One of the hardest parts about starting a new company is making it past the initial quarter in terms of survival. Most businesses fail in their first quarter for a number of reasons. Be that poor management, insufficient funding or lack of customer base.
Another element that people don’t take into account when trying to start a business is the importance of building a positive reputation for your business. Here is a little advice on how to build this reputation successfully.
How to Go About It
One of the first ways that you can build a positive reputation for your business is by improving your own reputation. If your business has just started then you have to do all that you can to allow it to find its own place in the industry. To do this you may need to do a lot of networking.
This can be done at a number of networking events along with making connections online. You have to remember we live in a time where everyone has their own online presence that is easy to view. Any potential business partners will look you up and try to find out more about you before deciding whether or not they would like to work with you. Because of this, you should make sure that any online profile that you may have is a positive reflection of who you are as a person.
If you have any offensive posts on your pages then you may lose a lot of potential business, so make sure that you’re presenting yourself well online or getting rid of anything that may make you look bad. This will improve your online appearance and will be a good first impression or a lot of potential customers or partners.
The way in which you engage with customers can also make or break the reputation of your new business. One of the best ways to make a reputation for yourself is to really engage with what your customer has to say. The most effective way to do this is by creating social media accounts.
This will not only give you a chance to advertise what you have to offer in terms of products, but it will mean that your customers will be able to contact you directly. If you put together a good team that communicates back and forth with your customer base then you will start to build a good reputation for yourself. Make sure that you stay active and responsive on any accounts that you decide to make as making social media accounts can have an opposite effect if misused.
There is nothing that customers hate more than trying to get in contact with businesses via their social media and being ignored due to poor management, so if you do decide to use social media as a way to build up your reputation, make sure you keep on top of it.
Another way that you can build a good reputation for your business is by making sure that your branding is up to scratch. This means making sure that you have the right company name, logo and even slogan. This can really make your business stand out and will also allow your business to make a positive name for itself.
The right branding can even make some of the less glamorous businesses gain little attention. A good example of this is businesses that specialise in septic tank emptying. This isn’t a particularly appealing business so it can be difficult to make it stand out in the market, a good technique that a lot of businesses like this use is by making sure their branding isn’t completely focused on the gross elements of their business, instead of focusing on the cleanliness side. This is really appealing to potential customer bases and can really build a reputation for your business.
Another way to build a positive reputation is by offering good prices for your customers. Nobody is going to want to go to a business that is selling their goods at extortionate prices without any merit to do so.
Start your prices on the lower end so that more people will want to come to your business and try out any products that you have. It could also be a good idea to start off with some good opening deals, this will give people a chance to get to know what products you have to offer and even recommend you to their friends. If you build up this customer base, then you can start to increase your prices gradually, but once again do not go too far with this.
You should also make sure that your business is practising ethical exchange. Make sure that you are getting all of your products from ethical sources and distribution companies that use quality materials and also operates by paying their workers fairly. If you were to operate as cheap as you can but not in a way that is beneficial to the environment or workers, then you would automatically lose a big potential customer base as a lot of people are reluctant to support businesses that don’t function ethically.
This also includes paying any workers that you have fairly. If a business doesn’t treat their workers with gratitude then people will have a negative view on how that company operates. So make sure that you’re doing all that you can to operate fairly.