As we continue our series on Business Issues, this week we focus on how to attract new customers and how to retain them. Also, how to improve security, and workplace transformations. Last week, we discussed the need for speed.
#6 Business Issue: Attract New Customers
First of all, what sets you apart? What is your unique selling proposition (USP)? Know your ideal customer in order to communicate why you are different. What makes you stand out against your competition? Then you can create content aimed at the needs of that very defined customer profile. If you advertise and generate word of mouth around that content, and make sure you have a team of strategic partners, sponsors and satisfied customers – attracting new customers becomes easier.
You need to be easily found. It can be signage, a website or a social media profile, but it needs to be easy. After that, a fair price linked to quality is imperative. Because customers will pay more for better goods if they believe they are getting a good value. Feedback from current customers. If you want recommendations to attract new business, you have to make sure you offer the best service. That way, your current customers happily tell others.
You retain customers by creating a process that allows you to measure and communicate the value you have delivered to your customers. At EN Computers, our Quarterly Business Reviews do just that. We study every customer contact point and we ensure quality, and truthful communication. You need to appreciate your current customers, and find a way to show them you do. You must work to achieve a100% referral rate from your customers.
According to Bain and Co., a 5% increase in customer retention can increase a company’s profitability by 75%. Gartner Group statistics show that 80% of your company’s future revenue will come from just 20% of your existing customers. A statistic provided by Lee Resource Inc. should give any business plenty to think about: Attracting new customers will cost your company 5 times more than keeping an existing customer.
#6 Business Priority: Security
Every business, regardless of size, should consider the importance of security. Often, small businesses they might believe they aren’t targets due to their size.
Given today’s cyberattacks aiming to get all kinds of company and customer information, these attacks can be a disaster for small businesses. Since, larger companies are spending more on their security, smaller businesses are becoming more attractive as targets. Security threats not only come from the outside, they can originate within your own company.
Protecting and preventing unauthorized use of data is paramount to any organization. Data is the primary currency that business relies on today and keeping it safe seems to get harder.
TechPro Research offers some employee security policy tips:
An employee who uses the company workstations or systems to conduct business operations must:
- Ensure that all equipment use is for business/professional reasons.
- Access only information that is needed to perform their jobs or assist others in doing so as part of the valid scope of their duties.
- Be responsible for the content of all data, including text, audio, and images they share internally or externally. All communications should have the employee’s name attached.
- Be responsible for all actions/transactions performed with their accounts.
- Use passwords and screen locks on company-owned systems or devices, or those approved for access to company data.
- Log out when leaving a workstation for an extended period.
- Store all shared passwords (such as for departmental accounts) in a centralized and encrypted password database, such as Password Safe or KeePass. The main password for these databases must also be kept private and provided only to authorized individuals.
- Change passwords per company policy (e.g., every 90 days).
- Know and abide by all applicable company policies dealing with security and confidentiality of company records.
Personnel security is a system of policies and procedures put in place to mitigate the risk of employees who might exploit their legitimate access to an organization’s assets for unauthorized purposes.
While there is an emphasis on data theft sometimes, physical security is put on the back burner. In addition to terrorism, losses can occur due to theft, vandalism and sabotage. Disgruntled employees can seek revenge against a company or be lured by money to access confidential information.
Physical security includes a plan to prevent unauthorized access to facilities, equipment and resources as well as personnel. This plan can include the use of many connected devices. Devices which include CCTV surveillance, security guards, protective barriers, locks, access control protocols, and many other techniques.
Hazards exist in every workplace. Therefore identifying hazards, you will be better prepared to control or eliminate them and prevent accidents, injuries, property damage and downtime.
#6 Business Challenge: Workplace Transformation
In an effort to increase cost savings, several organizations are beginning to look at how to reduce their facilities footprint, create workplace flexibility and comply with mandates. Since transformation allows an organization to enable a workplace to promote collaboration and productivity, at the same time, reducing costs. In order to maximize the benefits, businesses should adopt a plan that includes the following:
Establish an integrated workplace flexibility policy that provides guidance on eligibility, training, and performance through engaging employees
Mobile technology solutions:
Develop a technology services strategy and a related IT Investment Plan to provide guidance, security measures, mobile IT requirements, and tracking systems.
Real estate planning and facilities efficiencies:
Set facility efficiency targets, and track facilities utilization to meet federal mandates and organizational targets.
Modern space design practices:
Transform underutilized space. Create collaborative space through researched design options, and identified resources.
Finally, business agility is the ability of an organization to sense changes internally or externally and respond accordingly in order to deliver value to its customers. At E-N Computers, we know how to make technology work for you – quickly!