Tag: Business

Real World Examples Of Businesses Going The Extra Mile

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Not every business is the same and there are aspects that separate the winners from the losers, and the great from the average. These are things you want to pay attention to if you want your business to be exceptional. The following contributed post is entitled, Real World Examples Of Businesses Going The Extra Mile.

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Should you be a business owner, you will be familiar with the phrase ‘going the extra mile.’

When standing at a business conference, you will hear keynote speakers proclaiming it from the podium. When reading business blogs, you will be instructed to go the extra mile to make your business more successful. And when you’re paying attention to marketing ads, you will notice this common phrase within the pitches being offered to customers. “We go the extra mile” you will see or hear.

But what does it mean in reality? How can you relate the phrase ‘going the extra mile’ to your business?

To find out more, you need to consider real-world examples of businesses who have gone the extra mile. These are the businesses who put into practice what they preach.

They are the businesses who focus on quality

These are the businesses that are among the best in their field when it comes to quality of product.

We are thinking about companies such as Creative Motion Control who have innovated within the field of linear motion control products. They pride themselves on ‘delivering new game-changing motion control technologies,’ such as roller screw actuators that stand apart from the competitive technologies used by other businesses. They have gone the extra mile by creating products that are kinder to the environment, that have a longer life, and that have an unmatched performance when compared to others on the market.

In this example, going the extra mile refers to innovation, being better than the competition, and taking steps to protect the environment. It also refers to greater customer service as, by producing the best technnologies, customers can benefit greatly from an unrivalled product they can rely on.

They are the businesses who care about their customers

We all know that customer care is important, but some businesses go the extra mile that others wouldn’t consider. We have already alluded to this above, but we have other examples.

We are thinking about Pizza Hut who, after noticing a regular customer had gone MIA, actually called him to see if he was okay. They also sent him a ‘welcome back pizza’ to encourage his return custom. Then there is LG who discovered one of their younger customers had lost her phone after she shared the story on social media. Most companies wouldn’t bother themselves with such stories, but in this case, the higher-ups did a very honourable thing and sent her a brand new phone!

For these and similar stories of customer care, check out these customer service stories.

In these business examples, going the extra mile means surprising the customer, caring for the customer’s welfare, and taking steps to know more about the customers who buy their products.

Think about your experiences

Think about the customer service personnel you have encountered who have impressed you with their kindness, generosity, and professionalism.

Think about the products you have bought that have been better than those offered by the competition, and in some cases, innovated.

And think about those businesses that have impressed you for reasons not listed here. What did they do to meet your personal needs? And what did they do to exceed your expectations?

Going the extra mile can stand for innovation, ethical responsibility, and customer care. And it can stand for anything that you have noticed when you have been dealing with other businesses.

Finally

You don’t have to look far to find a business who has gone the extra mile, so think about our examples, think about your personal experiences, and then consider how you might relate what you have learned to your business.

How can you go the extra mile?

Introduction To Financial Modeling At Your Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Business is a science in itself and as such, sometimes financial models are used to project growth and future directions. If your business uses financial modeling or is considering it, there are some important aspects to consider. The following contributed post is entitled, Introduction To Financial Modeling At Your Business.

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When you discuss your financial modelling options with professional consultants, they’ll be eager to extol the virtues of utilising different software for your financial modelling needs and why you should be using finance models to develop your business prospects at all.

Before you consider whether you want to adopt financial modelling within your business, it’s worth working out what the general benefits of financial modelling are. One of the key drivers behind businesses implementing financial modelling software is that they allow different scenarios to be tweaked without having to build the model from scratch every time you want to ask a new question. Similarly, the speed of financial modelling options ensures that quick answers are given when a question is asked. What may take months of calculation otherwise can be amended easily using formula and automatic alterations.

Equally, the data can then be presented visually. This enables people beyond your immediate circle to understand the data without detailed knowledge of the intricacies of your business. Once built in something like Excel, a financial model can be adapted and used over and over again to benefit your business objectives. The benefits of financial modelling can, therefore, be easily seen and utilising an effective program ensures that your models are robust and will be as accurate as they possibly can be. If you’re already using spreadsheets, you may wonder why an expert touch is required for financial modeling. Check out Why Should I Use A TEM Provider If I Have Spreadsheets? and you will find some great information on this.

