Running a business requires hard work, discipline, dedication, education, passion, wisdom and accountability. Sounds like a long list, doesn’t it? However, many successful businesses have been born out of just one of the above, and the rest have come with time, or experience. Businesses thrive when the collective effort of the proprietor and their employees is harnessed to drive the business forwards, and with that in mind, we offer just a short list of tips that will ensure that you have a good mindset of the strategies to include when planning for your business.
Know your market
It is imperative that you ask yourself the following questions. Who are the most likely consumers of your product or service? Who are the most interested age group, gender, social class, religion, etc.? It is crucial for your business to operate knowing who and where their market lies. This will help to fashion your advertising and customer outreach activities to be more suited to the consumers you are targeting. Your strategies will not be wasteful in terms of money, energy and time if you do enough research on who is interested in consuming your product/services and who is out there offering the same service or products. A business will be successful if it gets to know both its target market and the competition before launching any new products or services.
The process of hiring has to be non-discriminatory, transparent and dynamic. But this does not mean you have to hire anyone. Hire people who have the skill set that will drive your business forward and that bring something to the table that you need. Hire the best that you can find, and do not settle for anything less. If your first round of shortlisted applicants did not impress you, re-advertise the positions. The advantage of hiring selectively is that the skills and abilities that are required for the business will be fully exploited, placing you ahead of the competition.
Don’t be afraid to try something new
Business is about calculated risks and one form of risk-taking is trying something new. Capitalise on the market’s deficiency of a certain service or product. You can go into a wing of business that you have never attempted before and it may become your most profitable market yet. Many people are afraid that with established brands and market leaders having a say in matters of business, going outside the expected order of business will stunt your business and even render it a failure. Trying something new will bring a breath of fresh air into the market, and it will likely spur curiosity in your brand. For example, almost a decade ago, who ever thought the world would leave the comfort of keypads to embrace touch screens on mobile devices? It is better to try something new than to be afraid and lose an opportunity.
Keep your finger on the pulse of your account at all times
Have a monitoring and evaluation plan that will keep an eye on your accounts. Your business’s health is determined by the accountability that you exercise on your accounts. It’s something that should be done with more frequency and consistency than anything else. Look at how to maximise profit and benefit your accounts. Ensure that you close the gaps that may generate wastefulness and debt.
Put in place quality assurance measures
Recognising the value of quality assurance will put you in a healthy place to do business. Having internal or external regular audits on your business will establish a culture and precedence of quality and a yen for continuous improvement. You should put in place quality assurance mechanisms that will enhance productivity and maintain quality in all aspects of your business. Quality assurance strategies instill confidence in your customers too and this will likely lead to customer retention.
These are helpful business tips that can take SMEs off the ground and ensure their business is built on good principles. Adhering to the best business practices will be for the good of your business and you’ll build a solid platform from which you can expand.
If you’d like to read further strategies to improve your business, then click here or give Synergos Consultancy a call on 01484 817444.