Some people seem to have a knack for sustaining a profit from one year to the next, while others barely remain afloat. If you are having trouble growing your business, you are not alone. Nearly 50% of businesses fail by their fifth year. The good news is that you don’t have to become part of that statistic. Listed below are a few tips for achieving success.
Have Good Marketing
Many small business owners simply don’t have the money in their budget to properly launch a successful marketing campaign. However, without investing your money in marketing you don’t give your business the chance to succeed. Thankfully, you no longer need to appear on television or the radio to reach a large percentage of the population. Take advantage of social media and the millions of followers it attracts daily. For a very small amount of money (compared to what you’d spend on TV and radio), you can reach a larger audience than you ever imagined.
Be a Part of Your Community
If you don’t support your community you can’t expect them to support your business. By engaging in local groups and annual activities such as a music festival or the county fair, you become a familiar and trustworthy person. Buy some booth space at your next local festival or fair, set up a canopy tent such as the ones available at Instent.com and add your company name, logo and colors to keep your business in their minds.
Offer Great Customer Service
Perhaps you are a business owner whose sole focus remains on sales. While attracting new customers is essential for growth, it only works if you retain a larger percentage of your existing customers. Without a loyal base, you won’t sustain growth and thus remain stagnant at best. By excelling in customer service, your existing clients will remain loyal and refer many of their friends, co-workers, and relatives to you, at the cost of zero dollars.
Hire a Knowledgeable Staff
There’s nothing more frustrating to a potential customer than an employee who lacks knowledge. Make sure that your staff, particularly those who deal with your customers directly, know about your business practices, services and policies. Or, at the very least, if they are unaware–say of pricing for a construction job, that they know how to take the customer’s information and have someone call the customer back within a day with the estimate.
Treat Your Employees Well
Your employees are the bloodline for your business. As such, they can play a large role in making or breaking your business. Since you know by now how hard it is to find good employees, you want to do your best to keep them happy. One way that successful businesses achieve this is to offer incentives. This can include medical and retirement benefits, flexible work hours, monthly bonuses for sales, and unlimited sick time.
Some business owners feel that if they are not a part of every aspect of the business that their business will fail. This is simply not true. By putting yourself into all areas, you won’t have enough time to create a brilliant marketing plan. Save the office work and the customer service end of the business for your outstanding employees. If a problem occurs then you can address it. Otherwise, let your staff do what you hired them to do.
Stay Focused on the End Game
Instant is not gratifying. However, working hard and exceeding expectations is a reason to jump for joy. When you remain focused on your goals you will see the tide shift in your direction. Just remember that building a comfortable lifestyle takes time.
Achieving success with your business is something that you can accomplish. Make sure to invest money and time in a clear marketing campaign, have a properly trained staff, display excellent customer service, and let your employees do their jobs.
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