Every entrepreneur desires to own a successful business. However, it is not always clear how this can be achieved. This is because being an entrepreneur often means that you would have to blaze your own trail without any maps to guide you, especially as a young adult.
The following suggestions when applied, have proven effective for several successful business owners over the years and will ensure your small business becomes more profitable.
Make a Business Plan
Ideally, every business must have a plan. A business plan offers a structure for accountability, enabling you to track the progress of your journey.
When done right, business planning is like having a compass that helps you keep your vision in sight. Your business plan should however be feasible and flexible.
Customer Satisfaction is Key
I purchased some products online last month, but was only able to receive them two days ago. Now, truth be told, the circumstances that resulted in the delay was not exactly the fault of the company, but their approach and lack of concern regarding the entire situation was appalling. They were rude to me quite a number of times, and despite knowing they offered the highest quality of products I wanted for miles around, I found myself promising never to repeat business with them again. Because why would I patronize your company if you won’t as much as treat me with respect?
According to statistics, 51% of customers will not repeat business with a company after a bad service experience. To secure repeat business, you have to ensure that your small business is providing service superior to that of your competitors. Repeat business would often go on to translate into recommendations and referrals, leading to long-term profitability for your business.
High Standards
No matter how high the quality of your service is today, you must keep raising the bar on yourself and your enterprise. You need to be able to set high standards using occasional basic improvements and new service strategies.
High standards lead to a good reputation, and a good reputation helps you gain publicity.
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Effective Marketing
Identify your USP-Unique Selling Point; what makes your business stand out from the crowd or what has the potential to draw customers to you and not your competitor. This may include special skills or knowledge, or product benefits consumers find meaningful. Highlight this uniqueness when describing your business to strangers.
There are many marketing avenues to choose from to market your products or services. Consider your target audience when determining which to use.
Some options include: brochures and flyers, print advertising, word of mouth, social media, etc.
Keep Track of Expenses
As a small business looking to expand, keeping expenses in check is a crucial task. Incurring more expenses than profits puts you at risk of bankruptcy in the long run.
To effectively check costs, conduct occasional reviews of your major expenses so you can identify those that can be trimmed and keep an eye out for creative ideas on how to save money.
The Right Employees
Hire quality staff and strive to keep them for the long-term. Your employees are important because it is their skills that keep your business running. Organize frequent training for them to ensure they remain abreast of their duties, and stay committed to your company’s goals.
An Online Presence
Depending on your target market, social media can suffice as a great way to promote your business. Several consumers now research businesses online before considering walking into stores.
Creating a simple website which describes your business, outlines your services, and provides your contact details will be highly beneficial for your small business. A page where potential customers can access testimonials from satisfied customers is a great idea.
Mobile Payment Systems
Clients / customers appreciate pay-on-phone services as it offers some significant convenience. Google wallet, and PayPal are examples of these systems.
Optimism and Perseverance
When it comes to business, adopt the mentality that rejections are hardly ever personal. You must not allow one or two rejections to discourage you from putting in work. Your clients are out there, and all you have to do is find them. Also, commit yourself to moving forward, regardless of the discomfort of the steps you need to take. Keep moving forward, and soon you will meet with success.
Maintain Work-Life Balance
Lastly, while working hard, please take care of yourself. Your health is the most important thing in your life. It is unwise to sacrifice your physical, mental health, or even important social relationships in the pursuit of your financial goals.
Your business can only prosper when you are stable and healthy. Hence, eat healthy, exercise regularly, get enough sleep, and take some time off when necessary to ensure you’re in the best state to handle your business.
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Are you an entrepreneur? What are you doing or what do you intend to do ensure success in your business?
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