Often a simple changes can help you succeed in business. If you want your business to succeed, forget about searching for secrets and focus on the following simple strategies. To a Successful Business.
What makes a business successful
Understanding where your customers are coming from gives you clarity. Companies with a clear understanding of customer.
Acquisition are in control. Successful businesses always seek to understand how customers, and ask about them. Asking a simple question such as “How did you hear about us, can provide you with great insight.
It is insufficient. client to know how you acquired your last few customers. One of the keys to building a successful business is to
Understand where each and every one of your customers is coming from. The process is simple. You simply ask each customer.
Make it part of your business culture to know. When you ask “How did you know about us you will learn whether it was word-of-mouth. advertising, a trade show, or social media.
Understanding where your customers are coming from enables you to start scaling your business. It empowers you because it
tells you what works and what doesn’t. Do more of what works and less of what is ineffective. Businesses that are more likely to
succeed can tell you their most effective customer acquisition channels. such as customer. Also
acquisition channels are essential in understanding and growing your business.
1. Visualize success
Do you see your business successful? You hear people talk about their dreams, I like this word in this context. I do Agree that is good to have dreams, but don’t confuse dreams with visualizing business success. When you are visualizing Success you are doing more than daydreaming. You are actually thinking about ways to get there. Dreaming is passive while Visualizing is active. Picture what it would look like to reach your next goal. Do you want to get 100 new clients in the next three months.
What would you business look like with 100 new clients? How would it impact the way you do business? How many people would you need to hire? Would you need to manage your company differently? Will you need more capital? Visualize your, goals and think through possible scenarios.
Use the following steps to visualize success:
Picture exactly what you want. Be specif. If you are not clear about your goals, you will not get there.
See what it will look like. Associate your goal with an image. It could be a group of new customers or an improved version of an application. Whatever it is, associate it with an image. Visualize daily. Repetition makes it more real.
. Build your business to last
Hopefully, you will sell your business one day and retire rich. – Reality check. Only about 1 out of 10 businesses are ever sold. But even if you sell your business one day, build it as if you would own it forever. Many businesses are started out of a passion for a product or an industry or the idea of entrepreneurship.
key points in building a business that lasts:
Be patient. To have patience is one of the rarest advice in the Nigeria business.
stated: “sometimes it is good if you stick to your core competence, and then one day, if you have the
Patience, there is a topic where you can suddenly jump on employee company said. If we could decide between 5 percent growth and 100 percent security, we would choose security.”
Narrow your horizons. Always choose depth over breadth. Minimize competition by narrowing your business niche. Always Strive to become the absolute expert in your, field. When you are the best in yourself it is unlikely that anyone will beat you. I know everyone tells you that they are the best in their field, but are they really, Focus on markets that are either growing or stable. Never enter a shrinking market even if it is attractive as a short-term,
2. Engage in your targeted market
The most successful brands are great at building relationships with their audience. Focus on building relationships before you. start selling your products. If you can manage to build an authentic relationship with your audience, they will want to buy from you. People want they buy things from people they know and trust. Find out where your customers are and meet them there. You can do this through events, forums, and social networks. You Could post articles on your websites frequently or, become part of the conversation on social networks. For example, you can search Twitter for topics relevant to your market and engage with people. Engagement takes time. It doesn’t happen overnight. You are building relationships. As your participation increases, you grow the number or people who know and trust you, and if you have the right product for them they will buy,
Here is how to target new market:
Who are your best customers?
Who are your competitors’ customers? If your business is brand new and you don’t have any customers, study your. Competition. Who are your competitors targeting? Are there markets your competitors are not going after. Sometimes it is better to end an underscored niche than to take on your competitors head on.
List of benefit of your service. If you are building websites for small businesses, make a list of businesses that are Currently undersigned. Your goal here is to end small niches with a more focus.
Be very specific about your target customer.
Your customer interest should include;
Number of employees
customers also consider:
with these you also Can attract enough customers to build a business?
3. Learn from your competition
Businesses that learn from the competition are winning. Everybody has competition. If you haven’t found yours that means that You haven’t looked hard enough. Don’t get turned off by it. Learn from it.
Think of your competitors as your teachers. It is your job to discover what your competitors do and why they are doing it. Of course, the key is not to copy, but to improve.
There are several valuable things you can learn from your competitions
Pricing – Setting the right price is hard. There is no real science about it. It is more like a mesh of art and science. You can learn so much from your competitors’ pricing structure. If you are new, it gives you a quick snapshot of how much business charge for comparable products or services. Such insight can save you a lot of time. and money.
Marketing – Find out how they market their product or services. Monitor social networks, create a lists, check out where and how they advertise. Do they offer trade shows and seminars?
