Bizzalley's Business Q&A
Bizzalley's Answer-Honestly, it's vital to establish a strong business bond with your existing customers. It's always good to attract new customers, though but it usually costs a lot of time and money. Over time, current customers get better and even more valuable (through increased spend, lower maintenance costs, and even referrals!). They also represent the easiest way for any incremental business (with extensions, new offerings, service plans, product and service add-ons, etc).
Current customers also provide the simplest way to increase your share of their total spend. Bottom line is that focusing on new customers has its perks, but your loyal and trustworthy existing customers hold even more promise!
Q)How do I define my business strategy?
Bizzalley's Answer-It's very important to define your business strategy and it'll give you guidelines and structure to develop and succeed in your business goals. You cannot be everything to all of your customers.
Focus on the strengths of your business so you can set yourself apart from the competition.
Your business strategy is supposed to be a summary of how your business plans to achieve its goals, meet the customer's needs and compete with other businesses. It should be written in several paragraphs or as a set of strategic statements.
It is imperative that your business strategy answers these questions:
Why is your company in business?
What is your business core strength?
Which customers should my business continue to serve or start serving?
Which products/services should my business stop offering, continue to offer or start
offering?
Why has my business decided on these strategic directions?
When you answer these questions, it will go a long way in helping you establish your strategic
priorities.
Q)Is my marketing strategy goal oriented?
Bizzalley's Answer-It doesn't matter what platform you're doing your marketing (whether email, social media or direct mail), you need to establish what your ultimate goal is. It is very ideal that your goals are measurable – like “get 500 more subscribers” or “increase sales volume by 7%”. These goals should also have a defined period in which they are to be achieved. You might try a marketing venture as an experiment and that's alright, but your campaigns should have a definite purpose and conclusion so that your return on investment (ROI) will have more profit.
Q)How has social media helped my business?
Bizzalley's Answer-Social media is very vital for your business. Don't let anyone tell you any differently.
Posts on social media can help you drive targeted traffic. Your profile or page is public and this will surely attract other users who might be subsequently interested in your business. It will also help you build a healthy relationship with your customers. You can find out what they really want from you which will ultimately increase profit and reputation. With all these, the very cost effective nature puts it ahead other marketing strategies.
With social media, you can swiftly respond to problems customers face. You can then try to find solutions as soon as possible. Studies also show that customers appreciate businesses that respond to their complaints promptly, and with social media, you can actively interact with your customers.
Bizzalley's Answer-The solution isn't just to pay your employees more money. This might ultimately result in a cash- flow problem. Yes, pay is very important, but your business has to offer way more than money.
Benefits like bonuses, social activities, and staff welfare schemes go a long way in making your employees feel valued and motivated. Frankly, it’s your general company culture that will motivate skilled employees to stick with you and be loyal to you when they can just leave for a better salary. So, keep at it.
Q)I want to expand overseas. What do I do?
Bizzalley's Answer-Expanding or exporting overseas can result in fruitful opportunities to also expand your business.
However, this should be done with a well-thought out plan. Entering a new jurisdiction brings with it different regulatory or compliance issues. These might take you some time to get used to and it might even affect your existing resources. A way to circumvent this problem is to set up a joint venture, merger or acquisition. This will give you and your business a chance to get acquainted with your new market.
Bizzalley's Answer-Email and social media marketing are the best marketing tools on the market. It is imperative that your business uses both. Supporting your community will go a long way in promoting your business too.
Collaborate with non-competitive businesses with the aim of cross promoting. To do this, you can make use of fliers, coupons that will expand your customer base. Networking is also vital. It may not show its dividends in the beginning, but a strong network is a valuable asset for any business.
It is also essential to establish strong relationships with your customer base. This is where email marketing and social media enter the fray.
Bizzalley's Answer-Identifying the most important fundamental elements that can help improve your business and reputation is the first step to take for uniqueness. With the following questions, you can be perfectly placed on the road to standing out:
Is your business unique?
If yes, in what way?
If your business isn't unique, is it better than your competition? If yes, what makes it better?
Does your business provide quality – at a price or irrespective of price?
Can you clearly state out the value your business adds to your customers?
Does your business back up its quality products with unrivalled guarantees and customer
relationships?
If you can answer yes to many of these questions, you are on the right track to setting your business apart from the rest.
Bizzalley's Answer-The vital steps of a management buyout process include:
The buyer and seller will agree on a sale price which will possibly include independent valuation. The
management team will then conclude on the amount they can invest.
A detailed financial analysis should be carried out – that should include a forecast financial model to show debt serviceability potential investor returns.
You'll then approach funders which will differ with the type of transaction.
This management buyout process can last up to six months – meaning the vendors and management team will have to be committed to the sale until the time elapses.
Bizzalley's Answer-Your business can be protected from cyber attacks by:
1. Cyber Insurance Policy
It is particularly helpful, but it might not cover all incidents like reputational damage.
2. Contingency Planning Your business should have a mitigation plan for the event that your business is hacked or compromised.
3. Awareness
All employees should be cyber aware and attentive to scams and social engineering that will include not disclosing passwords
4. Audit
A data audit should be conducted to classify your most important data.
5. Antivirus
Always have the most current antivirus software. You could also check if all phones and tablets have an antivirus software installed.
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