A successful small business doesn’t just emerge a success story. A lot of factors contribute to its success.
If you are considering starting a small business or you already have one which you are running, please take note of these 10 pillars that sustain a successful small business.
A small business that is integrity conscious stands a better chance of surviving all odds in the marketplace.
When your business is known for its integrity, that is, offering customers value which they seek, it attracts very loyal customers who are ready to not only patronize your enterprise no matter what the competition offers, but also promote it among their friends and networks.
Besides, businesses that are integrity conscious attract very meaningful partners who can help them succeed.
Take some time to think of all the very successful multinational corporations that are leading the competition in the marketplace.
They protect their integrity and brand image very jealously because that’s what retains and converts more customers to them.
Businesses that are constantly innovating new technologies are far more efficient and can more than the competition be able to provide top notch services and products at very competitive prices which will pull customers towards their direction and even attract new customers.
Innovation ensures that the competition is always trying to catch up with you but like the rotating blades of a fan, never will.
Constant innovation ensures that your brand experience is constantly renewed, such that customers don’t get used to your products and wish to try something else.
To build a super successful small business, you must be competitive at all times.
This might involve a pricing strategy where you offer a price lower than the competition or a differentiation strategy whereby you offer a product that is entirely unique and totally different from what obtains in the marketplace.
Whatever strategy you chose to adopt in order to remain ahead of the competition, ensure that you’re able to sustain such strategy otherwise you might be overtaken by the competition.
Customers are the agents who decide who wins the competition in the marketplace.
Therefore, one of the ways to ensure that your business remains ahead of the competition is to ensure a very sound customer care culture in your enterprise.
It can’t be stressed enough that customers are king in an open market structure.
Therefore, you must appease the kings in order to win the competition. Customers who are satisfied with your services are most likely going to return and even refer the friends and networks to your business.
To execute an effective customer care strategy, customer feedback is necessary. It enables you to understand exactly what your customers need and target it appropriately.
Remember that if customers don’t talk with their mouths, they will talk with their legs.
Businesses that keep records are bound to be super successful because they can track development trends in the market, make informed business decisions based on these and also make meaningful and accurate projections into the future.
Thus, businesses that keep records are more likely to take advantage of emerging opportunities than those that don’t.
Record keeping enables a small business to take advantage of investment opportunities as investors and funding partners would always request for such records in order to decide whether or not to invest in the business.
Record keeping is essential for making successful business negotiations and formulating strategic growth action plans.
To build a successful small business therefore, keeping accurate records should be internalized within all business processes.