The strategic management of a service-based business is different from other types of businesses because the main thing you sell is your service. Meaning that your business depends on you always providing a high-quality service. Customers and potential new customers will only come to your business if you treat them well and consistently deliver. As a business owner knowing what problems your business is facing can help you plan ahead and find creative ways to keep your business running. So what are the five things you need to focus on doing well in order to run a successful service-based business?
1. Time and project management
In every team you lead, there will always be one person who needs extra help to solve a problem so that the job can be finished on time. Since you've worked on different projects with your team, you already know who has trouble managing their time. You'll need to keep a close eye on the situation and step in when needed. Make a detailed plan for each project to ensure staff understand their responsibilities and deadlines. Keep the lines of communication open so you can keep track of how each employee is doing. This will also give you ample time if there is a problem and will allow you to fix it before the project's due date. Use tools like project management software to keep track of your entire operation and streamline communication within your team, as well as between you and your clients.
2. Upskill Employees
Your staff should have the right skills to do the jobs you give them. Some tasks can be demanding and may require a certain amount of knowledge and skill. You have to decide if you want to hire a skilled employee or train the people you already have to get the job done. The best way to do this is to note the most important skills that will be needed to finish the job. Analyse the strengths and weaknesses of your existing workers and if need be, train them up to help them learn more and fill in any skill gaps.
3. Manage and treat clients well
It is vital to know your customers and take care of them. Knowing your customers will help you set up your business so that you can meet your customer’s needs at every point of contact. In every business, communication is key. Send out mailers to let your clients know about deals and new services, create an app, answer their questions and concerns via live chat, or keep an updated social media page in order to ensure predictable ongoing communication.
4. Getting new customers and standing out
People don't always know how valuable your services are until you show them. Enlighten them with the good news through social proof that you've helped other people who got a lot out of your services. Customers who were happy with your services in the past can help you promote them and increase your chances of getting more business. As a service-based business owner, you need to find ways of bringing in new customers while keeping the ones you already have. People's decisions are often based on how they feel. Time-limited offers often work well because they make people feel like they need to act quickly or they risk losing out.
5. Resource Management
If you have a lot of equipment spread out between workers or locations, it can be hard to keep track of everything. You'll need a good way to keep track of everything in your business so you can quickly see what's broken, missing, used a lot or may need repair. Well-managed resources can cut costs for your business and help you find any tools or data that have gone missing. One of the worst things that can happen is to start working on a project only to find out you're missing something or it doesn't work well. In addition to losing money because of project delays, you also then have to buy new tools. Real-time analytics and reporting tools can help you handle your resources better because they provide up-to-date, accurate information on how your skills and resources are being used at any given time.
The bottom line
Service-based business requires hard work and attention to detail. By focusing on these five areas, you will be well on your way to developing strong customer relationships, streamlined operations, and effective staff. To fund your plans to grow your service-based business in the next 48 hours, contact Merchant Capital today.