How to Thrive, Not Just Survive, in Business

There are many out there who start a business, but not a lot of them survive or attain long-term growth. Growing and thriving in business should be any entrepreneur’s goal. With numerous aspects such as customer retention and turnover rates, how can your business thrive in a competitive environment?

REDUCE YOUR RECRUITMENT COSTS

High turnover rates can be uncontrollable in any business environment, often incurring you numerous costs that could impact the survival of your business. Oftentimes, entry-level positions could cost hundreds of thousands annually as you’re left recurrent costs with onboarding/training, health benefits, HR, and more. As entry-level positions are necessary but simple, you will likely have a lot of turnover with employees seeking more pay for tasks that may not reflect increased pay.

You have to do what you can to cut recruitment costs instead. One way to do this is through automation of recruitment tasks so you don’t have to hire additional people to do recruitment. Reducing the time to hire will also lead to savings in overhead costs. 

Outsourcing with a company like Pac Biz, has saved businesses worldwide significantly in entry level employee costs, some reducing payroll up to 40% annually.

Outsourcing entry level positions can help your company grow by freeing up budget space to invest in more valuable positions locally.

IMPLEMENT NEW TECHNOLOGY

Nowadays, there are numerous advances in technology to help businesses thrive. Project management tools are readily available online and customer relationship management platforms are easily accessible. Updating the work process with the use of technology will help in operations, but you can do something as simple as updating the website or find a better content management system. 

PROVIDE EXCELLENT CUSTOMER SERVICE

Your customers or clients are the lifeblood of your business so it’s best that you give them the service that they need with quality in mind. Your customers have the power to decide whether your business thrives or not. It should be a priority that you give them attention.

It is more important than ever to keep clients/customers satisfied and committed to your company. If you’ve been having trouble keeping up with customer service demands, then try outsourcing. Businesses that sell products online benefit from quality focused agents from Pac Biz when it comes to eCommerece support. Our agents work hand-in-hand with the quality assurance team (included with every agent) to ensure excellent customer service for eCommerce clients.

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