Whether you’ve been in business for one day or twenty years it’s really important to understand the basic business fundamentals. To this end I have compiled five of my best tips for business success. So let’s get started.
Know your point of difference:
It doesn’t matter if you are selling zucchinis or Lamborghinis, you should always know your point of difference. It’s really important to know what sets you apart from the thousands of other people who are selling the exact same thing. Do you have a lower price point, better quality materials, better service or perhaps just a better selection all round? Knowing what sets you apart is a really great way to start your marketing methods too.
Keep tabs on the industry:
As well as needing to know what your competitors are doing you also need to keep up to date on the technology side too. That way you can always be aware of what’s changing so that you can react faster.
This one is really simple, but it’s really important. Work hard and be nice. Whether that’s to the people supplying your products or the consumers who are buying the products, a friendly face and conversation goes a long way in business. There are many telephone answering firms which can help small businesses with their customer service if you do not feel up to the task. (They look after your administration and are customer service professionals-so that’s something to bear in mind if you get the odd grumpy morning.)
Remember your reputation matters and it will always follow you wherever you go.
Marketing is important:
Marketing is important whether you have the best product in the world, or the best service in the world, no one will come to your business unless they know that you exist-and that happens almost exclusively through your marketing. You have to get your name out there, whether that’s through emails, social marketing, business directories. No matter what marketing method you use remember it is extremely important so make sure you have a marketing plan early on.
Money is more important!
Unless you’re a non-profit you are probably in business to make money, so you need to keep tabs on your finances at all times. Whether that means basic accounting, or forecasting for investments, you need to decide; can I pay for it, can I pay my bills, can I pay for future investment and can I make a profit?
These business fundamentals really are the basics but hopefully they will help you to remain grounded and set you on the right track for future business success.