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3 Types Of Responsibilities All Business Owners Must Meet

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StrategyDriven Managing Your Business Article | Entrepreneur | Entrepreneurship | 3 Types Of Responsibilities All Business Owners Must Meet

 

 

 

 

 

 

 

 

 

 

 

As a business owner, your primary responsibility is relatively straightforward: to ensure that your business is as successful as it can possibly be. You are the captain of your ship, and you have to chart a course to profitability and success, navigating the occasional choppy waters but nevertheless always advancing and covering new ground.

However, as well as shouldering the responsibility for the business’ ultimate success, there are other types of responsibilities that business owners will also need to meet, as we have expanded on below:

1. Environmental Responsibilities

Modern consumers expect companies to be as eco-friendly as possible, a tendency that is likely to only continue in future given the environmental focus Generation Z are becoming known for. As a result, it’s well worth investigating the various ways and means of switching to more environmentally-friendly methods in your office. You could, for example, consider going paperless in your office, working to reduce your business energy usage, and opting to use local suppliers wherever possible; with just these small changes, your ability to meet your responsibilities to the environment will be greatly enhanced.

2. Compliance Responsibilities

Regulatory and legal compliance is one of the best ways business owners can meet their responsibilities. After all, regulations and legal requirements are put into place because they are deemed necessary to offer protection to someone or something – be it your employees’ well-being, the finances of your investors, or the safety of any visitor to your business. It’s therefore well worth taking the time to go through a SOX compliance audit or requesting a health and safety assessment regularly; not only does this ensure you meet all compliance requirements, but all aspects of your business will be better protected by your complete adherence to all important legislation.

3. Customer Responsibilities

When customers choose to buy one of your products or use your services, they are placing a huge amount of trust in your business. They are trusting that any product you deliver will be safe to use and any services provided will be effective and delivered as promised, and that the money they have spent with your company will be well-used. As a business owner, it is incredibly important to honor this trust and do all you can to meet your customers’ needs; treat every order you receive as if it is vitally important to that customer, and go above and beyond to ensure that their order proceeds exactly as it should. If something does go awry, then it’s always worth doing what you can to provide compensation – even if you are not required to by law, as you are far more likely to salvage an ongoing relationship with an unhappy customer if they feel their issue has been fully addressed and rectified.

In Conclusion

By ensuring that you take account of the three types of responsibilities as listed above, you can be confident that you, your employees, and your business as a whole can look forward to a bright, productive and successful future.

How To Win Over More Customers

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StrategyDriven Online Marketing and Website Development Article | Entrepreneurship | Marketing and Sales | How To Win Over More CustomersIf you want to run a profitable company and keep your business around for years to come, then you’ll need to work on winning over more customers. Without clients, you risk sales dipping and your business having to shut its doors.

Luckily, there are steps you can take to help you grab the attention of potential prospects and customers. You can’t sit around waiting for people to flock to you and figure out what you’re all about. Instead, you need to be proactive and figure out a game plan for attracting individuals who are likely to purchase your products or services.

Define Your Target Market

Trying to get in touch with everyone out there and not having a strategic plan of action for who you want to connect with will likely backfire. While it’s easier to send out mass messages, it’s not going to help you win over the right type of client. Instead, take time to define your target market and figure out what your ideal customer looks like. For example:

  • What are their interests or hobbies?
  • Where do they spend their time?
  • What are their demographics?

These are just a few key questions you should be asking yourself as you outline the specifics about your target audience. It will help you to narrow down who exactly you should be getting in front of both online and offline and the best times and places to do so.

Perfect Your Presentation Skills

You can also win over more customers by perfecting your presentation and sales skills. It’s a wise idea to attend workshops dedicated to helping you feel more comfortable and confident speaking in front of other people. A lot of times you’ll be called upon to give sales presentations and attend meetings where you’re going to have to try and get the customer to buy what you’re selling. The more you practice and improve your skills in this area, the easier it’s going to be for you to present the information without getting flustered.

Increase Your Marketing Efforts

A tried and true way to win over more customers is to increase and expand your marketing efforts. It could be that you’re simply not investing enough time and money in this area to have it make a difference in your sales numbers. Create a strategic plan that incorporates both online and offline marketing campaigns and helps to share your value proposition and reasons as to why someone would want to do business with you. The more creative you are, the more likely it is that your target audience will notice what you’re doing and will want to take further action.

Get Involved in Your Community

Another way to win over more customers is to get involved in your community. You can do this either by sponsoring local events or signing up to help out with charity causes. There’s likely a lot going on right in your own neighborhood, but you have to be willing to reach out and get involved. It is an excellent way to meet new people and introduce them to who you are and what your business does. People tend to gravitate toward companies and business owners who are willing to give back and show their local communities some love. Donating to specific causes and volunteering your time are also excellent ways to show your area some support and get individuals to notice what you’re doing.

Launch A Blog

An easy and effective way to bring in more customers is to post relevant and timely information through a blog. Many people find reading articles a great use of time and will want to know more about your business if you’re continually sharing interesting blog posts through your website. You may also be able to win over more customers by writing intriguing articles and then having other people share them with their networks online. If you want your blog to be successful be sure you post consistently, review it for errors and respond to comments and questions in a timely manner.

