Running a successful business will depend on your definition of “success”. Do you want it to provide an abundant income? Do you want independence? Perhaps you want to provide a service for your community. Most tie some form of financial reward into the operation of what they would call a successful business. While guarantees in any business are rare, here are some steps you can take to better ensure your business is successful.
Define Your Target Market
The better you can define and describe the habits of your core target market, the more success you will likely have in reaching them. If your goal is to reach “everybody”, you may connect with no one. Know who the most desirable and profitable consumer market is for your product and services and consistently target that group. Don’t waste time, money and efforts on difficult to reach, low-margin customers.
Ask Your Customers Questions
Why do they do business with you? What do they like about your products and services? What would they change? What do they wish you offered? Asking current customers questions can build stronger relationships with them while providing guidance on how to reach more prospects just like them.
Always Be Selling
This doesn’t always mean asking someone to buy something. It does mean always looking out for ideas and promotional opportunities. It means keeping yourself and your business visible in a positive light. Become a part of your community by joining service clubs and participating in community events and non-profit causes. Always have business cards with you that include contact information and your website.
Stay Connected with Your Industry and Technology
Far too many businesses fail because they fall behind in technology or don’t keep up with trends in their industry. Join associations, actively pursue articles about your business category and reach out to others in similar businesses in other markets. Make efforts to keep up with the technology your industry and your customers may be using.
Don’t Forget to Play Defense
Like any competitive effort, operating a business has a defensive element to it. You should not only be aware of who your competitors are but what they are doing. Are they gaining or losing market share? Are they open to be purchased? What about other threats to your business like liability claims, theft, fires or other natural disasters? Business insurance can help.
If you make a conscious decision not to carry business insurance because you’ve determined it is too expensive, that is one thing. Many, however, don’t even take the time to get a price quote, and that can place your business at risk.. At the very least, you should contact us for a no-obligation price quote. Let’s discuss your business and your risks. The decision to move forward is always yours.