Financial Modelling To Integrate Your Data

Financial modelling can help your business in various ways. These models should benefit your unique business and be developed by expert consultants in conjunction with you. Only by creating models with professional assistance will you end up with functional and useful models that will benefit your business.

Integrated financial statements are incredibly useful in business. It’s likely that your businesses utilises several different systems for various aspects of your work. This may be a deliberate decision on your part, or it may be a legacy from previous incarnations of your business. Either way, trying to report and forecast using data from various locations can be a nightmare. Pulling all this data into a program is one popular solution. In this way, financial models can integrate your data and show it all in one place. However, to do this, you need to have experts on hand who can manipulate these other systems in the correct way.

Once you have a system set up, you will often take it for granted that information is gathered from one source and transferred to your program. Perhaps this is something you already use within your business. If so, you’ll understand the power of transferring data into software and likely appreciate the benefits of financial modelling even more. It’s important to work alongside specialist developers when it comes to financial models. More than anything else, these models must be accurate and portray your business well to the world.

Your Business Is In Debt. Now What?

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. While debt can be an important tool in business, it can also be a danger if misused. What do you do if you business goes into debt? The following contributed post is entitled, Your Business Is In Debt. Now What?

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If your business is in serious debt, it can cause an enormous amount of stress and misery. You may wonder what your options are and what you can do to turn the situation around. In this article, we’re going to take a look at some frequently asked questions so that you have the knowledge you need to proceed if the bailiffs come knocking.

What Are My Options If My Bank Calls In My Business Overdraft?

Many businesses rely on their business overdrafts to provide them with the capital that they need to survive. Unfortunately, some banks can demand that you pay back the entire overdraft immediately, not giving you any time to actually earn the money you need. If you don’t pay back the money you owe, then you can lose access to your account altogether. The best strategy in this situation is to go to another bank and open a new account, or open a separate account right now with an overdraft facility if you think your bank may shut your account.

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Can I Get Debt Counselling?

Debt counseling business services help you reduce stress, manage your finances, and work out whether you can afford to repay the money you owe long term. Through the debt counseling process, some people discover that they can no longer sustain their businesses and have to shut them down. Others realize that they can better manage their money for a happier, more productive working life.

Can My Landlord Change The Locks On My Business Premises?

The rules for business premises are different from those for your private residence. A landlord can evict you immediately from commercial premises if you fail to pay the rent. They are also allowed to change the locks, but in most cases, they must apply to the court first to do this.

What Happens If I Cannot Pay An Employee?

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In most cases, you have up to fourteen days to pay an employee any money that you owe them. If you can’t pay them because you don’t have the money to do so in your business account, then you must make alternative arrangements. Most business owners will try to come to some resolution with employees, paying them through installments if and when the money comes through.

Can Debt Collection Agencies Take Your Tools And Business Property To Repay A Debt?

Debt collection agencies are not the same as bailiffs. They do not have the right to force entry into your property and take your possessions. Usually, companies will hire debt collection agencies if you’ve missed a payment or two. After that, they may then pass the matter onto the courts and bailiffs who may decide that they can take possessions from you by force.

Can I Still Have A Bank Account If I Go Bankrupt?

In general, the answer is yes, but these accounts tend to be very basic. It’s unlikely that you’ll get an overdraft facility or the option to borrow money. You’ll also probably have to stick with a debit account.

The 4 Stages Of Product Design Your Business Needs To Get Right

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. If your business creates a product, there are a couple of stages to be mindful of. There is a step-wise transition from creating the idea, to its research and development, to the selling phase. The following contributed is entitled, The 4 Stages Of Product Design Your Business Needs To Get Right.

