There is a gap that exists between small businesses that do a good job versus those that do a great job. While it is true that many businesses can maintain a good status for a while, a great small business is always on top of its game. From the executives who drive the company in a successful direction to the employees that make it happen, a great small business tends to be head and shoulders ahead of other good small businesses. But, what does this mean in practical terms? How do you know that your small business is a great small business? The following are a few clear cut ways to discern the difference between a good small business and a great one to help you answer this question.
Dealing With Feedback
You will always find good companies who will obtain feedback from their customers, and they love it when the feedback is favorable. When it comes to great companies, however, it has been shown that the great companies actually spend far more time being interested in negative feedback. While it is nice to hear praise from clients and customers, great companies want to know how they can turn negative feedback around and make even those who provide this feedback feel like a satisfied customer too.
Be on Time
Even if an analyst working at your great company has to print out the latest report from their white label executive dashboard before running off to lunch, you find that they manage to do so in a timely manner and still get all the rest of their work done with superb punctuality. It is the entrepreneur who must lead the pack in a great company to ensure trusted relationships with clients. Being on time is not simply a slogan, as it often is at a mere good company, but being on time is a solid commitment that workers of your great company strive to maintain in just about everything they set their mind to do.
Knowing the Competition
While a good company has a vague idea that there are other businesses competing with them in their industry, this general knowledge simply is not enough to pass for mustard. A great company will have an exact picture in mind of who their biggest competitor truly is. Not only should you know who your biggest competitors are in your industry, but you should be actively taking notes on their methods, progress, successes and failures too. This is how your great company will stay abreast to where the real opportunities are that your competitors are attempting to capitalize on and which opportunities they are not even aware of also. These types of insights will keep your great company a step or two ahead of the good companies who represent your competition.
Building Consumer Loyalty
While good companies are constantly struggling to get new customers to replace old ones who have moved on, a great company spends more time and money holding on to the customers they have already built a relationship with for the long term. In this sense, a great company is not wasting a valuable resource, even if it costs a little extra to groom and mold a customer into being loyal. Not only does this save capital over time in marketing efforts, but it means that your great company can earn off its loyal customers again and again. Good companies tend to only get one sale on average from a customer which is going to cost them big in marketing for failing to develop loyal relationships.
Every industry is filled with good and great companies. Great companies go that extra mile to ensure that they are first to move on opportunities and best at handling customer satisfaction. To reach the status of a great company is real work, but the pay off is that your company will far outpace the competition.
by: Mark Palmer