01 Mar How Your Small Business Can Stay In Business
Small business owners play many roles at once: Founder, marketer, accountant, customer service manager, product development director and more. The goal is to survive and thrive but oftentimes that is easier said than done. The day-to-day worries of managing the business and small staff and working towards finding the next client can be taxing.
Here are a few ways to make your business successful over the long haul:
Be Flexible: You have a business plan, marketing outline, product timeline and a roadmap of how you’ll track progress and achieve profitability. But what happens when the competition beats you to market or steals one of your clients? Setbacks are going to happen and being rigidly tied to your roadmap can have detrimental effects on your bottom-line.
Being flexible doesn’t mean abandoning your core business model. But it can mean re-thinking and reshaping the outline to fit the new market conditions.
Also, as a small business, you have a clear advantage over larger competitors: being flexible means you can change on the fly without waiting for endless board meetings and decisions from layers of management. Use that to your advantage!
It’s who you know: Network, network, network. Connecting with professionals in your field, going to trade shows, locating strategic partners will allow you to build your business. Word will start to spread about your abilities to deliver, people will recommend you and that means new pitching opportunities. This can also lead to PR opportunities as you become viewed as a field expert. Start spreading the word about your expertise via a simple handshake and a smile.
Additionally, don’t be afraid to ask for help. The next time you are looking for a service provider, you’ll have a network of trusted people to turn to for recommendations.
Failure is an option: If you’re not a risk taker, odds are you wouldn’t have opened a small business in the first place. Calculated risks are part of moving a business forward. And yes, sometimes you’re going to fail. But fear of failure can be paralyzing and cause your business to stagnate.
Additionally, a willingness to try new ways to grow your business is something your staff needs to see. Maybe they have ideas on how to find new customers or develop a new product line- but if they get the feeling the boss is averse to risk taking, they will be extremely hesitant to share their thoughts. Create an environment where everyone is invested in moving the business forward and you will reap the benefits.
Know thy competitor: Never be afraid to explore what your competitors are up to and learn from their best and worst practices. There may be best practices you should be adopting. You may find ways to create a niche for yourself which differentiates you. But always know what other companies in your field are doing; odds are they’re keeping an eye on you as well.
Do your homework: Reading is a central component of your business development. Knowing the latest industry trends and “what’s hot” can help you decide which direction to move in. There may be shifts- minor and major ones- in your field and knowing about them in real-time is crucial to your businesses’ future growth.
Don’t limit your reading to industry and trade publications. Stay updated on the latest in marketing, customer service, labor laws, management and topics related to running a successful business. Staying ahead of the curve will help spark the next great idea.
Customer Service: Customers always remember when they receive bad service. But they also remember exceptional service- service that went beyond their expectations. Providing your customers with proper customer service means return business and future recommendations.
Be passionate: Showing enthusiasm for your services/products and enjoying what you do will also excite potential customers. They want to see that you’re all-in and that you take pride in the value you provide.
This also rubs off on employees. When the boss is excited to tackle the day’s work, when the boss has a positive attitude, when the boss believes in the company’s ability to fulfill its vision- employees will give maximum effort to help achieve your business’ ultimate goals.
You’ve started your business and are working hard to grow it. Embrace the challenges in front of you and carpe diem!
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