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A good product is at the heart of every successful business, which is why the product design process is one of the things that all new businesses need to get right. Unfortunately, a lot of new business owners don’t know how to translate a good idea into a working product that catches the attention of the consumer. If you are planning to start your own business, read this quick guide to the product design process to help you create the best possible product. Any type of product or business has to ensure that it follows certain steps to get the most out of their business efforts. Marketing is how it all begins, but of course the idea and implementation must all tie in nicely. No matter the industry niche, it’s important to look at the idea, prototype and the groups to see how it will work. Even lawyers have to exude a certain amount of marketing skill to be taken seriously. It doesn’t just stop with digital businesses. Lawyer SEO could help in this instance of course. What industry are you choosing to delve into? Will it be ecommerce or perhaps interior design? You need to start the journey with a good headspace and a lot of enthusiasm. So what are some good ways to get started?

Good practices to carry out

1. Keep finances separate, on the one hand those of your company and on the other hand the personal ones.

2. Give yourself work hours and respect the routine. Part of the success of a business lies in being consistent with your daily work.

3. Create marketing campaigns from the beginning. You can even start launching campaigns before you open your business to generate interest and attract the attention of future customers.

4. Create your work team. The beginnings are tough and everyone knows it. Make sure you have a team to advise you on your company. It all starts with you, however.

Let’s have a look at how to begin…it all starts with a great idea.

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The Idea

Every product starts as a simple idea. When you are coming up with a product idea, there are a few important things to consider. Firstly, your product needs to fill a need of some kind. Look at existing products and think about where they fall down and how you could improve on them. Alternatively, think about common problems that people have in their everyday lives and try to come up with products that solve those problems. You also need to make sure that the product doesn’t already exist and your product is different enough to other products out there. If you just make a few small tweaks to an existing product, that isn’t enough incentive for people to buy it. You will only be successful if your product offers something that nobody else can.

The Prototype

Once you have your idea and you have finalized a design for it, the next stage is to make a prototype. Make sure that you don’t cut corners and you go to a professional company like Evans Manufacturing to get the prototype made. This initial prototype will be used for focus groups and showing to investors, so it’s important that it is good quality and it demonstrates all of the benefits that your product offers.

Focus Groups

Once you have a prototype, you need to run some focus groups to see how consumers respond to it. A lot of business owners find that, although they thought their product was amazing and it filled a gap in the market, the general public didn’t agree. Just because you think it’s a great idea, that doesn’t necessarily mean it is. Running focus groups will give you an idea of what works about the product and what doesn’t. It’s important that you test the product with a wide range of different age groups and demographics to get a clear idea of the potential problems with the product.

Redesign And Launch

It is likely that your focus groups will pick up on some issues with the product so the next step is to go back to the drawing board and make some tweaks to the design. Once finished, you are ready to put your product into production and launch it. The launch is so important because you need to get people excited and build some momentum so you see good first-day sales levels. You should use social media to advertise the upcoming product launch, and then host a marketing event on launch day. As long as you market it effectively and you have taken care during the design process, your new product will be a big hit.

The product design process is absolutely vital if you want your new business to be a success, so make sure you don’t cut any corners.

Never Neglect These Parts Of Your Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. In order to keep your business running successfully, there are parts that you must constantly mind. Paying attention to those parts will keep the performance of your business consistent and even make it successful. The following contributed post is entitled, Never Neglect These Parts Of Your Business.

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It’s understandable that every business owner needs to focus their energy in specific directions. After all, a business is extremely complicated, and it would be just about impossible to focus on everything at once. The problem arises when business owners consistently neglect particular parts of their business for long periods of time. This can be for a variety of reasons including lack of technical expertise and even simply not being that interested in it. But when you’re running a business, you need to be willing to take care of every part of it, no matter what it is. With that in mind, here are a few things that far too many business owners neglect, and why you should make sure that you don’t!

Logistics

Considering just how important it really is, it’s baffling that logistics seems to be neglected by so many businesses. Logistics simply refers to how you store and transport your good. Obviously, how important this is will depend on the type of business you’re running, but it will almost always be something that you have to think about. While many business owners are aware that logistics is important, they don’t really put effort into making sure that the logistic side of the business is being run as efficiently as possible. Of course, it’s not just about efficiency, it’s also about safety. Something like an 18-wheeler accident can be one of the worst things that happens to any business. Proper training and constant maintenance of your vehicles are essential to avoid law suits and injuries. Make sure that you’re paying close attention to your business’s logistics so that you can figure out more effective working methods as they arise.

