Four Traits of High Performing Small Businesses
October 4, 2016
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It is a matter of looking at the glass half-full, instead of half-empty. While much of the focus has been on the 50 percent failure rate of small businesses, there is the other half that we can learn from. America’s best interest lies in encouraging and promoting the success of a small business, as over a third of the working population gets their paycheck from a business with less than 100 employees. So, what are some of the common traits found among high performing small businesses that we can learn from?
Here are four traits of successful small businesses:
Embracing technology early gives an advantage
One of the major marks of successful small businesses is the early adoption and integration of technology into their core business processes. They embrace technology as a part of the overall business plan and not an addendum. As a result of their proactive first-move or timely counter-move, they gain a competitive advantage or level the playing field against larger competitors. High performing sales teams are often supported by mobile apps, which perform everyday organizing and analytical processes, freeing them to focus on strategy.
Every process, person and product are a part of the customer experience
Customer service is no longer singularly the responsibility of the customer service department. High performing small businesses are intentional about positioning every person, every process, every product, and every technological solution as a part of enhancing the customer experience. For example, a small business may have been experiencing an increase in parcel volume, due to a surge in business and its manual shipping process no longer serves the business well. Consequently, the manual process is phased out and replaced with an online automated shipping solution that not only processes packages faster but also offers rich transaction reports, tracking history and address verification.
Customer-centric data drives decisions
Businesses that understand their customers are better positioned to succeed. High performing small businesses understand that data analysis is integral to making great business decisions that engage customers and boost the bottom-line. Top small businesses are also challenged by the time required for manual data analysis but have invested in digital solutions that automate the process and allows them to focus on strategy. Small businesses are now able to access apps that automate accounting, which includes tracking progress and easily verifying sales efficiency by a team member or time period, right from a mobile device.
Empowered talent, empowers customers
Customer retention rates are 18% higher on average when employees are highly engaged and empowered. Author and entrepreneur Stephen R. Covey notes that businesses should “always treat your employees exactly how you want them to treat your best customers”. Small businesses have recognized that their best bet for their customers to receive good service is to view empowering their employees as a priority. This is very integral to the success of a business.