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5 Ways to Ensure That Your Small Business Does Not Fail
Obviously, you want your small business to succeed, but the odds are stacked against that. Only 40 percent of small businesses are profitable, and many fail within the first few years of operation. Fortunately, there are ways that you can better position your small business for long-term success.
1. Limit Your Risk
At every stage of your business, from launch to expansion, you need to keep risk to a minimum. Before you make any major moves, do plenty of research to figure out if you’re making the right decision. If you’re thinking about opening up another store in a new city, check out the demographics in that area to see if they fit your target market. Run the numbers to see what it will take for a new store to be worth the investment. Over the long haul, the only way to survive in the business world is to avoid unnecessary risk. It’s just like if you were at the blackjack table – if you keep betting big, at some point luck won’t go your way and you’ll lose big. If you keep your bets small, you can play all night.
2. Commit to Quality
When it comes to running a small business, you’re likely not going to be able to compete on price with huge corporations. They sell at such a high volume that they still make plenty of money even with narrow profit margins. But it’s not all about price. Consumers are looking more and more at the quality of what they’re buying and choosing to buy more expensive products, when they’re worth the price. Focus on the quality of what you’re selling, because when you sell high-quality products or services, you can charge more and boost your profit margins.
3. Keep Customers Happy
Your business will live or die on customer satisfaction. When you make customers happy, they’re more likely to return to your business to make additional purchases, leave positive reviews, and recommend you to other people. Dissatisfied customers, on the other hand, can quickly spread negative feedback about your company, driving away potential business.
Make sure that all your employees understand the importance of customer service and fulfilling what your customers need. Even in sales training, you should emphasize that it’s not just about selling products, it’s about finding the product that will help each specific customer. After customers make purchases, follow up with them to see if they’re satisfied or if they’re having any issues.
4. Manage Your Finances Properly
Financial mismanagement is a killer for small businesses. Make sure that your business has an accurate budget that tracks exactly how much money is coming in and being spent every month. It’s smart to hire an accountant to keep records for you and analyze your business’s financial situation. This can help you spot potential issues and find opportunities for growth. It also ensures that you won’t be in for an unpleasant surprise at tax time in the form of a large tax bill that you didn’t see coming.
5. Be Open to Change
As a small business owner, you can’t be too set in your ways. The world is constantly changing, and the businesses that succeed are those that adapt to those changes.
Two decades ago, most businesses didn’t have any online presence. One decade ago, many businesses weren’t marketing on social media. A business that didn’t have any online presence or social media accounts now is missing out on quite a few potential customers. You need to be ready to adjust your business so you’re ahead of the game.
You’re constantly facing new challenges as a small business owner. Keep these five tips in mind as you run your small business and you’ll significantly improve your chances at being profitable and experiencing consistent growth.