Do you often feel like you’re putting in a lot of effort but making no or little progress towards your goals?
Or are you having trouble choosing your business goals to work towards in the first place?
We all want to be successful entrepreneurs and business people but only a few of us know how to achieve success.
If you are someone who runs a small business or is planning to set up a small business that’s profitable, here are some tried and tested tips to make your small business more successful.
1. Stay Organised
The number one tip to achieve more business as a small business owner is to get organised. This enables you to complete tasks more efficiently and stay on top of things. Make a to-do list first thing when you start your day and tick off items once you complete each task. This little trick ensures that you’re not forgetting anything and everything that needs to be done has been taken care of.
2. Maintain Detailed Records
All successful businesses maintain detailed records. Maintain proper accounts and make sure your documents and records are always updated. Doing so will help you know the financial standing of your business and what challenges you could face. Just knowing these things will give you enough time to prepare strategies and overcome these challenges.
3. Study Your Competition
Healthy competition breeds the best results. To be successful, you need to research, study and learn from your biggest competitors. After all, they’re doing something right to still be in the market. There will be a few things that you can implement in your business that will help you earn more profits.
4. Evaluate Risks and Rewards
Calculated risks can help your business reach heights. A good question before taking any decision is to ask yourself: “What’s the risk?” If you’re able to answer this question, then you know what’s the worst thing that can happen. This knowledge allows you to take only those risks that will help you reap tremendous rewards.
5. Be Creative
Always look for ways to enhance your business and make it stand out from the rest. Accept the fact that you don’t know everything and be open to new ideas. Try different approaches to things to discover new, profitable ways to carry out your business operations.
6. Stay Focused
Remember the old saying, “Rome wasn’t built in a day”? It applies to all businesses. Any business requires hard work and patience. Just because you’ve opened a business today doesn’t mean you’ll start generating money. It takes time for everything to fall into place so stay focused and consistent. Achieve your short term goals and re-evaluate your strategies.
7. Be Prepared to Make Sacrifices
Sure, the work done before the inception requires a lot of dedication but once you start your business, it’s literally just the beginning. You’ll have to put in longer hours, invest all your savings and give it your best shot. This can also mean getting to spend less time with friends and family, postponing the family holidays and giving up luxuries for a few months or years until everything is set.
8. Provide Excellent Service
There are many businesses that forget how important it is to provide excellent service. Providing better service each time means ensuring that your customers choose to visit you rather than your competitors.
For instance, if you’re running a grocery store, maintain fresh fruits and vegetables. Train and educate your employees to handle customer enquiries and complaints. Keep the temperature of the store suitable, play soothing music, offer discounts and memberships and keep the store clean. These are just some of the factors that will help you build a rapport and establish goodwill.
9. Trust the Power of Word of Mouth for your Business
Word of mouth is more important than ever. Today, most of us turn to the internet to search for reviews before finalising where to shop. Therefore, building a good reputation is crucial to the success of your small business. To get positive word of mouth for your business, provide good, professional service, monitor and build your local and online presence and gain publicity by giving back to your community through charities and sponsorships.
10. Invest in Marketing
The key to increase sales is effective marketing. However, you don’t have to break your bank to promote your business. There are several inexpensive marketing strategies that will help you market your products and services such as:
- Advertising your business on all your employees, family and friends vehicles
- Cold calling (yes, it still works!)
- Cross-promote or establish partnerships with complementary businesses
- Give free classes or workshops related to your products and services
- Involve the local newspapers in your opening or charity events
- Join professional organisations
- Create and use promotion kits
Success is not achieved in a single day. If you want your small business to be more successful, make the necessary changes to achieve it.
It could be something as simple as investing in that new tool or as challenging as adopting a new strategy.
But you didn’t work so hard only to run out of business, did you? Implement these strategies to make your small business more successful.
About the Author
Shristi Patni is a content writer and owner of F and B Recipes. She enjoys writing about Intuitive Counseling and Spiritual Mind Treatment. Formerly the Chief Content Officer at Raletta, she is currently working on her second cookbook.