Customer satisfaction – Customers are quick to share the good, bad, and ugly. You can monitor social networks, forums, review sites, etc. to get a good idea how customers speak of your competition. If customers complain, it is Your opportunity to become the best alternative. If customers love them, you have to step up your game to make a mark.
Errors – Every company makes errors. They give you opportunities to learn and hopefully avoid them with your own business.
4. Emailing your current and past customers
Email marketing offers a simple and cost-effective way to communicate yet most businesses continue to ignore it. Sending one
Or two emails here and there is not enough. Proper email marketing is about staying in touch. The most effective tool to stay connected to email.
You should check mails your lists at least once a month. Depending on your industry or the seasonality of your business, you might need to adjust the frequency, but the key is to email regularly.
There are at least three groups you should email; your prospects, your current clients, and your past clients.
Your prospects; may not be ready yet to become customers, but you must continue to engage them. about your products or services, provide customer testimonials. Think less about selling and more about providing valuables through guidance, Training, and educate them. As a direct result of email marketing, your prospects will view you as an authority instead of someone who simply trying to sell something.
Your current clients may be interested in your new product or services you are trying offer. You can
also ask their feedback to improve a product or service. Email,
past clients; let them know what’s new. Product s you introduced a new product or service? Have you made improvements, Offer incentives to encourage them to return or to refer others. Maintaining contact through regular emails with
your past customers gives you a chance to stay top of minds when they are ready to buy, again.
Some businesses are concerned about asking for feedback because they are afraid of negative feedback. In business, good news or bad news. Is The reality that your business will improve more and benefit more from negative feedback than no feedback. Feedback also gives an outsider’s point of view. It gives you a chance to understand what your customers like and don’t like. It helps you to make adjustments. Asking for feedback allows your customers to feel important. We all want to think that our opinions matter And your customers are no exceptions. Think of customer feedback as free advice you are getting from those that matter the most, your customers.
Any business that wants to succeed should strive to continuously improve. When you ask for feedback you show that you are willing to turn a wrongs into a right. We often hear customers rave about companies that managed to turn a negative experience into a positive one. So frequently ask customer feedback questions are: Would you refer us to your friends? What did you like the most about our product or service, What did you like the least about working with our company,
Asking for feedback will make you a better entrepreneur.
5. Decide the role of social media in your business
Social media is here to stay, and if you won’t use it your competitors will. The question is not “Should I use social media,
“What social media platform should I use?” If you haven’t used social media, it can be overwhelming at first The key is to take it one step at a time. Don’t try to be on all social platforms. Instead, focus on one or two to start. Also, keep in mind that your Social strategy will be different if you are a B2C business than if you are a B2B business. For example, while Facebook is an excellent platform for B2C brands, Facebook, Twitter, Inst gram are all platform to the grow of your business generally more effective for companies. One of the most common excuses for the lack of social media in this time. You can accomplish a lot in a little time. In a few minutes,
you could post your company update on Facebook, or share a press release on twitter or Instagram is a home for you to run an advert for your product. Social media empowers you to grow and focus more of influence. It helps you introduce new products and services. Social media
Can be your tool to solicit customer feedback. There is nothing magical about social media. It is simply a tool you can use every now and then days to improve your business and to make you more competitive. It will provide you with opportunities to stay connected and in
front of your prospects and current and past customers.
6. Manage your cash
Even successful business go bankrupt. When you run out of money your business dies. It’s that simple. With cash in the bank, your business lives for another day. Managing cash is one of the most difficult tasks entrepreneurs deal with. You spend too much,
the more you run out of money. You spend to little, you miss opportunities for overgrowth are many ways to increase cash in your business:
Expect the worst. The best businesses are conservative with cash even during the good times. Even if things are going
well for your business, expect rainy days to come.
Cut costs. Yes, you can always cut costs. Renegotiate your office rent or less expensive options. Reduce your energy costs. There are many ways your business can cut costs.
Don’t spend on anything that would be “nice” to have. Only spend on things that grow your revenue or must have items. If it Would be nice to have a larger office space, optimize your current workspace before you spend more on rent. Sell unused or unneeded assets. If you are a service business, take large upfront payments for projects. 50% down payment should be the smallest amount to ask for to start on a project.
Keep your cash in interest earning accounts.
Ask for a net-10-30-90 payment terms of your vendors. Offer incentives for early payment
a collections agency or freelancer, to help you collect for old accounts receivable.
Introduce subscription or recurring revenue models to your business.
re-sell products or services. Hire Barter for products or services.
Get a business line of credit. Only use it in case of emergency
Buy used instead of new equipment.
Go beyond your geographical area. If you can expand to the next city, that is good. If you can go global, that is great. Continually innovate.
Do more for your customers than your competition are willing to do. Going the extra mile is what builds brands. Manage your business as if you had expected it to live forever.