Taking the time to look over your business and teach yourself new skills is vital in a fast-moving business environment
We live in a fast-paced society where businesses need to frequently adapt their processes and offerings to meet the ever-changing requirements of their customer base. However, many people overlook the importance of continued learning once a company has been established. This is something any business leader should avoid because how can you expect your business to thrive against the competition if you don’t continue to learn?
No matter the kind of business you run – whether it’s home- or office-based, trading from a retail unit or from a restaurant – your customers expect to receive exceptional service. People want businesses to move with the times using efficient and practical processes and offering competitive services and products. And thanks to social media and customer review websites, customers can easily tell the world exactly how good or bad a company’s services are.
Fortunately, you can stay abreast of these developments with continuous learning. This starts by ensuring you take time to work on your business. If your franchise requires you to interact directly with your customers, face-to-face contact can provide a fantastic opportunity to communicate with your customers and find out whether you are meeting their expectations. Additionally, you need to think about the big picture: compare your company to others locally and nationally. If their approach is more convenient or attractive to the consumer, you could be facing quite a challenge.
Having taken the time to look at both your own business and other firms, you should have been able to identify areas where you can generate opportunities for growth by changing the way your business is run. For instance, if your operation expands and your customer-base grows, you may require more comprehensive back-office systems to simplify any of your operational processes for yourself or your employees.
And there is nothing stopping you learning from others in a similar position, which is why the bfa strongly encourages learning through shared best-practice and experience. That’s why we host regular local franchise network meetings to enable franchisees from our members’ networks to speak with other small-business owners about the issues they face in their day-to-day operation and how they can overcome hurdles. Networking with brands of all types and sizes can be incredibly beneficial in the long-term. Remember advice that may be too big for your business today could be a real asset in the future.
The biggest and best businesses are always looking for opportunities to learn and grow. This can be through training their staff to better serve their customers or scoping out patterns in consumer behaviour or economic trends. It can be all too easy for a brand or business to become irrelevant or fall out of favour in our fast-moving high-tech society. Taking the time to assess and improve your business regularly is an investment that can pay dividends further down the road.