[WRE ADVISOR | BUSINESS]
More Successful? T
Who Are the People Who Can Make Your Business
BY KP PERSAUD
hink for a moment about all of the people, both inside your business and outside it, who can influence the success of your business. Tis list of people includes employees, investors, customers, creditors, suppliers, vendors and even your own family. As I’ll explain, taking care of their needs can have a positive impact on your business.
1. DEVELOP YOUR WORKFORCE AND GIVE THEM INCENTIVES A business can only grow insofar as the people within it also grow. And I’m not just talking about increasing the number of employees you have. Rather, I’m talking about putting current employees in a position to make greater contributions. Having an engaged and motivated workforce will help
you take care of your customers. You’ll also complete tasks faster, better, and more efficiently. Tere’s only one way to accomplish these things: if the
needs of your employees and the needs of your business overlap. In other words, if the business will benefit from an employee’s extra effort, development of a new skill, etc., ideally, the employee should also benefit.
THINK ABOUT ALL OF THE PEOPLE... WHO CAN INFLUENCE THE SUCCESS OF YOUR BUSINESS. THIS LIST OF PEOPLE INCLUDES EMPLOYEES, INVESTORS, CUSTOMERS, CREDITORS, SUPPLIERS, VENDORS AND EVEN YOUR OWN FAMILY.
I realize you can’t reward employees for every good
deed or every extra effort; however, come up with ways to tie more compensation to results. And don’t necessarily wait until annual bonuses to do it. For example, let’s say you take on a project for a client.
You estimate the total completion time to be six weeks. If your workers could finish it in five weeks, what would that be worth to you in dollars and cents? Consider taking some of what you financially gain by finishing early and sharing it with your employees.
For employees
that express interest in learning additional skills or obtaining useful certifications, consider helping them pay for the courses and educational materials that will help them get there. Not only will your business benefit from the extra skills, you’re also giving these employees a reason to stay at your business longer. Nobody wants to stay at a job that feels like a dead
end. And we all know how much it hurts when a highly qualified and dependable employee leaves to take a job elsewhere. Again, by making the business’s needs overlap with those of employees, both sides win.
2. TAKE CARE OF YOUR CUSTOMERS Te best salespeople you could possibly have are your own customers. If customers become raving fans of your business, they will spread the word and let their friends and family know. In the words of Warren Buffett, “Delight your
customer.” To delight customers, always exceed their expectations. Under-promise and over-deliver. Taking care of your customers will, in turn, mean your customers will take care of your business.
3. ATTEND TO THE NEEDS OF INVESTORS AND CREDITORS
Maintaining positive relationships with investors is a must. Almost every situation involving an investor is unique.
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JULY–AUGUST 2017
WIRE ROPE EXCHANGE
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