As a new business owner in operation less than a couple of years, you already know about the difficulties that come with ownership. However, there are ways to set your business apart from the competition and improve your bottom line.
Once you have a reputation, good or bad, it’s like a stigma that carries a heavyweight and can rapidly make or break your business. This is why, from the start, you must have a defined company policy and practices in place. It is also important to have protective measures in place early on to prevent a security breach, which is more common for the small business owner.
In a day where most transactions are automated, having a fully trained staff of professionals that understand the importance of satisfying every customer is of the utmost importance. As a relatively new business owner, you need to keep your present base of customers loyal to you.
By providing excellent customer service, you’ll not only achieve this goal, but also end up with additional sales through word of mouth from your base. See, when someone likes your product or the services you provide, they are not shy about sending new customers your way. However, if you don’t provide good customer service you will lose far more than new customers.
Presence is Power
Established business owners of the community have one thing in common: they have a presence in their communities. So, instead of just having a name to flash around, they have a face that represents the company. When you put yourself into the community the results are an initiation into membership.
For the new business owner, marketing your product or services is critical. However, it’s sort of a catch 22: you need money to launch a successful marketing campaign and you need a successful campaign to make money.
Thankfully, there are older, tried and trusted ways, as well as newer ones that you can do even on a tight budget. Email and social media are just two examples of ways to reach many people without the need for a lot of capital.
Reward Your Staff
You had a plan and you hired many people to help your plan become a reality. It’s only fair, then, that if you achieved success with the help of others that you reward them for their efforts. Again, you don’t have to shell out tons of money. Small tokens of appreciation are effective, too.
For example, a rewards program each month with a gift card going to the person who brings in the most sales will create a positive and competitive environment that benefits your employees and the business.
You may not yet understand the importance of monthly meetings, however, they provide a great way to keep everyone connected and on the same page. Meetings are informative, allowing you to express and project the company goals.
They also give employees a voice by giving them the ability to offer suggestions for achieving their goals. Additionally, it lets your staff sit with others from different departments who otherwise would not meet.
Set Yourself Apart
With competitors around virtually every corner, it’s hard for a new kid on the block to compete with established companies. This is why, from the onset, you must set yourself apart. Have uniqueness about your company that makes you the choice above the rest.
You can offer special deals for repeat business and follow up with your customers to show you care. These are just a couple of examples to help you gain ground over your competitors.
Nearly half of all new business owners won’t make it beyond their fifth year. If you want to defy the odds, make a positive impact on your customers from the start.
Identity Magazine is all about guiding women to discover their powers of Self-Acceptance, Appreciation, and Personal Achievement.
We ask that every contributor and expert answer the Identity questions in keeping with our theme. Their answers can be random and in the moment or they can be aligned with the current article they have written. In that way, and as a team, we hope to encourage and motivate each other, thus inspiring you to Get All A’s.
What have you accepted within your life, physically and/or mentally? Additionally, what are you still working on accepting? Now, we’re not talking about resignation, rather stepping into, embraced, and owned.
I’ve learned to accept that we have to all appreciate the little things and to not take anything for granted.
Appreciation is everything. What have you learned to appreciate about yourself and/or within your life, physically and mentally? On the other hand OR in contrast, are there elements of who you are that you’re still working on appreciating?
I appreciate and I’m blessed to have a loving family and friends in my life.
Share with us one of your most rewarding achievements in life? Tell us not only what makes YOU most proud but also share the goals and dreams that you still have.
My biggest achievement is graduating from Arizona State University in 2013!