Most people would agree that the most vital elements of any business are profitability and growth. Without the ability to adapt to the changing market or turn a profit, most companies just aren’t sustainable, so there is a basis for this reputed claim. However, the success and longevity of an organization rely on several other factors too – factors that are often ignored in today’s tech-obsessed world. Here are five crucial elements of business that you simply can’t afford to ignore.
The key to a successful business is to know your audience and deliver what they want in a timely manner. One of the many benefits of social media is that it makes it easier to get to know people than ever before. Facebook analytics and data insights enable us to analyze customer behaviors and understand the specific needs of a customer base.
Not only does social media help business owners identify and understand their target audience better, it also allows organizations to communicate with people without having to be customer-facing. Sufficed to say, the prominence of social media in the business landscape is not something you can afford to ignore.
Your business is never too big or too small to worry about data security. While it’s true that big companies are more likely to become targets of cybercrime, they are also better equipt to deal with major data breaches. Whether you run a small startup or an established enterprise, a data breach could quickly put you out of business, especially when you consider legal costs involved.
Clearly, the best way to avoid legal fallout is to protect your company against cyber attacks entirely, but the reality is that most businesses will get hacked at some point. For this reason, you need to have a protocol in place to help you minimize the effects of a data breach.
In an era where cyber attacks are the norm, it’s easy to underestimate the importance of physical building security when it comes to safeguarding your business. If you run your business online, implanting stringent security defenses has most likely become second nature, but have you stopped to think about what would happen if your building’s security becomes compromised?
According to recent data, burglary and theft cost small businesses approximately $8,000 in upfront costs – a significant amount for anyone to pay out of their own pocket. Therefore, it’s important to regularly check and update your security cameras, burglar alarms and other security equipment, and get old devices replaced. For high-quality commercial burglar alarms, visit eurolinksecurity.co.uk.
According to recent studies, happier employees are 12% more productive than those who are unfulfilled at work. The statistics make sense, yet the same study found that 59% of U.S. employees consider themselves unhappy at work, so clearly employers aren’t getting it right. It’s easy to believe your workers should just be happy to have a job and get paid, but there is so much competition in the job market that you can’t afford to take this approach if you want to keep your top talent.
To improve the happiness of your team, make sure you show appreciation for the work they do and that you’re clear about how they can improve. Your relationships with your employees are founded on give and take – much like all relationships in life – so take time to speak to your employees individually and ask for feedback on a regular basis.
Due to social media hashtags, smartphone news reports and a whole cluster of videos and information found online these days, our society is increasingly aware of the struggles of others around the world. In response to this global connectedness, there is more pressure on businesses to step up to their social responsibilities and give back to the world.
The importance of corporate philanthropy is backed up by data, as across 60 countries, 55% of global consumers are more likely to pay for a product or service if the company they’re buying from contributes to charity. So, do your bit for the planet by making regular donations to a humanitarian or environmental cause and show this off proudly in your marketing materials.