As if they weren’t busy enough already, business owners need to work tirelessly to ensure the continuing success of the companies. There isn’t a moment to spare when they ought to recognize trends, meet customer expectations, and increase their bottom line. To help business owners save time, we have identified four measures that you wish to take now to pave the way for continued success in your organization.
- Make Room for Millennials
One of the best business trends for 2017 is embracing Millennials. While Millennials may be getting a bad rap for not having a strong work ethic, the truth is that they work differently than Baby Boomers; business owners need to understand Millennials work differently to have the ability to embrace their creativity and innovative ideas and get the most out of the new suggestions and contributions to their teams. More Millennials will be entering and taking over the workforce in 2017, and business owners need to be prepared to make space for them.
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- Produce Personnel Moves to Permit Diversity and Welcome Remote Workers
As you’re making space for Millennials, you might identify other employees areas which will have to be restructured to make better use of people’s abilities and eliminate unproductive people from leadership roles. Involve your HR staff and utilize employee testimonials when making staff changes.
Additionally it is an excellent time to take a look at your executive board and consider applicants’ qualifications and the number of minorities you have in leadership roles. When you put people with varying perspectives in board rooms, you positively impact decision-making. Trends show that more women are being appointed to boards today than they were three years back, and diversity in boardrooms is more than just a passing fad.
A different way to prepare your organization for continuing success is to plan for onboarding and training remote workers. Trends show that more than one-third of business leaders believe their firm’s full-time occupation will be working remotely by 2020, and a quarter say more than 75 percent of the fulltime workforce will not work in traditional offices by then. Remote work is another area of business being affected by Millennials, who appreciate flexibility on the job.
- Charge the Perfect Price
Whether you’re the scrappy proprietor of a housecleaning business where you’re the boss and just employee or a vegan cupcake baker with a physical store, charging the appropriate amount for the service you provide is quite important. Say you’re that scrappy housecleaner. Have you taken into account your costs for cleaning supplies? Or when setting a price would you factor in the time spent driving to your customer’s home or business? If you’re that cupcake baker, are you including a very small chunk of your area’s rent cost in each cupcake? Then, of course, you must consider what your specific market will bear. There are a couple of different means for pricing solutions. Research them to learn which is the best way to use when pricing the services or products you provide.
- Embrace Technology
Businesses that adopt technology gain a competitive edge, especially as clients expect to be able to search, get help, and purchase using mobile devices like smartphones and tablets. Consumers also expect to interact with companies seamlessly as they proceed in their smartphone to their tablet to their laptop etc.. You’ll take a strategy for engaging with customers through social networking and interacting together with the latest technology. You might want to be prepared for an even larger flourish in ecommerce and decide if you are going to get on board with the augmented reality trend that’s popped up recently. Meeting with your advertising and IT leaders to prepare your short- and longterm tech goals should be among your top priorities in the event you haven’t already.
Oh, and one absolute must as far as technology? Make certain that you have a fantastic point of sale system. Especially since most individuals opt to pay using a debit or credit card today.
You don’t have to miss out on a transaction as you have a cash-only rule.
- Gear Customer Service Toward Your (Millennial) Clients
The Millennial generation now outnumbers the Baby Boomers, so your customer service must be ready to serve the new generation in how they want to get served. In the end, customer satisfaction is the key to customer retention and, due to this, a healthy bottom line. Millennials are soon likely to transcend the purchasing power of the Baby Boomers concerning consumer dollars, and they are becoming the decision-makers in businesses, so you will need to make certain your B2B and B2C customer service is ready to function Millennials on both sides of the aisle.
To make certain that you’re meeting your Millennial customers’ needs, you’ll need to make sure that your customer-facing technology is intuitive and in working order, you have accounted for a social experience when it comes to purchasing decisions, which you supply self-service alternatives. Meeting Millennials’ expectations regarding customer support is vital, since they’re a lot more likely to share a bad experience with a company on social media than they are supposed to share a positive experience.
The best way to lay a foundation of success for your organization will be to identify trends which will affect your organization and your competitors are addressing so that you may find a competitive edge, meet customer expectations, and maintain a healthy bottom line.