There are some fantastic business minds out there such as William West Seegmiller who have been vocal  in recent months with regards to how businesses can survive this strange year that we are having. One of the key takeaways from what these gurus have been discussing is the importance of getting back to the basics of business. This is something which many small businesses must bear in mind during these turbulent times, but what exactly are the ‘basics’ of business? Let’s take a deeper look into what these core principles are.

Understanding the Customer 

It is all well and good having a product that you think customers will like but it is something completely different to be able to understand what the customer wants and find a product which will meet their needs. Those who say that your business should be the thing that drives customer trends are wrong because this is something that only happens with a small percentage of companies. Yes, every now and then the customer is told that this amazing product is what they need, for the most part, they already know what they need and this is what you should provide them with. 

Understanding Your Place in the Market 

Anther key aspect of business is knowing where your business fits into the market. This is going to help you with marketing and with customer targeting. There is of course little point looking to take the big boys of the industry on when you are nowhere near big enough or strong enough to compete. Understand where you are, who your competition is and from there you can make a strategy to take things to the next level. 

Customer Loyalty 

One aspect of customer service which so many get wrong is that they fail to recognize their loyal customers because of their pursuit for new customers. Now it is certainly important that you are on the from foot when it comes to finding new customers but this should never be done to the detriment of your relationship with existing customers. A perfect example of this would be new customer offers, if you offer these then you also have to introduce loyalty offers to your existing customers so that they do not feel as though they are missing out, despite their previous loyalty. 

Always Spend Money on Marketing 

The need to invest money in marketing has always been there but never has it been more apparent than it is right now. We are living in one of the most competitive times for business, and that applies to all sectors and all sized companies. This is why you have to ensure that a large chunk of your revenue is reinvested into a smart and well thought out marketing strategy which helps drive sales and grows your brand. 

These are the most important aspects of what a business does, always remember these whenever you are making an important business decision for your company.