While success has multiple definitions, all business owners, CEOs and management-level executives are evaluated on company growth and profitability in some way, shape or form. With that in mind, our team at Whisman Giordano wanted to share a few ideas for improving growth and profitability in your business. They are, in no particular order:
This isn’t always as simple as it sounds. For example, if you are selling widgets, you’ll need to pinpoint exactly how they compare to your competitors’ widgets. Once you’ve determined what makes your product or service unique, you can build that knowledge into your sales propositions.
If this seems like a broad tip, that’s because it is. You have to be willing to invest in the proper equipment, and in the people who will be building your product or providing your services to customers. If you are a “top dog” in your company, it is also important to recognize the need to preserve cash flow for such investments. Discipline is crucial.
A key component to running a successful company is avoiding complacency. Again, being a “top dog” requires more effort, not less. Perhaps you’ve heard this popular cliché: “You should never ask your employees to do something that you are unable or unwilling to do yourself.” While your main responsibility as a company leader is to guide, mentor and develop your team, it is imperative to know when you should jump into the trenches with your team. Trust us: Your team members will appreciate your help, and will likely be more productive and motivated because of it.
All too often we become so focused on our prospective customers that we forget about potential opportunities with our existing customer base. Consider creating loyalty reward programs with purchase-driven discounts, or involving customers in reward-oriented surveys. These kinds of efforts build customer loyalty and improve your business.
For over four decades, the team at Whisman Giordano & Associates LLC has focused on building extraordinary relationships by working diligently and spending time getting to know our clients. Our focus is on providing peerless accounting, auditing, tax planning, compliance and business advisory services. We’d love to learn more about your tax situation and give you insight into what to do next.
Whisman Giordano & Associates LLC
Certified Public Accountants
111 Continental Drive, Suite 210
Newark, DE 19713