Tips for Small Business on Know Your Customers Day.

(Newswire.net — July 19, 2017) Syosset, New York —

National Get to Know Your Customers Day is observed on the third Thursday of each quarter. The next one falls on July 20th  It’s a day to get to know more about your customers  – either in person or through data. We’re living in a world of big brands and the personal touch has been lost. New technology is shifting the power back to the customer and the more youi know about them the better your service will be.

Small business continues to grow, with companies under 500 employees adding over 1 million new jobs (more new jobs than large businesses) and companies with less than 50 employees showing the largest growth, contributing to about 40% of new jobs, according to the Bureau of Labor Statistics. The U.S. Small Business Administration reports that there are almost 10 million women-owned businesses, boasting $1.4 trillion in annual income. So, this is clearly a healthy and growing sector serving million osf customers. 

There is, however, a lot of conflicting advice out there for the aspiring entrepreneur. Hopefully, the following tips will help you navigate the journey of self-employment:

Know your customers

The success of a company depends on having satisfied customers. There are many ways to find out how you’re doing: email, service cards, online surveys and in-person surveys. Monitor social media mentions of your brand.  Or just talk to the people uou do business with every day. Find out what they like and dislike about you -and your competitors.  Ask them how they feel about your products and service. Then work on continuous improvement.

Monitor your finances

Reduce your debt, scrutinize your spending habits, and stay on top of your budget. Your income and expenses need to stay balanced to maintain a growing venture. Invest wisely, save your profits, and keep your overheads as low as possible. Learn to live on a frugal budget until your hard work pays off, and you start to see bigger revenue streaming into the company. 

Human resources

Hiring the wrong people is one of the biggest mistakes made by entrepreneurs. Employees and partners, collaborators, etc., need to fit into the company culture you are trying to build. They need to be hard-working and flexible, as employees in startups often have to function in multiple roles. And they are the ones who will  interact with your customers. 

Don’t just hire someone because they’re a friend, or because you seem to like them. You must do thorough reference checks on them. And make sure your offer letter says they are “at will” employees and can be terminated at any time. Don’t forget the old quote: “Hire slowly. Fire quickly.”

According to David Jensen, author of The Naked Interview, “Never rush into hiring a prospective candidate. Use diligence, not desperation. This means that while you probably needed to hire someone yesterday or months ago, you still need to hire carefully.”

Network

Your contacts are a web of potential prosperity. Keep growing your list of people. Networking can land you a new investor, a great employee, a new customer, or a great mentor. Attend industry and startup events. LinkedIn can be a powerful tool to help you network, so make sure both you and your company have profiles on LinkedIn and that you are constantly adding new connections. When someone does a Google search on you, your LinkedIn profile will usually show up at the top of the search results, so be sure you’re making a good first impression.

Service

No matter what else you are known for, be absolutely certain that no one could ever say anything bad about your services. Focus your efforts on providing top quality service that satisfies the needs of your customers and then some. You will want your early customers to be ambassadors for you, spreading the good word about your company, singing your praises, and providing many referrals. Thank your customers personally. Go the extra mile. It will pay off. 

Get your business in order

You need a savvy business lawyer for your company, one who has regularly formed and advised many other entrepreneurs and who specializes in startups. An experienced startup lawyer can help you:

– Incorporate

– Draw up contracts with any co-founders

– Prepare key agreements for the business

– Set up a stock option plan for employees

 Take the time on Thursday to devise a plan to learn more about your customers. The more you know about them the better off your buseinss will be.

 

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Some of this material has been provided by Broadridge Investor Communications Solutions, Inc.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Member FINRA & SIPC

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