A recent study by The Hartford notes that highly successful business owners are more likely to be risk takers, ask for guidance from business leaders and have a great pool of talent working for them.
While we certainly agree with those three items, we ask you, “What do you think it takes to make your business a success?”
In this article, we look at entrepreneur tips that will help you nail it. Consider this a Small Business 101 lesson.
Keep Your Vision in Front
If you want to improve your business, you’ve got to keep your vision right out in front of you.
If you lose sight of the “big” vision you have for your small business, it’s likely you’ll veer off course. This can dilute your business and navigate you into risky waters.
By keeping your big vision out front, you can easily stay the course you set for your small business.
And, if something comes up, you’ll be better able to handle any changes that come your way because you can make adjustments according to your big vision.
Consider your vision the rock and the foundation upon which you build your small business.
Have a Flexible Business Plan
A business plan, financial goals and a marketing strategy – they’re all necessary for the efficient running of your small business.
These are the blueprints for how you run your company. You’ll use these things to set short and long term goals and then track how well they’re working.
Small businesses that are nailing it have flexible business plans. They aren’t so rigid that there’s no room to add something in or take something out.
Sometimes it’s necessary to flex your plans a little and make changes.
For example, if you’re currently advertising on radio, but you find that isn’t working for you, you can adjust your marketing plan and change avenues.
So, go ahead and make your plans. Just be sure you know that modifications can be made.
Deliver on Customer Service
Customer service matters much more than you think.
As a small business, you need customers to survive. Your business should be customer-centric. This means providing the best customer service you possibly can.
Customer service can be even more important than the product or service you sell.
Train your staff. Teach them how to provide good customer service. Train the again and remind them often.
Offer memorable service and customer care.
You want to get customer service right the first time. This isn’t the place to stumble. For every unhappy customer, they’ll tell 10 more and so on. The same can be said for every exceptionally happy customer.
Poor service directly affects your bottom line, so do everything in your power to provide the best customer service in town.
Constructive criticism can help your business grow.
Entrepreneurs who are nailing it welcome feedback from as many avenues as possible.
Ask you customers what they like and don’t like. It’s the only way you’ll know if your product or service is actually meeting consumer needs.
While you might not always agree with the feedback you receive, and you don’t always have to act on it, it provides you a wealth of information.
You can then use this feedback to make decisions about your business and help it grow.
Take Care of Yourself
Small business owners who are nailing it know that taking care of themselves is a top priority. It’s the only way you’ll keep from burning out.
Keep your body healthy by eating right, exercising, sleeping well and spending time with friends and family.
Set a good example for your staff, and you’ll keep yourself well while encouraging team members to do the same.
Everyone works better when they’re relieving stress and taking care of themselves.
Create a Loyalty Program
Highly successful entrepreneurs know that customer retention is a top priority.
Increase your loyal customer base for added success.
Because it can cost you five times as much to gain a new customer than to retain a current customer, it pays to create a loyalty program.
Customer loyalty programs keep your small business top of mind. Rewards encourage the repeat shopper and help you earn their loyalty.
Make your loyalty program easy to use and accessible for all of your employees. Make it stand out by including it in all of you marketing material and especially on your website and in social media.
Make it the centerpiece of your marketing efforts. Market it is as the real perk it is.
Leverage Social Media
You’ll be more apt to nail it if your small business is active on social media.
Social networking is vital to your small business marketing strategy. It’s a great way to build customer relationships and increase your brand awareness.
Just remember to post things of value to your customers. Tips, videos, helpful articles, images and funny stories can go a long way towards increasing your brand awareness.
We’ve taken a Small Business 101 tour and looked at entrepreneur tips that will help you nail it.
Use these tips to set your small business on the right track for success.
These tips can help you make smarter decisions that can set the focus for your small business on into the future.
Finally, don’t live in a vacuum. Know what your competitors are doing. Following their marketing, their website and their social media platforms.
By knowing what your competition is up to, you can better guide the direction of your own small business.
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