How to Take Your Service-Based Business to the Next Level
Though one may think that businesses which offer products are more commonplace, the House of Commons Library reports that the opposite is actually true. In fact, almost three out of every four businesses in the UK (74 percent, to be exact) provide their customer base some type of service. Additionally, these service-based industries support a whopping 79 percent of employees currently working in the UK.
So, what can you do if you've started one of these service businesses, yet you feel like you're ready to take it to the next level, maybe bringing on more employees or simply increasing your customer base? Put another way, what actions can you take to help your service-based company grow?
Clearly Identify Your Business Goals
It's difficult to get where you want to go with your company if you aren't quite sure what that final destination looks like. Plus, taking the time to identify your main business goals can help you make better everyday decisions for your business, an action that almost ensures that you'll stay on the right path.
If you don't currently have any pre-set business goals, Marketing Vision suggests that you first define your company's absolute biggest goal, the one you want more than anything to reach within the next year. Next, come up with some smaller goals that will help you better reach it.
Finally, review both your big goal and the smaller, more supportive ones regularly to remind yourself of the actions you need to take to get wherever it is you want to be.
Follow Russell Ruffino's Keys to Marketing Success
How did Russ Ruffino grow his service business, Clients on Demand, to the point where Inc. Magazine named it one of the 500 fastest growing companies? He did the same thing he teaches his clients how to do.
First, identify what sets your service-based company apart from your competitors. In what areas do you know more? In what areas are you better, higher in quality, or more convenient for the consumer? Essentially, you want to highlight what you offer that your competition doesn't.
Second, Ruffino suggests that you provide the best possible service for the best possible prices. This involves finding ways to offer your top-notch services so they are more reasonably priced, and not discounting them so much that you weaken your credibility or expertise status.
One option is to offer tiered pricing so the consumers can pick the level of care that is most suitable for their needs and their budget. Another is to increase the value of your offerings, like by adding little perks if they select a higher package. Be creative and see what you can come up with.
Harness the Power of Relationships
CIO Insights shares that developing the right partnerships can have a profound effect when it comes to helping a business become bigger and stronger. But who should you strengthen your relationship with to experience these types of results?
Vendors is first on their list, mainly because they can "bring funds, resources and materials into the organisation." But it also helps to establish better relationships with industry peers as they can potentially offer your business more opportunities to grow.
Customers made the list as well, with CIO Insights indicating that creating a customer-centric approach helps you tailor your services to your individual customers needs. This can be accomplished by using automated systems, such as those powered by AI (artificial intelligence), to improve response times and reducing the number of contacts they must make to have their issues resolved.
Service-based businesses are the majority in the UK. And doing these three things will help keep them that way.