Help in Keeping Your Business Growing and Looking Forward

Posted by pavan on September 19th, 2019

There are many businesses that have learned in the last decade and a half that becoming a short-term success is not a guarantee of sustaining any success in the long run. Competition has increased, there is often the mismanagement of finances, missteps professionally, and the downturns in the economy all can cause the downfall of a once thriving business.

Challenges

This challenges many businesses, especially small ones, as that they also are so busy in day-to-day operations; they lack the time and energy to maintain one eye on the future that is important for any long-term success.

Ensure success in future

To ensure that any business has long-term success, they must participate in a wide-ranging exploration of the business that includes evaluating the past as well as “envisioning” the future. This examination involves what has been done and what needs to be done to have “legs’ that will keep the company going for many years for Mulesoft Training.

Maxims to follow

There are two maxims that have helped companies in the beginning and the sustainability of any business. The first one is a famous Law of Insanity “Doing the same thing and expecting different results.” Often while a company takes the efforts to grow its business, things go wrong, but those managing the business do what they have always done, just more and harder. While often intensified efforts and persistent can bring about new results, often, such effort will simply continue to violate the Law of Insanity. This lesson is simple: if something is not working, does something different.

Second maxim

The 2^nd maxim is less famous. “If it’s working, don’t change it”. There are companies which have everything working great, yet they will choose to make a change. For example, they try to enter a new market or offer new product/service, without a clear reason or a good reason for doing so. That is just plain stupid – so the reason for the maxim. Undoubtedly, you want to continue to look for various ways to grow and evolve your business. But at the same time, if there is something that is working you need to stick with it, especially if it is a core portion of your exclusive value proposal. You also do not want to change anything in the business short of thoroughly studying the allegations and the risks of the change.

Following maxims – examine the past

So, following these two maxims will in most cases ensure your business doesn’t collapse but it also doesn’t mean that it will continue to grow. For these reasons, it is essential that everything needs to be examined in your business’s past to have a broad and deep understanding of what works and what doesn’t and then use these results to be the guide for future movements. This is how you sustain a business in the long term. This scrutiny should include all aspects of your business including:

• Capabilities;
• Markets;
• Offerings;
• Research and development;
• Sales and marketing;
• Business operations;
• Finances;
• Other areas that impact businesses.

Questions to keep asking

As part of this examination of the past, you need to ask yourself 4 questions:

1. What are the business’ strengths and weaknesses?
2. What has been done that has worked and hasn’t worked?
3. What mistakes have been made?
4. What should have been differently if it was all done over?

In-depth understanding

With an understanding in-depth of all aspects of the business, you can ask a final question: What lessons and insight can be learned from this examination to guide the company in moving forward?

20/20 hindsight

20/20 hindsight might seem to have little value since there is nothing that can be changed in the past. But, looking back can help sharpen vision as you gaze into your future and help to shape it. The lesson you can garner from 2 maxims discussed here are it needs to be carefully considered what has and has not worked in the past. Relying on this wisdom of these 2 maxims, you choose to continue what works and discard what doesn’t. This is the best way to keep a company growing.

Customer training

You also need to educate your customer with training offered to customers. This involves them using an organization’s product or service to its full capacity. While customer support teams can help customers solve problems after the fact, training customer is support prior to your customers needing it. It is proactive, not reactive. This training is also known as customer education or customer enablement. And it saves money on customer support.

Empowering customers

When offering customer education, you will essentially be empowering these customers. They know how best to use your product or service and get the most out of it. They know it so well that they are possibly out recommending it. There are link in-between training customers and an increase in loyalty. This cuts some of your costs and eventually drives your revenue much higher, directly as well as indirectly.

Churn rate

When a churn rate is low (measuring customers leaving relative to number of new customers) lowers cost because it costs less to keep customers than to get new ones.

Boost innovation

This type of training boosts innovation and that also boosts revenues. When customers finish your training program, you will be getting valuable feedback that helps with improvement of your product.

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