Three Old Time Business Rules that are No Longer Effective
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| It is time to leave Old School business practices behind |
For many decades, the common definition of succeeding in
business was being able to afford lavish items from the company’s profits, like
expensive homes, fast cars, and shiny boats. Although many people still get
into business for this reason of self-satisfaction, there has been a call among
business professionals to reach beyond those traditional standards of business
success and redefine what that term actually means. Here are three old business
rules that should be redefined in the New Year.
Put True Value Over Expense
In decades past, businesses would put products that were
cheap to manufacture but not the best quality to help increase profit margins
by lowering production costs. While sub-standard products were the norm for old
age consumers, new age consumers know better and are more likely to invest
their money in a product or service that is quality. Instead of putting out the
most products to make the most money, a business’ focus should be on putting
out the best product to keep consumers coming back for more.
Allow Employees to Take Part
Older business professionals will tell you that back in the
old days an employee’s job was to take orders from their boss and do nothing
else. Creativity and inclusion of employees in business decisions was unheard
of and those who did speak up were often let go from their jobs. Now, business
owners are beginning to understand the importance of listening to their
employee’s opinions and ideas since they work in the trenches and with the
customers every day. Including employees in the business process is a great way
to learn more about your business as well as create a working environment that
is pleasant.
Existing Customers Are Just As Important As New Customers
Way back when, business owners believed that the faster a
sale was closed, the more quickly it could leave it behind and the next sale
made without ever following up with the original customer. In today’s business
world, repeat business is a huge part of a company’s yearly revenue, so
following up with first time buyers to add value to their purchases or get them
to buy again is extremely important. Repeat business and strong consumer
relationships are what keep many businesses going in today’s economy.
Be Transparent to Consumers
Older business professionals still believe that important
information should be kept secret at all costs. With so many scam artists and
bad products in the market these days, it is important to make sure that
consumers trust your business and your brand. An important part of building
that trust is being transparent and answering the questions they ask with
honesty and integrity. If a consumer has more trust in one company over the
other, price point will not play a role in from whom they decide to buy.
Old school business practices were, in many aspects, fast
and loose and the majority of business owners opened their own companies simply
to make money and self-satisfy. With consumers becoming smarter about what they
purchase and becoming more strict about whom they purchase from and why, it is
important to keep these new age business tips in mind. While some older
business practices, like “the customer is always right” still apply, other can
be changed or updated to fit this new age business world.
These rules of business apply even if you have a work from home business. If you
are struggling to retain customers or get new ones, let Stacy O'Quinn help you.
He has helped dozens of work from home professionals realize their true
potential and you could be next! To learn more about Stacy, click here.
*Photo Courtesy of Duncan Hull via Creative Commons License
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