3 Secrets to Stable Business
Since the 2008 recession, many individuals have staked their claim in developing a business. The trust and the greed of both Wall Street and Main Street have many deciding to control their destinies. While it is most honorable to start a business, many things require what are called staying power.
A good example of this is to look at any retail strip mall in the United States. There are many barren storefronts. While the media tends to claim that much of this is related to the Internet, some may argue poor entrepreneurial decisions. Moreover, the Internet does allow individuals to make individual claims without substantive proof. For example, look at the numerous consultants and coaches that are self-proclaimed experts in various things. Propaganda does not make for the successful business – implementation does.
While many businesses might have terrific products or services, there are several factors that lead directly to bankruptcy.
1. Customer service – The purpose of business is simple – to acquire and retain customers. I was in a retail store most recently, and it took almost 15 minutes for one of the selling representatives to notice that I was even there. And, the owner of the business was in the store but had no interest in speaking with potential customers. When you believe you’re above the law and narcissism is the name of the game you will have little traffic come your way.
2. Delegation- I am always amazed by small business owners that decide to utilize Microsoft Word and other electronic products to produce marketing collateral, business cards, and even promotions. A good exercise is to think about what your annual income is and then divide that by the number of hours in a day. If your pay is in the 6 to 7 figure range, then it’s best to allow professionals to handle marketing collateral and printing material on the best stock available. Wasting your time on items that distract you from networking and having customer conversations will not provide you business opportunities.
3. Marketing – You must invest at least 15% of your gross income in marketing. Taking the money and spending it on luxurious vacations or even in home furnishings does not place focus where it needs to be – on customers! Additionally, marketing must be consistent and relentless. Marketing requires that you focus on it daily so that you can build community and eventually a cult following. When your marketing is working, you should have a following no different than a celebrity, a rock star or even religion. Look around you today. Are you capturing audience attention? Is the traffic on your website or even in your retail location where you wanted to be? Perhaps you’re not consistent and relentless in your marketing. Finally, you need to articulate value and differentiation. Using words and phrases that the competition uses does not separate you from the pack. You need to speak in a manner that customers seek.
Nobody said that running a business was easy part if you focus on the most important things which are customer acquisition and retention you build a solid base and a stable economic future.
If your business is not where you need it today and you are seeking higher levels of visibility and greater gains in your marketing approach then connect with me today and let’s invest a few moments of your time with A FREE 30 MINUTE STRATEGY SESSION.
Or, if you’re looking to understand some of the issues and frustrations of your business why don’t you email me today and I’ll send you a free copy of my special report “12 Frustrations Of Small Business Owners And How To Cure Them”.