In asking ourselves the big question, “how do we grow our business?” there are many times that we miss the mark. No matter what industry you are in there is always the push for profitability and growth no matter what industry or company you are with. Sometimes we spin our wheels trying to get those numbers and we forget the big picture and our greatest asset. Our current clients, residents, employees and vendors are seen as dispensable. Our main focus is to replace those that have given us their loyalty over time and worked with us during changing times.
In an ever changing economy and world, it is very important to look within. Look to your current employees for ideas that they may have to strengthen your strategy from their experiences in the field. Inspire open communication; you would be surprised at the volume of feasible and attainable recommendations you have at your disposal without having to spend money to find the ideas. Your employees are customers, the biggest way to ensure their loyalty is to listen to them fluidly. This is where your feedback and implementation will begin. Without their buy-in you are headed down a shaky path or a difficult transition.
Often times when we seek to increase profitability we look to find new clients, residents and vendors to start the process over again from scratch. While this may be a viable thing, I would never recommend placing all of your eggs in one basket. Don’t forget that it’s easier to maintain an established, trusting relationship than to start from scratch. Many times companies wish to grow but do not consider the potential growth from established relationships. The best way to do this is to get to know your clients and residents on a level that does not include the “sale.” Show a personal interest that will build value for them individually and gain their loyalty. These loyal relationships will build referrals which will increase your bottom line and establish long-term relationships.
Work together with current vendors to negotiate costs to ease the budget pains and maintain quality. It can sometimes seem less costly to go with a lower price but in reality sometimes you get what you pay for. Is your good name worth the reputation of below-expectation results? Do you really want to have the job done twice, now exceeding the original cost? A good vendor that you have built a relationship with will be willing to negotiate what they can to maintain the relationship and loyalty of their customers too. In many ways it’s all about the asking.
Jacquee Landry, Recruiter