There is a difference between running a small business and successfully running a small business. But unfortunately, every 8 out of 10 startups fall in just 2-5 years of their birth just because they didn’t concentrate on the most important key points of doing a small business into big business.
Let’s back to your business and look at the following few success points pragmatic enough to change your approach to managing the business.
1. Concentrate on product quality, not its look.
You cannot fake quality. You can try, but it doesn’t work for a long time. People will pay more if they get quality rather than paying less for a low-quality product. Quality is tangible. Focus on quality, and transform a one-time customer into a long-term buyer.
It’s also a great marketing technique, and customers love to talk about quality products with others and feel proud to show quality products. Remember, this is internet marketing time, information flow in a few seconds, and social media is the key performer of this marketing. Few good or bad reviews can change your business destiny, too, in no time.
2. Concentrate on customer service.
Fast replies make you trustworthy and indeed make fast revenue. How do you feel when you call customer care, and you need to wait? Don’t we frustrate when customer service call/chat takes much longer than necessary? Yes, we do, and so do your customers.
Your customer should feel valuable when they communicate with your business. Customer is God and should not be served with a bad experience. Bad like following British Airways response to Hasan Syed when Hasan lost his baggage, and astonishing 76,000 Twitter users have seen this. What damage to BA. duh
3. Keep looking for cost-cutting.
Every penny counts, and it goes further in small business “Every penny saved is every penny invested.” The more you save, the more you can invest in your business. Cost-cutting is not that simple, but it can make a big difference to your business. It would be best to keep your eyes on methods to reduce expenses. Try to find cost-cutting measures like
- Sharing office space
- Lowering salary
- Energy-saving appliances
- Less use of paper
- Leverage social media marketing instead of paid marketing
4. Improve your product.
No matter how good is your product, there is always room for improvement. Focusing on new and innovative ideas to improve product moves your business to the front line.
Listen to your customers, ask their requirements, get feedback, and provide what they need. Improving your products from time to time helps you keep your audience engaged.
5. Try to retain high-quality customers.
Customers come customers go, that’s common, but few customers can bring you money regularly, put down your operating expenses, and pay the bills. There are always some high-quality customers who don’t want to keep searching for sales discounts.
These loyal customers can always buy your products if you keep their plate full with quality and good customer service. So give them excellent customer service, put them on priority, listen to them and make sure you contact them regularly. Retaining high-quality customers can bring you revenue regularly and keep you stress-free on bad business days.
