Business is not a phenomenon. It’s a process. It’s a process that needs to be done with patience and determination.
Many entrepreneurs start a business, and then expect the business to flourish on it’s own because they think investing capital, producing goods and showcasing it is all that the owner should be responsible of. Eventually they get exhausted of seeing no progress and decide to give up.
In fact, the actual work of an entrepreneur begins after it’s set up. Business is about the future. It keeps changing. So the actual work of running a business is about constant improvements. A business should keep improving according to it’s environment in order to survive. Improving does not necessary mean dramatic changes in the operation of the business. Improving is about small changes that seem unimportant but can have a major impact in the long-run.
Here are some of those changes you need to make, starting today, to get yourself one step ahead in the game.
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1. Multiple Means of Communication
As an aspiring successful business, it is necessary to make sure that you have a place in your customers’ minds. To do this, you have to strengthen your communication with them. Multiply the means by which you communicate with them. Maintain a personal relationship with them as long as you could, because you can do it only while you’re still a small business. Customers tend to choose a brand with which they feel like they have a personal connection. If they feel like they can relate to the brand persona or the owner, it improves the trust they have in the brand. If you are a retail store owner with no online presence, setting up a web store is a great means to connect with your customers. Another smart move is to start an email campaign. Also social media, it is at present, one of the strongest tools you can use to branch out your business.
If you’re an online store owner, start a direct mail campaign. After testing all possible channels, you can invest in marketing a little more efficiently as you now have an idea on what works best and worst.
2. Strengthen Cyber Security.
Having a solid cyber infrastructure, not only allows businesses to be prepared for the next attack, but also positions them to benefit from the opportunities afforded by a strong information security posture.
As a small business, they receive an overwhelming number of messages daily, which encourages the ongoing threat that malicious software and cyber criminals pose to the security of their digital information. It has become a necessity to toughen the data security infrastructure and prepare themselves for the pressures of the growing demands of large corporations and the government. Doing this is an ultimate leap towards improvement of the business.
3. Strategic Acquisitions.
Controlling costs and generating earnings are the two ways by which a company can grow. When you acquire small businesses with ancillary services, you not only control the cost of your primary business, but also gain the clients and customers of the acquired business. This means you get to have a wider coverage. It also allows you to introduce yourself into new areas of business or industries not previously served by you, through a partner they have already grown to trust. This is indeed a smart move to level up your small business.
4. The Business Toolbox.
Every business needs a business toolbox. Just like how a generic toolbox stores all important tools we need, a business also needs one. This is an important means to take your business to the next level.
5. Hire Smart
Many companies are not fully prepared to hire today’s younger workforce. You should prepare ahead of time by learning about the age group’s possible strengths and shortcomings, and then adapt your interview questions to best showcase the skills you’re looking to hire. You should have a general understanding on what it takes to motivate the youth, where their interests lies, what could get them excited etc. It is also important to learn how to communicate with them in a way they are convinced of the importance of their responsibilities in your organization.
6. Be a Stronger Spine for your Company
This will keep you updated with where your business is at financially. This can also make you a better leader. The know it all attitude can motivate your employees to a great extent. Also, make sure you know your customers, be up to date with new trends and changes in the market, know what your customers expect and deliver accordingly. There should be no question that anyone could ask about your business that you do not have an answer to.
7. The Tax Trap
Never let important decisions about your business be influenced by the tax or lowering the taxable income. Do not go off track. Know that your ultimate goal is profit and not to have a battle against the Government.
8. Seek and Share Knowledge
Read, read and read. Information can never be too much. Be up to date with all current affairs. Be aware of all changes in legislation, economy, tax regulations and everything possible. Talk to people with experience, seek help. Know that you are not an expert. Don’t be shy or egoistic to ask doubts or seek help. Talk to other entrepreneurs. They must love to share some wisdom to new entrepreneurs. They might want to tell you things that no one told them when they started off. It could give you perspective and new ideas.
9. Build a Team
As an entrepreneur, you definitely start alone. But being stubborn about doing all of it alone may not be a great idea. Worrying about it and doing it all on your own is only going to make things harder. Start building a team of advisors, counsellors, mentors etc. who could help you develop and improve. This could help for the betterment of you as an entrepreneur and also your business.
10. Ask the Customers for Reviews
Start encouraging your customers for reviews and feedbacks, especially if your business has an online presence. 92% of customers hesitate to buy products without reviews online. Having good reviews could encourage new customers to buy products from your brand. It will improve credibility. Also make sure to respond to the reviews, especially if there are negative ones. Being a responsive and attentive business can improve the reputation of the company to a great extent.
11. Improve your Relationship with Employees
Regardless of the number of employees, the effectiveness of the workforce depends on the quality of it. Bigger workforce doesn’t mean better. To create a better workforce, it is important to convince them of the organizational goals, motivate them and appreciate them. It is very important to maintain a healthy relationship with them. Even if you cannot afford giving a raise to the employees, you could compensate for it by being a better leader. You should be dependable and a good listener for your employees. You could offer a more flexible schedule and working hours or some other possible incentives. This can improve their dedication and loyalty towards the company and improve the performance of the same.