Get Current Customers Talking & Sharing

Win over more customers by getting people talking and sharing about your business. Maybe it’s that you run a special promotion or discount or a lead referral program to help you achieve this goal. On the other hand, perhaps you use humor or an element of surprise to attract customers and get people discussing your business with others. Also, the better customer service you offer, the more likely it is that satisfied clients will share their experience with their friends and family and help you draw in more paying customers.

Use Online Reviews

You can also win over more customers by collecting, posting and promoting online reviews and testimonials. The best way to get customers interested in what you’re doing and your business is to get other people to talk about you. Consumers trust reviews and feedback from other consumers versus hearing about how great a company it is from the company itself. Be sure to respond to any negative reviews so that the public sees that you’re aware of any issues and are working hard to resolve them. Include testimonials on your website from real clients and let your service speak for itself. Having a lot of positive reviews and testimonials will certainly help you attract more customers to your business and make people feel compelled to learn more about what it is you do.

Conclusion

Unfortunately, just because you launch a company doesn’t mean you’re going to attract new business automatically. You have to be willing to implement these ideas outlined above if you wish to win over more customers and increase your sales. It’s going to take an extra effort on your part but know that your hard work and dedication will pay off in the long run and you’ll have a thriving business to manage. Give these ideas a try and see what works best for you and continue to do more of that going forward.

What It Takes To Succeed As A Business Owner

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StrategyDriven Entrepreneurship Article | What It Takes To Succeed As A Business OwnerBeing a business owner is a very rewarding career but also takes a certain kind of person and talent to be successful. It’s important to know what it’ll require so that you can thrive in the business world if you’re considering running your own company one day.

There are a few abilities you’ll want to know about and zero in on if you wish to proceed in this area. What’s most important is that you’re passionate about the business and product or service you’re selling so that you’re able to stay motivated when there are obstacles to face and rough patches to endure.

Committing to being Financially Stable

It takes your business to be financially stable if you wish to succeed as a business owner. For example, if you own a law firm, then you might consider looking into funding for lawyers services that can help your business stay on its feet and survive even when money is tight. Be glad to know there are options and financial products out there that can help get you through challenging times. It’s in your best interest to always be aware of what money you have and that your books are accurate if you’re going to run a profitable business. You’ll sleep a lot better at night knowing your finances are strong and that you don’t have to be dealing with unwanted surprises constantly.

Providing Excellent Customer Service

Your clients should be your top priority as a business owner, and all you do should revolve around them. Without loyal customers, it’ll be challenging to keep your doors open, and you may soon experience a dip in your sales. It takes you offering customer service that goes above and beyond if you want to be successful as a business owner. Train your employees and make sure everyone is on the same page so that you’re always consistent and your staff knows how to handle difficult situations or questions.

Being Fully Dedicated

It’s going to take you being hugely dedicated to your business if you want to be successful. There’s not going to be a lot of time for much else when you own and are managing a company. Therefore, make sure your schedule is clear and that you’re fully engaged in what you’re doing each day. You’ll likely have to make some sacrifices so that you can keep your business on track and heading in the right direction. You may not have the flexibility you imagined having as a business owner when you’re first starting out, so plan ahead and know that you may not have a whole lot of free time initially.

Being Organized

It’s also vital that you’re organized when you’re in charge of your own business. You should know where your essential files and information is stored at all times. Make sure your office is tidy and that your computer files are organized into appropriate folders for easy access. The more organized you are, the better, and more smoothly your business will function. You especially want to keep organized so that you can attend to your client’s needs right away when they reach out and need assistance.
Making Tough Decisions

As a business owner, it’s going to be your job to make the tough decisions. All of the answers aren’t always going to come to you right away. It may take you doing some deep thinking and meditating on information and facts before you can come to a conclusion. It’s also a good idea to get in the habit of problem-solving on your own instead of always relying on others for guidance and direction. While it’s okay to bounce ideas off of other people, you also want to be able to come to a final decision after having done your homework and contemplating the matter.

Focusing & Avoiding Distractions

It’s also going to take you being able to keep focused and avoid distractions if you want to be a better business owner. You’re going to be constantly pulled in a lot of different directions and can’t always attend to all that lands on your plate right away. It’s essential to document your goals and put your tasks in priority order so you can refer back to this information when you’re feeling overwhelmed or stressed out. Be sure to close your door and turn off your phone and email when you have critical matters to address and can’t afford to be distracted at the time.

Persevering through Challenges

If there’s one attribute you need to have as a business owner, it’s to be able to persevere. There are going to be inevitable trials and tribulations and roadblocks that are going to try to get in your way and slow you down. However, you have to be wise and rise above these interruptions and continue strong even when you’re feeling a bit defeated. Avoid worrying about all that could go wrong and focus on all that’s going right and that you’re doing well to help keep you motivated to succeed. There may also be people who will try to get in your way or competitors who are going to try to steal away customers from you. These are the sorts of instances when you have to be strategic and logical and to put on your thinking cap instead of letting your emotions take over.

