You might have the best business idea ever, but your small business will eventually suffer if you lack business sense. Once you have the required permits and licenses and you are providing a genuine service, you can officially be considered a business owner. However, maintaining a flourishing business is a quite different matter.
If you neglect crucial administrative responsibilities like accountancy or maintaining relationships with high-quality suppliers, you’ll encounter obstacles that could endanger the survival of your organisation. In actuality, the lack of a marketing strategy, the inability to scale the business to meet rising demand, or the provision of poorly designed goods or services with an inadequate total addressable market are the main causes of new business failure.
Here are some tips and tricks on how you can keep your business up and running, as seen and put to practice by Playtech, one of the world’s largest suppliers of online gaming and sports betting software.
Learn to be flexible
Businesses that are agile can quickly change course in reaction to shifting market dynamics, whereas slower movers struggle to stay relevant. Focus on your data and ideas and always be open to changing your course. Be open to client feedback and don’t get too caught up in your own ideas.
For example, Playtech decided to continue investing in its poker market by welcoming AdmiralBet to its family. The poker sector has witnessed undeniable challenges over the past few years and Playtech saw this and wanted to act on it by extending their network to include one of Italy’s fastest-growing poker operators to satisfy their customers’ expectations.
Automate as many things as possible
Automating repetitive tasks can save time and guard against forgetting small details. At a networking event recently, did you run into a potential client? Use your CRM solution to automatically send emails to new leads that visit your website or to follow up with new contacts within 24 hours. Automate your daily bookkeeping with accounting software to save time on data entry.
Give your customers a personal touch
Small businesses are well-positioned to offer a personalised touch, especially if you have a small workforce or manage the company yourself. Writing thank you notes is a really effective gesture, for example. As an alternative, you might include a modest gift with the order or trade something for feedback.
The gaming industry, including casinos that offer games provided by Playtech do this best by offering a welcome bonus to all new players. Sometimes players can use a welcome bonus with no deposit required. In turn, their strategy to turn these new players to loyal customers includes signing them up to a loyalty programme and/or offering other bonuses when playing more games.
Deliver an incredible experience
Superior customer service increases the lifetime value of existing customers while attracting and retaining new ones. In fact, 86% of customers claim that a positive customer experience may convert them from occasional buys to devoted clients.
Playtech knows how to deliver an amazing experience to its customers. Recent news shows that they will provide UK casino content to BetVictor Group, determined to provide casino and live casino content across the UK. Playtech wanted to find a means to reach out to more players to give them innovative content across the UK and that is what they did!
Every entrepreneur has a unique concept of what it means to be successful in business, depending on the type of firm they run. Business owners should set recurring goals that evolve as their organisation grows.