by Sean Rudner, small business expert, creative entrepreneur and owner of the ultimate business resource StockPKG
Company growth: everyone wants it, but unfortunately not all have the means to succeed. The balancing act of working to forge lasting relationships with new clients while simultaneously maintaining current connections can be overwhelming. Without the right mindset and procedures, growing a business may prove to add to that difficulty.
Here are four simple tips that have lead my company to continually reach triple digit growth year after year.
#1 – Don’t Get “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. At StockPKG, we’ve implemented systems requiring us to stay in constant contact with our customer base. We make a point to call every single customer – large and small – on a regular basis. This helps maintain those solid relationships that are so necessary in the industry.
#2 – Goals, Goals, Goals.
At StockPKG, we set monthly goals like many other companies, but have three specific aims outside of revenue and profitability:
A. Total number of orders: We don’t concentrate on the size of orders, but simply the number of orders placed. If the job is done correctly, order size will grow in time.
B. Total number of repeat customer orders: Since our priority is to maintain existing customers, the number of repeat orders from one customer holds extreme importance at StockPKG.
C. Total number of new customers: Our team sets definite goals for our sales and customer service departments, placing them high enough so our employees work diligently. At the same time, we ensure they are fair and attainable. We provide daily assistance to our customers to help them with their own businesses, truly believing in the notion if they succeed, we succeed.
#3 – You Can’t Save Your Way To Prosperity.
Don’t get me wrong, we focus on controlling our costs. However, we make it a point to be a customer-oriented company. We are in a consumable business – we don’t look to generate our money on just one order. We keep our margins tight and review the customer’s worth over the lifetime of our business together.
#4 – Use Your Spare Time Productively.
Many entrepreneurs choose to spend their spare time talking to their suppliers because it “feels good.” Instead, I spend that time talking to prospects and existing customers to learn more about their business (how they’re perceived by customers, ways to improve, etc.). 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.
Through these four pieces of advice, you too can watch your company grow to its full potential. Sean can fully attest this, as StockPKG continues to expand, becoming the “next Amazon” of business supply solutions offering more than 35,000 high-quality discounted products.
Sean Rudner is the president and CEO of StockPKG and is directly involved in the general management, sales and financial departments. Sean founded the company in 2012 and provides the vision for keeping the company moving towards success. Prior to his role at StockPKG, Sean successfully started Desert Plastics in 1998 and turned it into a multimillion dollar company before selling it in 2004.