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Every day, new business ventures are created. Some of these
businesses will succeed, but many will fall by the wayside.
Others will be able to take-off to a great start, given their
ample resources and capital, but will falter along the way. Some
ventures may be on a shaky ground at the start, but with
perseverance and careful planning will prevail in the end.
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Will your business thrive, or will it join thousands of
others that have faltered along the way? Here are ten rules to
make sure your business grows and prospers:
1. Find a Niche.
For
small businesses, it is best to find a niche. A small company
with limited resources can efficiently serve niche markets.
Concentrate your efforts on a fairly narrow market offering.
This entails sticking to what you do best, and becoming an
expert in that field. Realize that it is not possible to be good
at everything. By concentrating on a fairly narrow market niche,
you may be able to avoid head-on collision with bigger
competitors. If you are a hardware store selling everything from
paints to lumber, the entry of giant retailers like Home Depot
in your area can spell the end for your business. However, you
can try to limit your offering, for example, to construction of
porches and decks and be the best retailer for this
segment.
2.
Be small, yet think big.
The most common question of small business start-ups is “How
can I compete with my big competitors?“ Small businesses have
inherent advantages over big businesses, including flexibility,
ability to respond quickly, able to provide a more personalized
service. Make sure that your business takes maximum advantage of
those areas that represent the strengths of small
companies.
3.
Differentiate your products.
Present the benefits of your products and services to your
customers, highlighting the unique solutions it offers to their
problems. Avoid being a copycat; rarely do imitators succeed in
the market. Study, but do not copy your competitors, and package
your products distinctly.
4. First impression counts.
Strive for accuracy and quality the first time around. You often
do not have a second chance to make a good first impression.
This entails a well-laid out store, courteous staff, and
personable voice over the phone, etc. However, if you are a
one-person business working in a home office, remember that you
are the center of your business and marketing efforts. Everyone
you come in touch with is potentially a client or a referral to
another client because they are either impressed with you as a
person, impressed with your skill at providing a certain service
or product. Make sure that you are always presentable,
professional in your ways and knowledgeable about your
business.
5.
Good reputation.
Your
business hinges on its reputation. It is imperative that you
build a good reputation for the quality of your products and
support services. Remember that two things guarantee success:
high quality goods and superior service. Always aim for quality.
If you are a tax consultant, strive to prepare a totally
accurate, perfectly done tax returns for your clients.
6.
Constant improvement.
Entrepreneurs
know that they should not be rigid in their ways of thinking in
their quest to improve their best products and services. You
risk being left behind by the fast-paced competition if you
cling to the “this is how we’ve always done it” kind of
thinking. The business environment today demands that you need
to come up with new solutions fast!
7.
Listen to your customers.
Be
market driven: listen and react to your customer’s needs.
Customers need to feel that they are important to you because
they are! When you focus on your customers and gain their trust,
they will not only recommend you but they will also remain loyal
to you. Remember, personal recommendation and word-of-mouth are
the least costly yet most effective marketing strategy for your
business.
8.
Plan for success.
An
entrepreneur should understand the power of planning. A good
plan helps you increase your chances of succeeding and can help
you define your business concepts, estimate costs, predict sales
and control your risks. It tells you where you are going and how
to get there. Going into business without a plan is like driving
into a foreign land without a road map.
9.
Be innovative.
Innovate
your offerings constantly, keeping pace with technological
changes. Use change as a springboard to improve your products,
procedures or reputation. Innovation should also cover your
operations from pricing, promotion, customer service,
distribution, etc. Keep your eyes for new ways of doing things,
and apply those that can improve the quality of your products
and efficiency of your operations.
10.
Work smart.
As an
entrepreneur, you need to possess self-confidence, plus a
never-ending sense of urgency to develop your ideas. Studies
have shown that the individuals who succeed in entrepreneurship
are far-sighted and can accept things as they are and deal with
them accordingly. They know how to manage their time, realizing
the importance of leisure in as much as work. These people are
oftentimes quick to change directions when they see their plans
are not working. More importantly, they recognize their weak
points and move on to nurture alliances and acquire the skills
they need to put their business on the right track. They realize
the importance of working smart, knowing that it is not the quantity
of work you do, but what you do and how well you do it.
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