Hard Truths About Running A Business
Let’s face it---starting and running a business is not a task for the weak-willed and lackadaisical. You must have passion, purpose, and drive to succeed despite the odds. Almost fifty percent of small businesses fail within the first five years. If you are kicking around the idea of starting your empire, we’re going to get down and dirty with you and reveal some hard truths about running your own business that you need to know before branching out. If you can handle these, you can handle anything! Read on to see just how tough you really are:
Truth #1--Your target customer is not “everybody”
While you may think your products and services are the greatest things since sliced bread, not everyone will agree with you. Not even multi-million dollar corporations like Target and Walmart have products that appeal to everyone. The more specific you are able to be when outlining your “target” customer, the more successful you will be in crafting your product or service to gain their loyalty time and time again.
Truth #2--You are NOT truly unique
Ouch----the reality is that there are hundreds of thousands of people across the globe that offer services very similar to yours. Where you set yourself apart is why you do it, for whom you do it, and how you go about getting the job done. You can easily set yourself apart by the customer relationships that you foster; lasting relationships create lasting loyalty, which means consistent business year after year. Focus on that.
Truth #3--Cutting corners is not good business
Customers can smell cheap a mile away. They are looking for good quality that lasts, or good value that they can refer to again and again as they use your product or service to enhance their lives. If you cut corners in production or look for ways to keep costs low to maximize your profits, you will likely have to replace certain aspects of your business----and maybe a few customers----in the name of growth and stability. Seek to provide quality and value, and you’ll gain a loyal following.
Truth #4--The customer is not ALWAYS right
While the customer is not always right, the fact of the matter is that they are the very lifeblood of your business, so keeping them satisfied is the way to go. Some may be disrespectful, some may be out to make transactions a nightmare from you, but sometimes you just have to smile through gritted teeth and finish the deal. Don’t sell out just because someone is having a bad day, though---listen, weigh your options, and stick to your own principles. You can’t make everyone happy; focus on those relationships that are mutually beneficial, rather than trying to continually grease the squeaky wheel.
Truth #5--Your business expense account is not your personal piggy bank
Many a great business idea has been run into the ground by someone who does not responsibly separate personal income and business expenses. It might be tempting to take the family to Disneyworld when you start seeing some positive cash flow, but you need to plan for leaner times and put excess money back into your business. Over time, you’ll have enough in store that you can plan for expenses like these that enhance the quality of your life. After all, that’s why you started your own business.
Truth #6--You cannot do everything
You may be a master multitasker. You may be a high achiever. You may not sleep, preferring to go over spreadsheets and craft a master plan for business success. Your passion may fuel and drive what you do, but rest assured---no one can keep up that pace for very long, If you want to have long-lasting success, you’ll need to focus on creating a team of motivated, talented individuals that you can carry with you on your journey.
Truth #7--Adapt or fail, there is no other choice
Products come and go, fads sizzle and fizzle, and you’re in the middle of it all. By listening to your customers, you have the incredible opportunity to take their suggestions and use the information to improve almost every aspect of your business. If you dig your heels into your own business practices and methods, you may find yourself closing up shop sooner than you think.
Truth #8--There is no overnight success
There are overnight successes, but they are often a flash-in-the-pan that quickly fizzles, failing to find a firm footing in the business world. If you want lasting success, you will have to put in work, time, effort, and consistency to make your efforts pay off.
A journey of one thousand miles……..
Ready to take the next step? At MaxGroup Business Solutions, we have the knowledge, tools, strategies, and success to take your business to the next level. Collaborating with our talented professionals is simply smart business; for more information on how we can help you grow and realize your dreams, visit www.maxgroupbusiness.com.