success or fail sme or entrepreneur

5 Keys To Success For Small Businesses

Starting and successfully running a small business is one thing but to turn that business into a high earning, innovative organisation is something else. With so much competition and market density, taking your brand or business to a higher level has become harder than ever. Not to mention the many issues that businesses face in the current climate. There are many traits and pointers that you can follow and work by to achieve purposed success.

So, here are a few guaranteed methods of increasing performance within your business.

#1 – Customer Service

One of the key elements you can use to set your business apart from others is through the customer service you provide when interacting with your customers.

By offering your customers superior customer service through all points of communication –  in-store, on the phone or online – you’ll stand a much better chance of generating loyal and returning customers.

An example of this would be for you to greet customers with a smile and be warm and inviting, to be understanding and sympathetic to their issues and try to resolve them effectively. Or if you were online or on the phone, having the correct tone of voice, polite and professional mannerisms and providing thoughtful and aware internet support for those who may be less knowledgeable of technology. Effectively you want to create a long lasting impression on your customers and a positive idea of how they see your business and brand.

#2 – Network

Networking normally doesn’t even come to mind for a small business; with fewer resources than larger businesses it usually allows for less time to be dedicated to this forgotten gem.

Networking provides the great opportunity to expand your knowledge and share ideas between your peers. You’ll be presented with the opportunity to meet new people, gain connections and raise your profile. Most importantly, it will provide you with new opportunities to take your business to the next level.  

The Business Network have a list of events, you can use it to find one near you.

#3 – Marketing

For most small businesses marketing can be complicated and a costly endeavour, or at the very least something that is seen as unnecessary in contrast with the size of their business.

However, they couldn’t be more wrong; there’s a vast amount of channels that a business can use to market themselves once they can identify which channels are most relevant for them (may require trial and error).  Whether it’s social media, blogging, paid advertising or using promotional offers, the possibilities are endless and as long as you find one that works for you.

#4 – Evolve or die

For most businesses, this is one of the key things that they miss out on once they’ve established their business. Many small business owners can get trapped into a false sense of security and will often stop trying to progress or stay on trend once they see their business performing adequately.

However it’s essential that a small business, in order to remain relevant, stays up to date and keeps its operations as consumer based as possible. You can also apply this trait to your employees; for example, you may decide to take on apprentices or similar modern initiatives that are delivering businesses new channels of employment.

#5 – Planning and assessment

A good plan is a component that is essential for a business to make before or whilst they are conducting their business operations. It can outline the direction the business is going in, how much time they need and what they are striving to achieve. A plan is also a brilliant guideline to follow when it comes to the execution stage and can make things run far smoother, especially if the business makes a contingency plan.

Assessment is also a crucial component of the business operations, it is particularly important for a small business to assess how well a plan has played itself out or even look at how the plan is progressing during its initial time scope.