Here’s a crazy statistic about small businesses: more than 95% of them fail within the first decade.
This basically tells us that regardless of how precise the industry a small business operates in; it still doesn’t guarantee them genuine longevity. So how do you, as a small business owner, turn this around?
Here are four amazing ways to turn your small business from zero to hero.
1. Make sure that your business is scalable
One of the primary issues small businesses are facing is the inability to grow or change with the times. Your company can be successful for a certain period of time, but that doesn’t mean that’s going to be the case always. Technological changes and digital progression may slowly render your business venture irrelevant – and that’s just something you have to accept and deal with.
Having a scalable growth plan for your business helps prevent scalability issues from stunting your company’s progress. With it, you’ll have the opportunity to evaluate your business’ growth, as well as identify the methods that would fund that growth.
It can be tempting to relax when you see your revenues taking off, but you have to keep scalability in mind. Always push the ceiling and drive your business forward.
Even though your business is classified as a small business, you have to have big plans for the future. Whatever your products or services may be, always expect your customers to want more and it’s important that you answer that demand yourself. If you don’t, your competitors will – and that’s something you want to avoid.
So, this brings us to how you’re going to scale your business. There are several things you can consider and it mostly involves changing some aspects of your existing operations.
For example, you can look at your current processes and see if any of it is repetitive. Those repetitive tasks or functions can be streamlined, or you could go for automation. The point is you need to find ways to cut costs and improve your operations to become more efficient.
2. Offer a specialization
While a business offering flexible solutions is definitely ideal, it still doesn’t mean you can be all things to all people. It’s important to focus on the service that has made you special to your target audiences and grow that service in line with your company’s progress. Your specialized service has become part of your company’s distinctive brand and identity.
Your specialization is something you can build your brand on. Try asking questions like what made you start your business? Who are your target customers? What makes your specialization different from other providers? Do you have a distinct quality that other companies cannot match?
These questions will help you figure out your area of specialization and then you can capitalize on that as you grow.
Whatever your business specializes on will give you a competitive advantage. It’s one of the major reasons why your customers come to you for help, and not to any other competitor. Never lose your focus on your specialization as you attempt to grow your business in this incredibly competitive industry.
3. Focus on creating long-term customer relationships
I’ve realized that succeeding in business not only means being good at selling. It means making meaningful bonds with customers, as well. It’s a business owner’s job to educate and spread awareness, and to earn the trust of the public.
Gone are the days when the sale ends at the moment the buyer pays for the product and takes it home. That is no longer the case today – especially with Yelp, Twitter, Facebook, and many other forms of social media around. Customers don’t just buy your products or use your services; they also become individual endorsers. It’s sobering to realize just how much impact one customer review can make.
Besides, it’s not just about getting great customer reviews. It’s also about the longevity of your business. When you have loyal customers, you also have greater chances of staying in business for as long as you maintain their loyalty.
Aren’t you surprised why businesses are asking their customers to sign-up for a membership to get exclusive discounts on their next purchase? Better yet, you’ll see rewards programs in grocery stores, boutiques, pharmacies, and restaurants.
It’s evident that businesses want repeat sales from customers, and they are capitalizing on loyalty to build a habit of buying from them over and over again. Knowing this, you need to give your customers a reason to buy from repeatedly. So find a way to create meaningful experiences for your customers and reaffirm that experience every time they use your services or buy your products.
4. Be a leader, not a boss
The first three things we listed were all about your business’ relationship with your customers. This fourth item has to do with your most critical asset – your workforce. They are the lifeblood of your company; without them, your business would not be able to operate. Being a boss to your employees may get them to work, but it’s not going to make them put any more effort into their job than required.
Raising your employees’ salaries isn’t going to cut it either. You’re just going to end up losing money without any significant improvement in your company’s operations. Furthermore, a salary increase isn’t always a viable option.
Keep in mind that people, like businesses, want to grow too. Consider different areas where your staff can grow and improve.
If you truly want to make a difference, then you have to start with yourself. Set a good example and be a good leader. Be someone who empowers and values their workers. Never hesitate to show your appreciation for a job well done and always make sure your employees are heard.
Just like your customers, your team can also build loyalty towards your business. If you treat employees well, they will want to stick around and be part of your company’s growth.
Numerous issues plague small businesses these days. I hope these tips can help you come up with the strategies to overcome them.
Please feel free to share your insights in the comment section.
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