Measurements

If you’re working with any product, then the measurements of that product will be imperative. Anyone could tell you that, if you’re producing large volumes, it’s important that your products are uniform. And yet, when it actually comes down to it, far too many businesses leave this small, but crucial detail by the wayside. Don’t think that you can just think about it regarding size and weight either. Depending on the type of product you’re selling, the measurements you need to take will vary.

Web presence

Yes, we all know that a business needs a website. That’s something that’s pretty much universally known at this point. The problem is that far too many businesses seem to think that that’s the beginning and end of the presence that they need online. In fact, your website is only one of dozens of online services that your business should be utilizing. Every business should have social media pages as a large part of their marketing strategies. Similarly, you should make sure that your business has a blog that is regularly updated with interesting and engaging content. When you have an online presence set up, you need to make sure that you’re getting your presence out into the world. You should dedicate some time and focus on the SEO for your business to make sure that people can actually find the website and social media pages you worked so hard to create.

It might seem like paying attention to all of these things could leave you feeling somewhat stretched thin. However, the truth is, if you’re not willing to put the effort into taking care of every aspect of your business, it might be worth asking if being a business owner is the right choice for you.

Have You Got What It Takes To Start A Business? Let’s Discuss

Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Starting a business requires a specific set of skills not everyone possesses. In addition to the skills needed by an entrepreneur, there are also a set of tangibles as well. The following contributed post is entitled, Have You Got What It Takes To Start A Business? Let’s Discuss.

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The end of the year is in sight and because of that, a lot of people are starting to think about goals and resolutions for the next twelve months. It might be that you want to focus on your lifestyle. Improving your health and fitness and placing more focus on your mindset. Maybe it is financial goals that you have in mind. For many, it is about progressing their career, starting a business from an idea and working for themselves. There are many incentives to want to do it, it might be more time, improvement on your lifestyle once more poor simply an ambition you want to conquer. But do you have what it takes? With that in mind, here are some of the things to think about.

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Work on your idea and create a business plan

One of the first things you need to think about doing would be to work on your idea and create a business plan. This might sound obvious, but many people are in love with the idea of working for themselves but have no clue how or what to do to make it happen. You may already have an idea that you have worked on for some time. Or it could be that you just have the desire to do it. Working on your idea and then creating a business plan to support it can help you to make the dream more of a reality.

Do you personally have the right skills to do it?

Another thing to think about would be to decide whether you have the right skills to make it happen. Sure you may think that you have that entrepreneurial flare but do you have business know-how to go with it? This is when speaking to business coaches for entrepreneurs could help you do that. They may be able to give you confidence and the boost that you need in your skills to help you on your way to starting a business from home or working for yourself.

Where will you work and when?

Working for yourself does bring up the question of where you will work and when is the best time to do it? Many businesses will start off from home, and this can give you great flexibility as well as keeping the costs down. But you might also need to think about when the best time to work is. For some people, they may be more productive in the morning, whereas others will find working in the evening is the best time to make the most of family life and other commitments during the day. Having dedicated time and also a dedicated space to work can help you to stay focused.

The financial backing to do it

Finally, you may need to consider what financial backing you have? This might be because you need to think about supporting yourself and your family in those early set up days. Or feeling the need for an investor to help you kick start the venture in terms of products and creating a brand.

Let’s hope these suggestions help you to start your own business next year.

Tips On Finding A Good Wholesaler

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Depending upon the type of business you’re running, finding a good wholesaler could be the difference between your operations sinking or swimming as they can help you properly manage the costs of your goods and services. The following contributed post is entitled, Tips On Finding A Good Wholesaler.

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There are many businesses that use and sell wholesale products, from general home stores to event planning companies. Unless these businesses make their own products, they need to find a good wholesaler to provide them with the products they require.

If you take a look on the Internet, you will see that there are many companies offering items on a wholesale basis. Nevertheless, the importance of choosing with care cannot be overlooked, which is why we have put this handy guide together. Keep on reading to discover how to find the best arwholesale company for your requirements.

