How does your small business succeed ?

Start your business when you understand who you are and what you represent, who your audience is, what market you are heading to and what your position is, and what perception do you need to create in order to attract your target audience?

All of these steps are true but not enough to help grow your business, "If the sale is not done, the idea will not be validated yet" says entrepreneur Michael O'Neill.

As long as your small business does not make progress towards your goals and does not achieve the profitability you expect you will look for the keys to the success of your small business, So you need good entrepreneurial habits that will help any company achieve more success, Here are some ideas and suggestions :

1. Savings half success

Entrepreneurs often start spending large amounts and lavishly when launching a company, On necessary and unnecessary equipment, Unpaid spending can cause your bankruptcy, Which will be a financial burden on you and your emerging company, And will prevent you from reaching your long-term business goals.

It's important to be cost-effective before your business has a fixed number of profits, Be sure to control your spending habits, Make smarter financial decisions by managing your money wisely and controlling cash flow, Look for ways to reduce operating costs as much as possible, Get rid of tasks and activities that do not add value to the company or customer that weighs on your budget, The more money you can make, the more you can keep it, You can also make the most of marketing through social networks, for example by promoting your products or services and interacting with customers, There are many easy to use and inexpensive marketing tools available for small business owners.

On the other hand, if you have some money saved you can invest in something that will grow your business instead of spending on things that do not help in developing your business directly like appearances or developing tools that your business does not need.

You must make sure that the cash flow or income that your company generates, to measure, what is measured is managed.

2. Determine how you will make a profit

The goal of any business whatsoever is its ultimate profit-making, As a small business, you must set a plan to make profits and improve your sales performance, To succeed in your business, think of a master plan to improve your sales performance, Determine what actions you can take, which can increase your profits, For example, you can use the following ideas:

  • Know the value of your product / service, focus on its development, and discover why people should buy from you instead of competitors.

  • Type your marketing activities, commensurate with your limited budget, have you ever tried video marketing ?

  • Get more leads by requesting referrals from existing customers.

  • Encourage your customers to come back more than once, by sending a newsletter or organizing marketing campaigns across social media networks to get them to buy again.

  • You can draw your customers' attention to your other products, once you buy what they usually buy, suggest that they buy an additional product or service.

  • Develop Your Target Market Before expanding to other markets, focus your efforts on providing excellent customer service to a specific customer base and secure all the reasons for their loyalty before moving into a new market.

  • While pricing your products / services you must first consider what is necessary to make your business profitable.

  • Organize competitions and give your customers prizes and gifts is another quick way to market, profit.

3. Start with small steps

All entrepreneurs aspire to the success of their business, so the sector may well seek them for funding, For example, total emerging-market financing in the MENA region jumped by 31% in 2018, compared with the investment in 2017, with an estimated $893 million of total investments, But a large part of small business owners also strive to achieve their entrepreneurial ambitions in different ways, If you are trying to secure self-financing for your small business and monitoring a limited budget, you are faced with many challenges, which require you to start your way towards success in small and calculated steps, You have to learn to walk before you can run, find an excellent idea, product design is the first stage in a long and arduous process, requiring a lot of patience, effort and commitment.

Success does not happen overnight. It usually takes at least three years for a new business to become a stable entity. You need to arrange a plan of action within a specific time frame so you can get your small business to safety :

  • Identify the most powerful goals for your business.

  • Make a good plan to achieve the goals.

  • Divide large goals into small targets.

  • Set a timeline for achieving goals.

  • Track the extent to which your goals have reached.

  • Do not stop adjusting your business goals.

  • Celebrate your success in achieving your goals.

If your business is resource-constrained, jumping large steps will hurt you, do not overload your big business, do not take too much unnecessary expenses at the start of your startup, The more calculated your steps are, the more success you will achieve.

4. Keep your competitive advantage

The main challenge for small business owners is to find a way to achieve a sustainable competitive edge in business. Competitive advantage is a feature that allows an organization to outperform its competitors.

To succeed in your business, be more valuable to consumers and innovate in order to maintain your competitive advantage, There are many ways to outperform your competitors with competitive advantage, You can develop a great product, provide high-quality customer service, a more efficient distribution process, or a better understanding of market changes.

The best way to maintain your competitive advantage is to protect your business secrets, Keep information unknown to others that enable you to succeed and give you a competitive advantage in the market, Coca-Cola kept its secret label for three quarters of a century, The company has never patented the formula, saying that doing so requires disclosure. Once the patent expires, anyone can use this recipe to produce a generic version of the world famous drink, The document remained closed in a bank in Atlanta, until Coca-Cola decided 86 years later to transfer the recipe to a cellar built for this purpose at the Coca-Cola Museum in Atlanta, KFC also kept its secret mixture of 11 herbs and spices mixed in two different locations and assembled in a third place.

To maintain your competitive advantage it is essential to be proactive in innovation, problem solving, meeting challenges, planning for your company's future and giving your best to maintain your competitive advantage.

The old saying goes: "Rome was not built in a day", to achieve the desired success continues to focus on achieving your goals in the short and long term, Perseverance, discipline, clear vision, and possess the essential skills to succeed.

Author : Menjieh Ibrahim
Translation and formatting : Hazem Allagui
Translation source : Khamsat

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