15 Nov The 6 Habits of High-Performing SMBs
The 6 Habits of High-Performing SMBs
According to the Bureau of Labor Statistics, about 50% of small businesses fail in the first four years. Our economy is driven by small and private businesses which makes it a highly competitive marketplace, so what do small business need to do in order to grow and be successful?
Mobility and Efficiency – Top small businesses use mobile and remote technology to improve agility and efficiency. By 2018, small businesses expect to see triple-digit-growth in mobile apps with an aim of improving both staff and customer experience. Salesforce found that top sales teams are 3.5X more likely to rate their sales tools as outstanding as compared to their under-performing counterparts.. The key to understand is that when a sales and service staff that has quick and efficient tools they are more likely to succeed. Business managers have to make sure that their sales and service teams like and understand the tools that they are using day in and day out
Data driven decisions –Successful small businesses are adopting data and analytics to drive customer-centric decisions. 51% of small business marketers rate metric tools like Google Analytics and CRMs like Salesforce as absolutely critical to understanding the customers journey to finding, purchasing and continuing business with you. Small businesses are leveraging analytics as a way to understanding their customer avatar with high performing small businesses 2.2X more likely use sales analytics then the under-performing teams. There are so many ways to track sales and customer metrics these days that not doing it is simply lazy. You can be the team that embraces Metrics (the Cubs) or you can be the team that sticks the way you’ve always done things (the White Sox); you tell me which performs better.
Scaling with automation and social/mobile marketing– Small business marketers are scaling their efforts and increasing brand awareness by using online marketing tools to their advantage. Outsourcing or hiring those skilled in social and mobile marketing is expected to grow by 143% in 2017. When you know how much it costs to grab that coveted sale/lead, then you know what you can afford to spend on marketing, sales and infrastructure. It is easier today more than ever to know your cost of acquisition and then budget accordingly. If you dont have staff up to the challenge, outsource and hire those who know how to win on the Facebook and Google battlegrounds
Keep the talent happy– Growing small businesses prioritize talent retention to a higher degree than most large enterprise. 42% of small businesses report employee retention and satisfaction as extremely important, as compared to 35% in the enterprise space. Small businesses also need to get the most from their hard-won talent. Millennials more than any other generation are apt to move on rather than stick it out when they are unhappy. With barriers to new jobs at an all time low, SMBs need to think more about keeping talent happy than ever before.
Early Tech adopters gain the competitive edge– High-performing small businesses have an almost 1 in 5 chance of being an early adopter while under-performing businesses come in at just over 1 in 10. Most SMB’s have under 100 employees and therefore have the advantage of being able to test and roll out new technologies quicker than their enterprise counterparts. The advantage of adopting new and streamlined technology is a risk few take but is rewarding to those that do.
Focus on the Customer experience -Top small businesses ensure the best possible customer experience across all touch points because much like a restaurant with great food and lousy service, you may have liked the meal but you wont go back because you hated the experience. The best performing services teams are nearly 2X more likely than less successful teams to empower their team to enact changes and resolve issues without bureaucratic involvement. Being small means you knowing and trusting your team better. Limit the barriers to your staff and empower them to make decisions and offer suggestions.