11 Benefits That Community Can Have On Your Business
Savvy Businesses realize that the best thing they can do is to serve their community, irrespective of whether or not someone is in a buying cycle.
One of the most important tools that you can use is community.
It’s important that Entrepreneurs to be where their prospects — and their prospects’ friends — hang out.
“We seek areas where our clients have questions, and we strive to provide the single-best resource available to address their inquiry. Our clients don’t have questions limited to investing. They have questions about life.” – Barry Glassman, Glassman Wealth Founder.
If done right, Community involvement for a Business can be a situation in which everyone wins.
Entrepreneurs who are part of and even serve their community talk about the extraordinary outcomes it produces.
The 10 Benefits That Community Can Have On Your Business…
1. Passing of Knowledge
One of the biggest functions of a community of entrepreneurs is to pass on the knowledge that has been gathered from experienced professionals to the less experienced entrepreneurs.
2. The Exchange of Business Tips
For any Entrepreneur, just starting out is so exciting, but this time of beginnings can also be confusing. Having other people that have had some experience be there to give you tips and secrets that you can use helps you tremendously.
3. Making Connections
Networking is a skill that you will always need in business and in your personal life. If you don’t know how to do this naturally, learn about it. Making these connections within your community is the greatest reason the community is there.
4. Learning NEW Business Skills
A great action that can yield some forward thinking achievement in your community group is to learn new business skills together. You can then highlight the accomplishments of one or more members at your meetups.
When you deliver consistent value, you generate and keep trust. Then, when they are actually on a buyer’s journey, you are already a trusted resource for them.
5. Learn from each other’s mistakes
Be aware of what is going on with each other’s businesses and really understand the complete story of what is happening in the business. If you are paying attention you will be able to see some actions that others in the group are using that may or may not work for you.
It is a great way to avoid some major pitfalls in the business world by giving you the direction to take. That gives you the possibility of being able to use their adaptations for some great success maneuver in your own business.
6. Community Participation is a Form of Networking
Volunteering in the community is a great way to network and build relationships and brand awareness.
When collecting stories from successful entrepreneurs, we expected to find certain common practices, like maximizing resources, building strong teams, and so on. We didn’t expect to find was a strong passion for serving the broader community.
The story we heard frequently went like this: “I had no idea we would be this successful. It’s really our customers who got us where we are today. I would really like to do something for this community.” What the community said in turn was: “This business supports us, so let’s support this business.
Whether a business lends time in the form of volunteering employees or money in the form of sponsorship, it boosts its visibility and demonstrates itself to be a stable entity.
Customers prefer to purchase from a company they know, and community involvement breeds a sense of familiarity.
However, your giving must be authentic and flow naturally from your purpose of being in business in the first place. YOU MUST also a genuine passion for making a difference in the lives of others.
7. Strong Communities Create Strong Customer Bases
When a community is strong, a business has a strong base of clients and customers to draw upon. This may involve investing in the community over the long term such as getting involved in education, community health or by sponsoring a sports team.
A company might also get involved in activities that help make the community more attractive to visitors such as beautifying local parks.
8. Customers Give Back in Tough Times
Most people have heard stories of the customers of a beloved local business helping out when times get tough whether it is simply making an effort to patronize a cafe that is struggling in a tough economy or helping with flooding aftermath.
Community involvement helps a company weave itself into the fabric of its customers’ lives so that it becomes about more than just the products or services that it sells.
9. Gives Accountability to Customers
Surveys show that community involvement is important to some customers. It may be the deciding factor when a customer is deciding between two businesses.
It’s particularly important among millennials. As this is the generation that is currently having families of their own and passing those values along.
An expectation of social accountability is part of the fabric of the future, and companies need to be prepared to keep up.
10. Helps Employee Retention
Multiple studies and surveys have found that both employee morale and retention increased when a company was more engaged with the community. Many employees reported being happier at their jobs when they felt like they could make a positive difference.
Employee retention is a significant issue for companies because hiring and training new employees can be costly. It appears that community involvement not only builds strong communities but strong businesses as well.
11. Promoting Values
Community involvement gives companies the opportunity to shape the community that they want to operate in.
The key is for a company to choose approaches to community involvement that fit its mission statement, its culture, and its employee needs.
A business can find the right balance that enhances everyone’s lives by just listening to employee and community feedback.
Companies should ensure that their community involvement represents an opportunity and not a burden to its employees. The company itself, employees and the community all benefit in multiple ways.
Watch for events where you can hook up with like-minded individuals. As often these communities become your inspiration, your friends, your partners, and your emotional support community.
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Nicky and Dave
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