Conclusion

You should now have a better idea of what it’s going to take to succeed as a business owner. Your experience managing your own company will be that much more pleasant and satisfying when you dedicate your energy to making sure you put these suggestions into practice. Remember to have some fun and enjoy your time working in your career as well because it will go fast. You want to be able to look back on your time as a business owner and feel you did all that was in your power to run a successful company and not have any regrets.

Tapping into the Entrepreneur’s X-Factor: Overcoming the Exchange Barrier

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StrategyDriven Entrepreneurship Article | Tapping into the Entrepreneur’s X-Factor: Overcoming the Exchange Barrier | The Private Practice Survival Guide | Brandon SeigelWhen we examine entrepreneurs from all walks of life, whether at the start-up stage, scaling toward success or becoming serial entrepreneurs, many exhibit similar recognizable qualities. Successful entrepreneurs are able to recognize talent, are focused on growth, are purpose-driven and are agile in an ever-changing business environment.

However, another X-Factor that’s often not recognized, and that truly is a differentiating factor for entrepreneurs who transform into “serial-preneurs,” is the ability to overcome the “exchange barrier.”

The exchange barrier is a term that I coined to refer to a common issue in today’s business environment. It relates to the lack of awareness in recognizing the different forms of exchange and the value that can be delivered beyond the fiscal exchange. It also refers to the barriers that exist when we go “out of exchange” with our employees, our customers and, most of all, ourselves.

As we look at overcoming the exchange barrier, it’s important to explore the whole picture of exchange, because exchange can come in all shapes and sizes. Here are a handful of the most common exchanges to keep in mind:

1. Monetary Exchange – The benefit of this exchange is that it’s a fairly black and white exchange, so it gets “quick results.” But the disadvantage of this benefit is that someone that’s driven on the monetary exchange will always find a better offer at some point in time. As a result, retention becomes a common core issue, or you get priced out of your business model.

2. Value Exchange – Similar to monetary exchange, a value exchange tends to attract others quickly, and is often the vehicle to increasing a business model’s scalability. However, it’s common that the value exchange will catch up with an entrepreneur, and it’s not sustainable over time.

3. The “Experience” or “Culture” Exchange – Over the past twenty years, the experience exchange has become one of the fastest growing trends for entrepreneurs to tap into. Entrepreneurs are drawing on this exchange first and foremost for their team by focusing on work-life balance and ultimately taking responsibility for how they share in the way their team feels before, during and after work. In addition, entrepreneurs have been utilizing this approach for customer acquisition and retention by building a brand around the experience rather than just the product or service.

4. Purpose Exchange – In recent years, our society has become hypersensitive to the role humans play in our world and has become driven to unite around purpose. Among the top employee engagement strategies of the 21st Century are engaging a team in delivering community-based services and fundraising for a cause to give back to others and unite as a team. Entrepreneurs are tapping into this exchange with their customer base by promoting the philanthropy that their organization stands for and tying it directly to the organization’s values.

5. Education Exchange – This is the most undervalued exchange currently. The role that education plays in growing the human condition has been recognized as one of the major contributors to the success in the United States today. However, entrepreneurs aren’t spending enough time identifying the role that education, mentorship, training and support can play in the exchange with both their workforce and their customers.

The five types of exchanges outlined above are just a few among an assortment of exchanges that exist in today’s business environment. One of the challenges that entrepreneurs face is the ability to identify the different exchanges their organization offers, and to communicate them effectively in their messaging.

In addition, it’s important to recognize the several “conditions of exchange” that often go overlooked. Here’s a sampling of conditions of exchange:

1. Criminal Exchange – This is when someone is basically stealing from you. If you’re pirating videos, then you could classify that as “criminal exchange” because you’re stealing something that doesn’t belong to you. If an employee is sleeping on the job every day, then you could say there’s a criminal exchange.

2. Out of Exchange – This is someone that isn’t criminal, but the “exchange” is not equal and, ultimately, is adversely favored to one side of the exchange. If an employee is getting paid to create 10 widgets per day and is averaging only 8 widgets, that employee would be out of exchange.

3. Equal Exchange – Just as it sounds, this is someone or something that is living up to the terms of the exchange.

4. Exchange in Abundance – This is one area where entrepreneurs can stand out. Like the saying, “Under promise and over deliver,” staff or customers will appreciate that they got the better end of the deal.

For anyone involved in entrepreneurship research or consulting, it’s common knowledge that entrepreneurs have a substantial chance of failure. The bottom line is that the odds are stacked against most entrepreneurs. However, the one defining X-Factor for the 21st Century entrepreneur is the ability to overcome the exchange barrier.

About the Author

StrategyDriven Expert Contributor | Brandon SeigelBrandon Seigel is an internationally known business coach and president of Wellness Works Management Partners. He currently manages multiple private practices and consults with entrepreneurs and private practices throughout the world. A recognized leader in today’s private practice environment, he is a frequent keynote speaker and trainer for organizations, associations and universities. His new book, The Private Practice Survival Guide: A Journey to Unlock Your Freedom to Success (Rebel Press, February 5, 2019) covers the essential how-to questions of opening a successful private practice. Learn more at wellnessworksmp.com or brandonseigel.com.