Companies that want to stay in business over the long term need to have sustained growth. There are many companies that have the customer base in order to grow, but their finances are holding back the growth of the business. There are many ways in which a company can make their finances work for them instead of against them. The first step in this process is to get everything together to figure out where the company stands with its finances. Large companies generally do a great job of this. However, small business people generally do not like to focus on the details of accounting. This step is important in order to formulate an overall business strategy to execute. Once the finances are known, a business owner can start to make decisions on how to grow the company. Brian Bonar is a great example from the business world that has been able to do this before. Here are several tips for any company that wants to grow over the long term.
Focus on Customers
In the early days of a company, it is generally not a problem for people to focus on the customer because there are so few. However, as companies grow it can be easy to treat a customer like a revenue or sales number. Over the long term, companies that focus on the customer are going to grow at a much faster rate than those that do not. Brian Bonar has always been focused on getting his company aligned with what his customer base needs or wants. Anyone that wants to start focusing on the customer more can do so in several ways. Instead of treating the customer like a transaction, treat the customer like a relationship that needs to be cultivated over a period of time. The customer will appreciate this and it will pay off in the end for the business.
Brian Bonar has been involved in several large companies at the highest level. Through his experience, he has learned what to do in order to support company growth through finance. One area that many businesses have opportunity in is marketing. Many times, a company has a set marketing budget to spend on acquiring new customers. Brian Bonar believes that the best marketing is a satisfied customer. Instead of spending a lot of money on marketing new customer, focus the attention on making the current customers as content as possible. Over the long term the business will have a much more engaged base of customer this way. Brian Bonar also believes that every transaction a customer has with a business should result in value for the customer and that a company should work to make this happen.