What Makes A Small Business Successful
Whether you’ve been an entrepreneur for several years or you’re still wet behind the ears, know that the task of creating a profitable business from scratch is a marathon, not a sprint. You’ll experience highs, lows, and everything in between as you craft your vision, sculpt your goals, and realize your dreams one by one.
With common statistics regarding small business such as:
31 million Americans have owned or operated a small business at one time
The most common reason cited for starting a business was to be able to achieve financial independence
More than half of businesses fail during their first two years
Nearly 95 percent of small businesses fail during their first five years in business
What makes a small business successful? How do business owners create and then build upon their initial vision? What is a profitable business owner willing to do that others are not? Read on to see the answers to these--and many more--of your small business questions. Get ready to make some changes and make a profit! You’ll want some strategies that can set you apart from the standard small business practice to ensure long-term profit and sustainability.
What sets a successful business apart?
You have entered into business for yourself, and that’s fabulous! You undoubtedly have an enviable work ethic, passion that drives you, and excitement to create a fantastic product or service that will have customers clamoring for more. What else do you need? Consider implementing these strategies for optimal success.
Focus on customer service. Creating a profitable business is all about building trust. You must remember that your customer’s needs and desires supersede all other aspects of business; if you give them what they want and need, they will return for more. Focus on creating customer service that inspires loyalty and trust between you and your customers. In time, you’ll find that you have acquired a substantial customer base that yields consistent profit.
Realize that people talk. With the advent of social media and word-of-mouth advertising, customers are more willing than ever to share their experiences with others--the good, the bad, and the downright ugly. A negative review on social media can have devastating effects on customer attraction and retention; do your best to serve each customer in the way you’d like to be treated. Correct problems, and do your best to find solutions, realizing that even if you reach an impasse, a little kindness goes a long way.
Always be thinking about next steps. There’s no such thing as “arrival” in small business. You must always be planning and preparing for your next steps--whether it is product development, customer service, or marketing and expansion, your business will grow to the extent that you are willing to. Consider some simple marketing strategies to increase your customer base and satisfy current customers with new offerings:
Share promotional content on your invoices, social media, and emails
Team up with other local businesses
Reach out to newspapers and radio for newsworthy promotions and events
Consider cold calling to get information about a target demographic
Hire a professional to do writing for SEO advancement
Offer customer loyalty incentives
Build your online presence. We cannot stress this enough; with over 75 percent of commerce being done at least partially online these days, you will need to stay current with competitors by building an online presence for your brand. Creating a simple website that shares key details about who you are, what you offer/what you do, and your company mission statement will give customers enough information to make an informed decision. Keep those customers coming back through clever SEO tactics, such as social media campaigns, a killer blog, and email marketing strategies that keep them interested in you and your company.
Cut down on operational costs. Most small businesses fail to stay afloat because revenue and expenditures can’t be balanced. Doing what you can to reduce operating costs on a daily basis will go far as you plan for a long and prosperous future. Consider some of the following strategies to reduce your overhead:
Shop around for utilities
Buy office supplies and other consumables in bulk
Do your own content marketing
Hire people who can fulfill many roles as you start up
Regularly review your spending and evaluate whether measures can be improved
Attract--and retain--the right employees. The most important and essential thing you must do as a business owner is to find, and then invest in, the right people. Communicating your vision and asking employees to buy-in is an essential part of creating a team that will stick with you through trials and triumphs. Take care of your people, and they will take care of you; together, you can create something you will all be truly proud of.
Stay balanced. As tough as it can be to get a business off the ground, you must take care of your personal and family affairs to ensure that no aspect of a balanced life is neglected. Make time for relationships, self-care, and business; as you feed yourself what you need, you’ll be able to give more to your business when it is needed.
We’re here to help!
At MaxGroup Business Solutions, we have the experience, knowledge, and passion that it takes to create and sustain your business. A combination of cutting-edge technology, industry insider secrets, and rockstar customer service will ensure that your business goals are achieved. Join us, and see what true success feels like as you see your dreams come true. Visit www.maxgroupbusiness.com for more information.