First and foremost, you will want to take a look at the company’s product selection to ensure they have a wide range of products for you to choose from. Choose a specialist company, for example, if you need mannequins, then shop at the likes of https://shop.moremannequins.co.uk/, rather than a general store.

Aside from this, you also want to be sure that the company has the capability to cater to bulk orders. Is there are a restriction on the number of items you can purchase? It is imperative to make certain the wholesaler can handle the level of demand you are going to place on them, otherwise you will only be frustrated when they can’t complete your orders.

Quality is a vital factor. After all, the level of quality the company offers is going to reflect on you. Therefore, if you purchase cheap artificial flowers, for example, which look tacky and you can easily tell are fake, they are going to look bad for your business and your brand image, as you are presenting these flowers to your customers as your products. You may want to consider making a small order initially to check that you are happy with the products being sold.

Aside from this, it is a good idea to read reviews that have been left by previous customers to see what they have to say about the wholesale products they purchased from the company in question. You should be able to pick up on anyone with a bad reputation with ease.

Aside from this, the price is, of course, a pivotal factor when it comes to purchasing wholesale products. Needless to say, you should never choose a company simply because it is the cheapest. However, you do need to make sure the products are reasonably priced, especially as you will want to make a profit yourself. It is a good idea to go for a company that offers special deals and discounts, whether it is free delivery or reductions on bulk orders, as this presents you with an effective way of making your money go further.

3 Ways To Improve Your Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. As a business owner, you must be constantly looking to evolve and improve. Doing so will increase the likelihood of your business thriving. The following contributed post is entitled, 3 Ways To Improve Your Business.

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When you run your own business, you are working hard building and maintaining it and are likely to always have an eye on how to improve it. The difficulty can sometimes be in stepping back from the day to day and seeing what else you might be able to do differently, which is why today we are sharing with you 3 ways to improve your business, in the hope that we can spark a few ideas for you.

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Concentrate on your customers

Your customers should always be the focus of your business, of course, so how much do you know about them? How well do you understand their requirements and needs? How satisfied are they with your service and products?

If you do not do so already, you need to seek customer feedback regularly. Get feedback directly, do not attempt to second guess how your customers feel about your business.

Your customers will have an opinion and they can probably offer you valuable criticism that you can use to improve on what you currently do. Be open to hearing everything that they have to say and take it all on balance before devising new plans and strategies.
Customers appreciate that you are taking the time to ask for their views and will be more likely to engage with you and continue to buy from you if they can see that you are taking their ideas and feedback on board.

Work with the professionals

It can be easy to fall into the trap of thinking that you need to learn and master every single aspect of your business, after all it is all yours. However, there is absolutely no need to do this as there are experts out there only too willing to step in and support you.

Whether your busy would benefit from managed IT from companies such as UOTech.co Managed Services or you would appreciate some support around your marketing strategy, it can make a lot of sense to start working with the professionals. It will mean that you get some guidance from specialists in their field, they can take a burden from you and free you up to focus on other areas of your business.

Build an effective team

Your business can be improved if you are working to build an effective team. To do this, you will need to recruit wisely and then put the time in to training and coaching them consistently. Everybody should be clear on their role within your team and be confident to carry out that role. They should be made to feel valued and an integral part of your business.

Look after your team by showing how much you appreciate and value them. Work on the ambience of your office, take the time to spot when they have done something well and thank them, and look out for ways to reward them appropriately. Keep the lines of communication open so that everyone feels that they are a part of your business and feel able to contribute their own ideas to help you to continue improving.

4 Ways To Improve The Security Of Your Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. No matter how novel and exciting your business idea is, you must secure it. You must optimize the security of your business on numerous fronts. The following contributed post is entitled, 4 Ways To Improve The Security Of Your Business.

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Regardless of the kind of business that you operate, you’ll want to keep all of your assets safe and sound. Whether it’s stock, technology, data, or money, there are several ways that you can enhance your security.

