If you want to build a small business that survives the ups-and-downs of market fluctuations, you need to take a multi-pronged approach to business building. You can't set up shop and expect overnight success; you need to understand the multiple factors that will influence your long-term growth. To ensure your small business lives up to your expectations, try committing these seven business-building tips to memory.
1) There is no 'one size fits all' in small business marketing; do what is right for your customers. Just because your buddy runs an e-commerce business and says email marketing offers a high ROI, that does not mean it is right for your company. Understand your customers and discover how they like to correspond with your business. While a monthly email newsletter might be welcomed, you might get a better return on your investment of time by doubling-down on social media or content marketing. Do not fall for the fallacy that all types of marketing are right for your business. Learn which marketing types work best with your clientele and then double down on those methods.
2) Consider add-on products and services to grow your business. A printer supplier does not just sell printers; they usually offer everything from toner to paper. Adopt the same philosophy for your company. Consistent revenue often comes from add-on products and services, not just your main product. Those add-on items can tide you over during sales slumps too.
3) Speaking of revenue, learn early to focus on profits, not revenues. Your till might be flush with cash, but if you have more expenditures than revenues, you are not going to build a successful company. Far too many business owners think in terms of revenue without carefully considering their monthly or yearly overhead expenditures.
4) Building a strong team is one of the best things you can do for your company. The more effort you put into training a top-level team, the likelier it is your business will grow. Learn how to spot talent and reward them for their efforts. When an employee knows their boss is willing to invest in their success, they are more inclined to exceed expectations with customers.
5) Mediocrity does not sell in marketing. You want to stand out from competitors. From the signage you use to your content marketing and social media posts, focus on making an impression. If your business is not memorable, your chances of long-term success decrease.
6) Learn to add value whenever and wherever you can. The more your customers realize you care about their satisfaction, the likelier it is they will be loyal to your business. With so much global competition in today's mobile-connected world, small business owners need to win on service, not price.
7) Become a resource your customers can depend on, not just a provider of goods. When you focus on becoming indispensable, you naturally build a business with exceeding expectations in mind. Customers will continue to frequent a business that solves their needs on an ongoing basis.
Small business success is a combination of multiple factors. When you understand that business growth is an ongoing effort, you realize just how important it is to be patient and to continually hone your skills. Incorporate these seven tips into your small business growth strategy and you will build a business you can be proud to call your own.