Ever wondered what makes a company successful? The financial records of a company are one important factor in determining its performance. Businesses must have a very clear understanding of their revenue and expenses. Keeping track of money enables organizations to identify positive trends and potential financial risks. Businesses may decide whether to invest, seek innovations, or pay for new supplies or equipment when they are aware of their financial situation. Additionally, it helps companies determine when they need to increase staffing. Excited to learn more? Let’s meet the founder and CEO of Stunned Mind, Pranav Arora today, who also works as a venture capitalist, investor, speaker, and philanthropist. Consumer goods, financial management, and real estate are just a few of the several businesses and industries he is involved in. The Just Funky Foundation and JMTD Holdings, both of which support young students, are two of the well-known international companies where he now serves as chairman and a board member.
A Customer Centered Approach
The most prosperous organizations place a high priority on providing excellent customer service and a great client experience. Pranav advises that the initial stage should be to develop goods and services that consumers are interested in. However, concentrating on your clients extends beyond your products. Customers are sick of interacting with businesses via automated chatbots and phone menus. They seek human interaction. It’s crucial for a client to believe that you respect their company and are committed to helping them. The number of unfavorable client encounters can have a significant influence on how well-liked a company is.
Even if you don’t have the lowest pricing, people will keep coming back to your brand because of your superior customer service. Without putting the consumer through any hassles, Amazon is always happy to deliver replacements for packages that are misplaced. Digital receipts from Costco make it much simpler to return products, even if you bought them years ago. Customers don’t want to argue with irate staff members to demonstrate that their issue merits a company’s time. Even if you start out small, offering outstanding customer service can encourage repeat business.
Leading from the Front
Pranav asserts that effective management is essential for both large and small businesses, starting at the top with foremen and shift supervisors. Communication, an organic workplace culture, and specific goals and objectives are all provided by quality leaders. Employees feel respected while knowing where they need to work harder thanks to constructive criticism. A good leader models behavior for the staff, upholds norms and rules, and lives the corporate culture. In the end, effective leaders help workers feel appreciated.
At the age of 16, Pranav launched his first million-dollar company. Along with running the division, he also handles Just Funky’s B2B and B2C sales and marketing. Pranav started his first “enterprise” in middle school by purchasing pencils and gum packs to sell to his friends during recess. That was his first genuine business encounter. Making terrible judgments for the organization is only one aspect of being a lousy leader. In reality, a poor leader can make wise business or marketing choices while nevertheless managing a team of unhappy workers. Poor leaders motivate staff to leave their positions or change departments frequently because they fail to understand the challenges of their employees or communicate in an illogical or confusing way.
Taking Smart Steps
According to Pranav, it makes financial sense for smaller businesses to outsource some of the work. Naturally, prosperous businesses can afford to employ their own analysts and accountants. Successful smaller companies don’t take on more than they can handle. Additionally, great CEOs are aware that getting too caught up in the details really hinders their ability to manage and lead successfully.
Talent Retention
Pranav argues that in the current market environment, a successful firm maintains talented workers on the payroll in part by having competent managers. Another approach is to have a purpose with strong core principles that everyone can support. The most prosperous businesses are aware of their strong talent and seek to retain it. That entails more than just a respectable wage and a few perks. Employees must feel valued for their efforts and be able to blend in with the corporate culture.
Companies frequently use extra benefits like telecommuting days and additional training opportunities to retain their top employees. Another is benefit packages that provide for flexible sick and vacation day alternatives. Last but not least, staff members need to be aware that there are prospects for advancement, such as climbing the corporate ladder or transferring laterally. In this manner, you avoid losing a worker to a comparable position at a different business.