1 . Invest in CCTV

A good CCTV system is a must-have to keep your premises protected. CCTV cameras can function to deter criminals from targeting your property. As well as this, a CCTV monitoring system means that you’ll have evidence should a crime occur. The theft or damage of equipment or data will cost your business time and money both. CCTV can serve as a good damage control solution should the worst happen. Should extreme damages occur in the event of a break-in, it’s a good idea to call upon commercial restoration companies to provide help. Such companies can also assist in the event of high scale damages; from extreme weather to other structural disasters.

2 . Hire a security guard

To protect your business premises, a security guard can be a great call. Having a well-trained security professional will provide you with peace of mind that your building and employees are safe. A security guard will be able to monitor video surveillance around the building and ensure the correct access to the correct people. They can check ID and direct visitors as needed. Again, a security guard alone can be a great deterrent to potential thieves.

3. Cybersecurity

In the modern business world, cybersecurity is just as big an issue as physical security. It’s essential to put means in place to protect yourself online. When employees are accessing your network, ensure that you implement a multi-factor authentication system. Such a system involves several different checks to prove the identity of the employee. From biometric traits like fingerprints to codes sent via SMS; you can be sure that the right people have access. It can also be useful to hire an IT professional to perform a cybersecurity audit. An audit can identify and fix the weak points in your security system. When you implement new security solutions, ensure that you train your staff in terms of best practices. Using the internet to help your business can only be successful if you know how to stay safe online.

4. Install an alarm system

An effective alarm system is a great way to improve the security of your business. Such systems can alert the police quickly and efficiently should there be a break in. Regardless of an alarm system, it can be a good idea not to store all your valuables on-premises. Some businesses like to invest in storage solutions to have another place to keep valuable data or assets. Spreading your assets over multiple locations can be a good damage control solution.

Lastly, make sure that you backup your valuable documents and data and use the cloud as much as possible. If you’re concerned about cybersecurity, it can be beneficial to invest in a cybersecurity insurance policy. These policies can cover you in the event of a data breach, including any loss of revenue incurred as a result.

Using the Internet to Help Your Business

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. In today’s digital age, using the internet is critical if you’re running a business. It can help make your operations known not only in your immediate location, but around the world as well. The following contributed post is entitled, Using the Internet to Help Your Business.

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No matter the size of the business that you work for, whether you work from home, have a small business, or work for (or are in charge of) a large corporation, there won’t be one day that goes by that you don’t use the internet for your business. It is a vital part of the day-to-day running of your business, but it can also be used as a really important tool to help promote your business and to grow your business. In fact, there are so many ways that you can use the internet for your business, that it can seem quite endless, and as a result, it can be a little overwhelming.

So if you want to know how to use the internet in the best way for your business, then starting small and staying simple will help you to use the internet in the best way to make the business more efficient. One of the last things that you want is to make sure that everything is used daily so that it can pack the biggest marketing and promotional punch. Here are some of the ways that can make a difference.

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Set up a business page on multiple sites

If you have an established business with some loyal customers already, then it is important to encourage them to leave some positive reviews on various sites that you can register with. It helps to validate your business. Use sites like Google to list your business, as well as sites like Yelp and other local business finding sites, like how Interstate Dry Wall is listed on local business finder pages. These sites are great to help you to advertise your business, and it allows you to list things like your location and business phone number so it can help potential customers.

Take advantage of email marketing

If you are able to keep your current and past business clients and customers informed about what your business has been doing or latest information and deals, then it can really pay off. It can help to create a good relationship with customers and clients, and it means that it is more likely that they will use your business again in the future. You could send out a weekly email, or perhaps less often like a monthly email. You can also really personalize what you send out, so that it can be personal for a customer’s birthday or deals over certain holidays, and so on. You can also track who opens emails and who doesn’t, if you use a newsletter subscriber, so you can measure the success of them.

Use Social Media

Social media has risen and grown over the past decade or so, and there is no sign of it slowing down. So are you making the most of sites like Facebook, Instagram, YouTube, and Twitter, for example. It is important to make sure that you don’t use too many sites, as you won’t be able to manage all of them to a good standard. So think about your ideal customers and the sites that they would use, and then you can go from there.