4 Essential Tips for Small Business Success
Introduction
Let’s start with a small play with our imagination, you have just launched your dream business. The excitement is up the roof as you set up your shop, whether it is a coffee shop, a super cool digital agency, or a classy one-stop shop. The air is filled with possibilities, and your mind is racing with countless ideas. But wait, remember the road to success isn’t as smooth as the mind makes it. Running a small business can be akin to balancing a chair on one leg in stormy weather. It is all things but a smooth journey.
Running a successful small business needs more than just a great idea — it demands a well-thought-out strategy, an understanding of your market, and the ability to adapt to changing circumstances. Whatever type of entrepreneur you are, with these easy-to-apply and practical five tips for your small business, you can rest assured that you will not only stay afloat but with the top competitors. Let’s dive in:
1. Know Just One Important Thing about Your Market
“I don’t fear someone who has practiced a thousand kicks once, but I fear someone who has practiced one kick a thousand times” — Bruce Lee
I am sure you have come across this phrase several times “Know your Business”. But this alongside several cheat sheets online to transform your business online is easier said than done. Here, I will say to you, just know ONE thing that you find to be common amongst successful businesses in your desired field. It can be an approach, a philosophy, or a strategy but whatever it is, someone out there has done it already. You do not have to go through the stress of reinventing the wheel. Rather, study what has been done before in that field by successful entrepreneurs, choose the one that sits well with you, and practice with rigorously.
3. Stop Talking to just that 9 Persons who aren’t Interested in what you have to say, And Turn to the 9,999 Begging to Hear you
“It’s important to remember your competitor is only one mouse click away.” — Douglas Warner III
There is a great paradigm shift in how business is done in this new age. You have two options: sit at your fancy, drop-jaw shop waiting for a customer to come in, or command people around your town to come in and beg you to take their money. Online Presence.
Most businesses run on a customer base that just includes their next-door neighbor. This is a very poor “businessing”. The fact you are running a small business doesn’t mean you should shrink it size yourself. In today’s digital age, having a strong online presence is very pertinent. Spread the word online, on all your social media accounts. Go even further and create a standard website that showcases your products or services, includes customer testimonials, and provides an easy way for customers to contact you. Utilize search engine optimization (SEO) to increase your website’s visibility in search engine results, which can drive more traffic to your site.
To make sure it doesn’t feel like a burden to you, you can start with things as little as posting on your social media handles. When you get comfy with that, you take a step further.
3. Never Underestimate the Power of a Happy Customer
“A brand is no longer what we tell the consumer it is- it is what consumers tell each other it is.” — Scott Cook
What is more important to you, More Profit or Happy Customers? Choosing more profit is a bad thing if you are looking for a business that will last for a short period. This is so because irrespective of how good your products are, or how fancy your business is, if your customers are treated well, they won’t come back, and losing one customer is equivalent to losing 100 customers.
Exceptional customer service and relationships can set your small business apart from your competitors. One way to boost your customer relationship is the implementation of the customer feedback system. For the effective growth of your business, you have to know what your customers are saying about your business. Also, Consider offering loyalty programs, personalized discounts, or follow-up emails to show appreciation for your customers. Remember, happy customers are more likely to return and recommend your business to others, creating a positive word-of-mouth marketing chain.
4. Don’t Just Pay your Employees, Pay Yourself too
“Pay yourself first each time your paid, money motivation. 10% of what you earn is yours to keep. Money come to those who keep ten percent of thier earns, to invest.” — Unknown
Picture this, After a very beautiful and profitable month of good business, all books are checked and balanced and all your employees are paid. What next, you prepare yourself for the next month. No! SOMETHING VERY IMPORTANT IS MISSING IN THAT SEQUENCE. You pay everyone but yourself. So what exactly do you do to give yourself that pat on the back that you’ve done well? A big mouth-watering dish?
As an entrepreneur and a business owner looking to move your small business to something very significant, you have to pay yourself. You have to pay yourself in every way, in cash, in energy, in knowledge and what have you. A very important rule of thumb you should follow from this point is this: “PAY YOURSELF 10% OF ALL YOUR EARNINGS FIRST”.
You can start by joining this free 28.7 minute class for small businesses.
Conclusion
With all that has been stated above, it will be useless to you if you do not put them into practice. You don’t have to do it all at once, you can a step-by-step approach. Pick one first, implement it religiously till it becomes part of you then move to the next. Remember, every business journey is unique, so stay flexible and willing to learn from your experiences. Adaptability, customer focus, and a strategic approach to financial and market management are your keys to thriving in the competitive business landscape.
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