There were more than 32 million small to medium-sized businesses in the U.S. alone! Yet 20% of these businesses close by year one and nearly 50% by year five. This is a devastating statistic. The reasons for low survival rates in small businesses are varied, but a major component of business failure is stagnation.
Small business owners who get their businesses up and running need to continually think a few crucial steps to avoid this type of stagnation. With the right tactics in mind, any entrepreneur, including you, can improve business and tackle times of slower growth. You just need to know where to begin.
Small Business Improvements – Thrive vs Survive!
Every small business owner has a goal of sustainable growth in mind. It takes dedication to consistent research and improvements and this means having a good awareness of where you currently stand, to identify where you need to go, including:
- Understanding your weakest areas and where to ask for support
- Knowing your cash flow and areas where you could curb spending
- Being connected to your customer base and the social platforms they’re on
- Being able to tolerate uncertainty
Sustainable growth means constant improvement efforts and being open to trying new things. Quarterly, thorough reviews are a great starting place if you feel out of your element with this startup-like mindset. But there are also a few other integral areas you will need to focus on to stay successful. Lets walk you through them…
The 6 Integral Tips to Supercharge your Small Business
Having a small business requires hard work and dedication. It’s not easy to make it in the world of entrepreneurship, yet the rewards are immense. Here are our integral tips to make sure your Small Business stays in the surviving 30%!
1. Understand Your Niche:
The first step towards achieving success is understanding your niche. Before you start any business venture, take time to research and understand every aspect of what you’re planning on doing. You need to know who your customers are, what their needs and wants are, where do they go for advice, what products will be most appealing, etc. A thorough understanding of your niche will help you create effective marketing strategies and make the most of your resources.
2. Create a Plan:
Having a plan is essential for any business, big or small. It’s important to have a clear understanding of what your goals are, how you intend to achieve them, and who will be responsible for each task. This helps ensure that everyone is on the same page and working towards one unified goal. A detailed plan also allows you to track your progress and make adjustments as needed.
3. Invest in Technology:
In today’s day-and-age technology has become an integral part of running a successful business. Investing in technology can help automate tedious tasks, increase efficiency, and secure customer data. It can also help you reach a wider audience and make it easier to stay in touch with customers. Investing in the right technology for your business will make a huge difference.
4. Focus on Customer Service:
One of the most important things a small business can do is focus on customer service. Good customer service helps build customer loyalty, increases sales, and enhances your reputation. If you offer excellent service, people are more likely to recommend your business and come back again. Make sure all your employees understand how to treat customers properly and that their customer service skills are up to par.
5. Accept Credit Cards:
In order to maximize your sales potential and provide convenience for customers, you must accept credit cards at your small business. If you’re wondering how to accept credit cards at your small business, this can be done by applying for a merchant account from a bank or payment processor. Once approved, you will be able to accept payments via credit cards securely and efficiently.
6. Network:
Networking is essential for any business, especially small businesses. Networking allows you to connect with other professionals and entrepreneurs in your industry, build relationships, and gain valuable insight into the market. It also expands your reach and increases chances of success. So make sure you take advantage of networking opportunities whenever you can.
Starting a small business is an exciting journey with many challenges along the way. With hard work and dedication, however, it’s possible to achieve success. By following these tips and leveraging the right resources, you will be well on your way to taking your small business to the next level. Good luck!
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Articles written by our internal Daily Guru writers, who are certified & qualified growth & development professionals.
