Business

9 Steps to Sure-Shot Success for Small Business

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From developing a unique idea to giving it shape, form convincing funders to getting done
with the legal procedure – starting a small business sure is a challenge. However, even after
you have established your small business, your struggles don’t end. Your goal wasn’t to start a
business but to make it a success and earn the desired profit margin. Unfortunately, that is
precisely where many falter, which is why 57% of solo entrepreneurship ventures fail after a
year of operation.

In today’s date, you need more than just a brilliant idea to keep your business afloat. You
need to build an online and offline reputation to gain loyal customers. But that’s not all
either! So, what boxes do you have to stick to usher in early and guaranteed success for your
business? Well, there is no definite mantra to take a business to the zenith. However, there
are certain things that you can do to set things right for your venture.
On that note, here are nine tips from successful entrepreneurs who were once small-business
owners like you.

Take insights from your customers’ opinion

The success quotient of a business rides on its customers. So, make sure you are delivering
what they expect from you. This is why it is vital to listen to what your clients have to say
about your business.
Ask your clients to review your products or services. This will also help you establish
a personal connection with them.
Be it positive or negative, use the feedback as constructive criticism and make the
changes your customers want to see.
Come up with a bonus/discount plan to incentivize giving feedback. This way, your
clients will feel motivated to spend their time writing a detailed testimonial.
For negative reviews, do not make the mistake of ignoring the messages. Instead,
acknowledge the complaint and apologize sincerely.

Prioritize after-sales connections

Do not forget your customers once you make a successful sale. Instead, reiterate with your
customers after they have placed an order and after they receive the products. The more you

communicate and serve them after a sale, the more the chances for your clients to be loyal to
your brand. Here are a few points to keep in mind:
Create an omnichannel strategy to give more than one option to your customers to get
in touch with you.
Reply instantly to emails and queries on your website or social media, preferably
within 24 hours, so your customers don’t feel abandoned.
Resolve the complaints your customers have instead of playing the blame game.

Set focused goals to stay on track

When you enter the market and see another business in your niche trying out other realms,
you may feel lured to do the same. However, understand your limit and don’t end up biting
more than you can chew. Instead, keep expanding as a future goal and focus on your present
goals for now.
Instead of exploring other niches, work hard to establish brand authority in your
niche.
If you want to expand your brand portfolio, give fresh spins to your existing offerings
instead of introducing new ones.
Use organic SEO growth to build an online reputation before moving forward with
your small business.

Work towards offering the best buying experience

Imagine you visiting an eCommerce website and selecting a product only to get something
completely different. When you have such a disastrous buying experience in the first place,

would you bother going back to the brand? To keep your customers loyal to your brand, you
need to offer them an infalling buying experience. Here’s why you need to focus on UX:
When several businesses deliver the same products and services, customer experience
can set you apart from your competitors.
Every time a customer has a smooth experience while exploring your offerings and
placing an order, you can expect them to come back to you.
Giving your clients a memorable buying experience to get more traffic and develop a
positive brand image.

Educate yourself to enhance your business

A small business depends on the entrepreneur. But, as a solo entrepreneur, you have to don so
many hats – often a marketer, sometimes an accountant, other times a customer relations
manager. So, you must train yourself to play every role efficiently.

Keep yourself updated and informed about business trends, accounting rules,
management shortcuts, and more.
Read extensively to stay aligned with your business mission.
Moreover, when you are learned enough, you will not have to depend on your
employees.

Go the omnichannel way

While an eCommerce website is a must, do not make the mistake of limiting your brand’s
online presence to a website. Here’s why!
As people remain confined to their homes due to the raging pandemic, the time is ripe
for you to optimize the increased screen time.

Today’s customers are social media freaks, and they like to shop from Instagram,
Facebook, and Amazon.
So, make your brand is available on all the major social media platforms and
e-commerce sites to give your clients flexible options to purchase your products.

Hire the right people and motivate them

As your small business picks up the pace and spreads its wings, you will need other heads to
join you to handle your business. But before you hire people, you need to understand which
roles you want to designate for others and which to keep to yourself. Plus, here are a few
more things to keep in mind:
Understand which operations need human power and which can be automated using
technology.
If you cannot offer working space, outsource the services to remote freelancers. This
will also be a better option keeping the social distancing norms in mind.
Have brainstorming sessions with your employees and listen to the suggestions and
ideas they have to offer.
Reward your employees and recognize their contributions to keep them motivated.

Monitor trends and analyze data
Business trends are ever-evolving, and missing any of the fads equals missing out on the
opportunity to attract more prospective buyers. That said, do not jump onto the bandwagon
blindly. Instead, participate in trends that are relevant to your business.
Also, do the following:

Monitor the right KPIs and use the data to understand the changing needs of your
customers.
Analyze the findings and improve your products and services to grow your business.
Use technology and tools like Slack, Trello, and SEMrush to manage your projects
and track their performance.

Document every little thing

Transparency is an essential tenet of strengthening a business. So, keep
everything transparent within your business for yourself, your stakeholders (if any), and your
customers. Do the following to keep your slate clean:

Preferably, handle the accounts and cash of your business by yourself if the scale of
operations are manageable.
Small or big, monitor every business operation and document every business
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your teams know where you stand.
Track your daily cash flow and miscellaneous expenditures using tools like Wave and
Zip Books.

Parting words,

So many business owners who had started at the grass-root level have made it to the Forbes
List of Entrepreneurs. And there is no reason you cannot!
Make sure to implement these tips to build a successful small business in a short period. That
said, remember that you cannot taste entrepreneurial success overnight. So, give it time, be
passionate about what you do, and keep sight of the goal. Wish you luck!