffing problems etc. Your business weaknesses can get in the way of your growth if you do not address them. The good news is that these business weaknesses are within your control and can be changed.

EXPLORE OPPORTUNITIES THAT EXIST WITHIN THE MARKETPLACE

If your business truly plans to grow, it is highly important to keep your eyes and ears open for different market opportunities. Market opportunities can come in many forms. For example, there may be the opportunity of a favorable economy, reduced interest rates, or changing rules and regulations affecting your business. All of these things can be opportunities that you and your business can capitalize on.

BE AWARE OF ANY THREATS TO YOUR BUSINESS GROWTH

Lastly, it's critically important to be aware of any potential threats in the marketplace to your company's growth and development. For instance, are there any market trends or consumer behavior that you need to be mindful of that may derail or slow down your growth goals. Are there any new competitors in the market? Are consumer needs and expectations changing? All of these things you and your business need to be aware of in the coming years.

If you want to know more about business analysis, we here at Valley Yellow Pages can help.

5 Entrepreneurial Skills You Should Adopt Immediately!

by Guest Author 24 April 2019 06:52

To get inside the mind of a successful entrepreneur, you need to exhibit the behaviors of one. That only comes from learning and implementing the proper skills involved. What works for one person may not work for everybody, but continual trial and error will uncover a variation that works for you.

Here are 5 skills that help entrepreneurs get clients, gain respect, and earn a good reputation.

Staying flexible

Have you ever heard of the stubborn entrepreneur creating a profitable business? Sticking to your guns is not going to give you the best "shot" at success. Be open-minded to new ideas while staying true to your core values. The proper balance breeds a quality business that encourages exciting opportunities.

Appreciating others

You may not see appreciation as a skill, but it's one many employers lack. Always show appreciation for the accomplishments of everyone in your company, no matter how small. It takes a good leader to recognize greatness in every individual's contribution. Sending out thank-you cards, hosting an annual dinner party, or simply giving someone a handshake and saying thank you builds strong partnerships that will last a lifetime.

Having a growth mindset

Stagnation is the death of any company. If you're willing to try new things, also be willing to find the good when those things don't work as intended.

A growth mindset, as coined by psychologist Carol Dweck, is one that believes constant effort improves performance. This way of thinking puts the control in your hands and gives you the mental stamina necessary to keep pushing through the tough times. Don't think your situation can't change; you can shift the direction of your company when you can learn to substitute the words "I failed" with "l learned."

Communicating well

Poor communication snuffs out a potentially great business venture. Without the ability to effectively convey your ideas, your company's goals can't be met and you won't see the results you wanted. Always properly think through what you're about to say before you say it, even if that means writing it down beforehand.

If you notice you still struggle, watch videos, read books, or try taking a course in communication. Continued education is not something to fluff off. It can help you in all kinds of relationships, both professional and personal.

Being Honest

There's nothing more attractive to an employee or customer than an honest company. Establishing trust comes from putting yourself, your goals, and your flaws forward even at the risk of criticism. At the end of the day, if you're not honest about what you represent, how will you know how to properly conduct business?

While you can't learn honesty, you can try to understand yourself better. Take some time to personally develop your goals and your needs as you continue your journey. The next time you find a gray area, inject it with a little authenticity.

Change is a part of every business's DNA. The skills listed above are changes you can make now to improve the effectiveness of your leadership style. It may take a while to put them all into effect, but over time, your business will benefit (and so will you!)

Ways That Customer Service Can Utilize Social Media to Improve Upon Their ROI

by Guest Author 16 April 2019 12:06

Customer Service is a crucial part of your business model. Without proper customer service teams, your clients will not have a go-to point for questions and concerns. Customer service teams that are trained properly provide you with a sustainable way to interact with your clients without losing them when problems arise. But with today's online market how can you scale your business to be more efficient without having to utilize service types that are outdated.

Using Social Media can Add Customer Engagement with the Brands they Love

The use of social media has expanded exponentially since it was invented. For instance, in 1997 there was no concept of social media networks where you could interact with brands in real time. However, this is the age of real-time communication with brands as well as people all over the world at any time. That means that brands should start to utilize social media for a portion of their customer service budget. This allows the company to step into the 21st century with new features that allow customers to connect directly with the businesses that they are purchasing products and services from. This adds a more real and authentic way to connect with your customers.

Twitter Provides for Real-Time Updates

By using Twitter to broadcast any recalls, or connect with your customers who have questions, you are providing a more conversational approach to the customer service industry. For those that serve customers online exclusively, you need to consider how this method of providing a customer service connection will affect the bottom line of your companies revenue. For instance, you can eliminate the on-call services that provide your customers with the immediate responses that they require while also providing them with someone that they can go to with questions and concerns about the services they are purchasing.

Real-Time Communication Becomes Easier and Increases ROI

Consider how many times you have simply wished that you could directly email or instant message the customer service team of your favorite brand. You might have just had a simple question you wished to ask, or you needed to discuss a particular concern you had with their latest product line. Whatever the concern was I'm sure you can see how using social media for customer service would increase your ROI over time. I know that any time my website is down I can simply hop over to Twitter and find out why there is no connecting to my webpage. I can also hop on over to Twitter to check on the latest reports on my sons favorite online game when he is experiencing technical difficulties.

These are all new ways that customer service is finding benefits within the social media market. Without utilizing social media for your customer service needs you may possibly be losing potential customers for those that provide a more hands-on approach to customer service.

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