Statistics about small business are disheartening to say the least. If 80% of small businesses fail, what can you do to avoid being a part of that scary statistic? There are some obvious things like making sure that there is demand for your product and managing your funds wisely. But what about the small details? After all, that’s where the devil is. Here are five lesser known but no less important things you can do to manage a successful small business. These are some of the Top 5 Secrets of Successful Entrepreneurs that can get you success in your business.
It doesn’t matter if you’re selling homemade ashtrays on Etsy or running a multibillion dollar company, branding is the secret sauce to any business burger. Spend some time researching your target customer and create a brand that they want. Find something catchy and simple enough to get your point across. The fastest and most cost-efficient way to find a market is through social media and once you know who you’re trying to target, you’ll be able to create marketing through sites like facebook and instagram made specifically for them. Create a domain name, hashtags, and word of mouth to push your specific brand as more than just a product, but an experience.
Sometimes scoffed at in the business world, promotions are around for a reason: they work. If you’re a new business, the most important thing is to get the word out there. Having flash sales, two-for-ones, or limited discounts is a great way to entice new customers to give you a shot. People are always hesitant with an unknown entity, but a limited deal will often push a prospective buyer over the edge. Be aware of your overhead and overall budget before going too crazy with the deals, but using them wisely and conservatively will help to drive up recognition and customer base.
Use Your Customer
When managing a small business, it’s easy to get lost in the inner workings and profitability of the company. Don’t lose sight of your customer, however. You may think you’ve found ways to improve the customer experience, but unless you actually hear that your customer base wants or needs those improvements, you’re making a lot of unnecessary work for yourself. For a lot of growing businesses, like Nu Skin, company reviews are an invaluable tool to see what customers are liking and not liking about your product or business model. Examples of Nu Skin company reviews can give you a feel for what customers say about growing businesses.
One of the hardest things about managing a small business is learning when to let go. For many, this company was a dream they had held onto and worked hard on for years. As you begin to grow, it can be nerve wracking and difficult to allow others to step in and carry some of the weight. You have to. For your business to be successful, let alone grow, make sure that you surround yourself with motivated and hardworking people, then stand back and let them do their jobs.
A startup, or even a well established but small business, can easily monopolize all of your time if you’re not wary. If you’ve worked so hard on something, you’re going to do everything in your power to make it a success, including spending many long nights at the office or taking business calls at all hours of the day. Research suggests that working fewer hours can actually improve productivity and decrease errors. Be aware of how you’re using your time and make sure that it’s on those things that will bring the greatest strength and security to your business and your employees. Every businessman must apply these Top 5 Secrets of Successful Entrepreneurs in order to give its business a boost.
Small businesses are an essential part of any free market and everyone should have the chance to bring their ideas, products, or services to their economy. Using these five tips, you will be able to manage a successful and growing small business. Sia Hasan