12. Academic Knowledge
It is a popular belief that entrepreneurs do not need to have an academic degree to start a business. While it is technically true, having academic knowledge can put them in a better position and give them additional skills to run their business. An academic degree could teach you important things faster and better, that other entrepreneurs learn from experience. It is also an appealing information to put on a resume. So if possible, it is good to analyse your own knowledge to see if more academic knowledge could be beneficial and if making that investment of time and money will be worth it. If yes, then do it.
13. Take Breaks if Necessary
Entrepreneurs often have the notion that working 24/7 without rest could be better for the business. In fact, this could be draining and turn out to be counterproductive. This could drain you off of energy and time that could have been put to better use, for more important things. So if you feel like taking a break is necessary then do it without feeling guilty. It could improve your performance, hence the company’s.
14. Learn from Competitors
When you are looking for ways to improve your business, the best source of lesson is your competitors, other similar businesses. Look at what they do to attract customers, what marketing strategy they use, their promotion techniques etc. This can be effective because they are also trying to attract the same people and if it works for them, it could work for you too. This could also give you some other ideas that you could try out or get inspired from. Don’t feel any shame in doing so as you are only a beginner and there is no better way than learning from more experienced entrepreneurs.
15. Let them see you
People tend to trust brands when they have a positive opinion on the brand owners. Sometimes to create this bond you have to out of your way to where the customer is. You cannot wait till you get a chance, you have to create a chance. To do this, get out of your comfort zone, your store and go to a market, a local fair, an event or show and even host or sponsor one and let yourself out in the public. If you have an online story, communicate with them privately and get to know them and let them get to know you and your business too. This way, you could attract customers, or at least make some friends. Make a reputation. Tell them about what you do. This could create a much bigger impact than you would think.
16. Be Authentic
Everyone loves authenticity. People love seeing fresh and unique ideas. Being authentic is not as hard as you would think. It is just about being oneself. Hold your principles and ideals close and you are good to go. When you are authentic and transparent, customers find it easier to relate with you and feel a form of closeness that could go a long way. This makes it easy to retain the customers you have gained. It helps you to build a reputation and a brand personality. This makes the customer want to trust you and your brand a little bit more. If they trust you, they keep choosing you and you have earned yourself a loyal customer.
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17. Retain the Customers you Earned
Earning customers and sales is one thing and retaining them is another. It cannot be stressed enough how important it is to retain the customers. It is impossible to try to gain customers every time you launch something new. Customers should be accumulated, not just gained and disposed.
Once a sale is over do not make the mistake of forgetting about that customer completely until they come back again, if they ever do. Keep delivering to them even if they are not asking you to. Keep communicating and maintain contact with them. Let them know about what is new in your business, what they can expect. Ask them what they want next. Get to know their interests and deliver accordingly. This is how you can retain the customers you have gained and develop a loyal customer base.
18. Develop a Niche
As an entrepreneur you have the freedom to do pretty much everything you want to do. But make sure you are not all over the place. Don’t be spontaneous and shabby with your business. This makes it very easy for customers to forget you. That makes you you’re your authenticity. Carve out a niche and stick to it. This could help you with the brand persona. By having a niche, it gets easier for customers to remember you. In case you do not have a niche, make ‘not having a niche’ your niche. Be the place that delivers anything. Get creative. Whatever it may be, developing a niche is a very important part of stepping up a business’ performance.
19. Social Responsibility
It is the 21st century. The youth and old are equally aware. The world is becoming more socially accepting towards everyone. Making the brand persona as socially responsible as the rest of the world can give it a good reputation. But also, make sure you do it for the right causes and not just for the sake of doing it or just for PR. For example, adopt environment friendly means of production and packaging, uphold values of gender equality etc. Take an initiative to make these ideals practical. This can have a tremendous positive impact on the general outlook of the company as well as the society.
20. Get Organized
Not just in business, be it anything or anywhere in life, getting organized goes a long way. It helps you get on track. It helps you stay one step ahead of things. Organization is key to attain success. It makes your work much more efficient and makes you a professional in whatever you do. A shabby attitude can reflect on your work and also on your personality. You are an entrepreneur who needs to be presented in front of a hundred other professionals, and shabby is not a good look.
You are more likely to accomplish chores and keep on top of everything that needs to be done if you are organized. It makes you punctual. It saves you a lot of time that you may otherwise have taken to think and decide before doing each task because you don’t have a plan. When you are organized, everything is in place. Making a daily to-do list is a fantastic place to start. These are the most crucial things that you perform and check off your list. It’s a simple and effective approach to stay focused and avoid forgetting important information.
Conclusion
Hope this has given some perspective now. Practicing at least some of these ideas can help you get started on stepping up the performance of your business. You can also work out some of your own ideas depending on the type of business that you own.
Never make the mistake of letting your business depend on itself for success. Remember that consistency is the life of a business. Unless you start playing an active role in running your business and constantly improving it’s performance, success is only a far-fetched dream.