LIKE plants, businesses thrive on growth. And according to research the rate of expansion could be greatly increased by using one simple piece of advice – taking note of customers.
Incredibly, as many as half of small firms, and many larger ones, fail to ask their customers what they think of the products and services they are receiving. Even when turnover is dropping and a business is shedding staff, these companies are neglecting a fundamental aspect of business success, that of taking notice of the very people they are selling to or providing a service for.
Of the firms that do seek their clients’ opinions, almost 70% suggested the talks were important, and in some cases crucial, to the wellbeing of the business. Accelerating growth by as much as four times was possible by tapping into the thoughts of customers and informal networks, the study revealed.
Local chambers of commerce are a recommended body to turn to when it comes to taking advice in the hope of increasing turnover and profitability. Business consultants too should be viewed as allies to helping you maximise your potential in what are still difficult times. Making the most of the resources available is considered key if a company is intending to emulate that plant – and branch out.