Maintaining a company’s growth can be an intimidating task. Businesses must constantly be thinking of new and unique ideas while simultaneously fostering current relationships.
So, how does one successfully balance both? Sean Rudner, small business expert, creative entrepreneur and owner of the ultimate business resource StockPKG, has been asked on multiple occasions how he has lead his company to maintain triple digit growth year after year.
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Below, Rudner offers four simple principles on how to be successful in growing a business.
1. Avoid having “shiny object syndrome”
Many companies become so focused on acquiring new business they completely forget about their existing customers. It is much less expensive to maintain an existing customer than it is to replace them.
2. Set goals
StockPKG sets monthly goals similar to many other companies, but has three specific aims outside of revenue and profitability including its number of orders, its total number of repeat customers and its number of new customers
3. Don’t try to save your way to prosperity
Although StockPKG focuses on controlling its costs, it also strives to be a customer-oriented company. The company doesn’t look to generate our money on just one order. It keeps margins tight and reviews the customer’s worth over the lifetime of our business together.
4. Use Spare Time Productively
Many entrepreneurs choose to spend their spare time talking to their suppliers because it “feels good.” Instead, StockPKG spends that time talking to prospects and existing customers to learn more about their business (how they’re perceived by customers, ways to improve, etc.).
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Be sure to make the effort to pick up the phone and ask your customers specific questions on how you can improve as a supplier. You may be blown away with what you’ll discover.
These four principles have lead StockPKG to unparalleled success since inception in 2012 and Rudner intends to continue achieving his business goals well into the future.