According to the Small Business Association, more than 50 percent of
new businesses fail within the first five years. Why? Because many
entrepreneurs today are naïve to the struggles and triumphs that
accompany owning their own business. They underestimate the amount of
time, energy, devotion and care it takes to develop a meaningful,
successful organization.
Here’s what entrepreneurs need to keep in mind both before opening
shop, and in the first phase of operation -- so they can stay afloat and
beat the overwhelming odds:
1). Pinch pennies
This seems obvious, but frugality is essential for entrepreneurs. The
biggest area people spend foolishly on is technology. People buy huge
servers for potential, yet technology changes so fast, that they bought
too much, too soon and could have grown into it. Companies can also save
money when investing in an executive team. Entrepreneurs forget that
they don't need to build the executive team of a $100 million company
when they’re just starting out. The people they hire to start and build
the company probably won't be the same ones they’ll need when they
achieve certain milestones.
2). Go all in
Entrepreneurs need to be able to commit to working 60, 70, 80 hours a
week, to being on call all the time and to taking a substantial pay cut
(hopefully only initially). They need to be able to put their business
first and themselves second.
3). Be resilient
Building a business is like having a child. You love your child
unconditionally and are proud of all their accomplishments, but you know
along the way there will be hardships. You don’t stop loving your child
because of their mistakes or faults, instead you help them to grow and
support them no matter what. This is how entrepreneurs should run a
business.
4). Talk to successful people
To succeed, surround yourself with people you trust and who are smarter than you.
5). Build and leverage relationships
When an entrepreneur is just starting out, everyone should know about
it: family, friends, former colleagues and acquaintances. Everyone is a
potential investor or client. At the same time, entrepreneurs need to
develop new relationships. They need to be transparent and honest with
prospects, recognize the big events in their lives and show appreciation
for their time and consideration.
6). Create the culture
A company's culture must be implemented from day one, communicated
daily and instilled in each new hire. Culture is difficult, if not
impossible to change. A unique culture is founded on strong values and
maintained by a dedicated team.
7). People make the difference
Expand your team with people who share similar values and beliefs,
those who are passionate and dedicated and all around good people. They
will help grow the business and increase client satisfaction.
Showing posts with label entrepreneurs. Show all posts
Showing posts with label entrepreneurs. Show all posts
Wednesday, July 31, 2013
Monday, February 18, 2013
Avoid these five mistakes and keep your customers happy...
Entrepreneurs will fight tooth and nail in their quests to get ahead.
Always on the lookout for the fast track to success, we want the tips
and tricks to become the next Mark Cuban or Bill Gates and we want them now.
Unfortunately, it's not that easy.
We have to start somewhere, though. No matter how big or small your entrepreneurial aspirations may be, it all comes back to square one. That is; are customers coming through the door? Whether you're running the corner store or a multi-billion dollar web conglomerate, the wheels don't turn unless your customers are helping put money in your pocket.
Oftentimes we focus on how to acquire more customers, although perhaps we should take some time and consider how businesses manage to lose customers. It's rather common for businesses to go downhill quickly. For example, how often do we see the one of the best restaurants in town with a great location fall to pieces under new management? How often do we see businesses experience a boom just before they go under?
Losing customers is a slippery slope. A strong customer base is one of the most powerful weapons in a small business' arsenal. As soon as that base begins to crumble, your business has to work quickly so that its foundation doesn't crumble as well. Is your business keeping up with its customers? Consider the following ways that many businesses today are losing their followers:
A Failure to Communicate
One of the quickest and easiest ways to lose out on both potential and existing customers is by being clear. From the world "go," customers should know how to reach you, find your store, your Facebook, etc. There's no need to make the process of obtaining such information into a challenge or puzzle; if you do, such customers will just move on to another business that's more visible.
Furthermore, ensure that you're speaking to your audience and being cordial at all times. How you communicate, both online and off, is paramount in regard to customer service. Whether talking to a customer online or standing five feet away from you, be polite and welcoming. If it feels as if customers are shying away from you or your business, the problem is most likely yours, not theirs. Communication is a two-way street; therefore, always consider how you approach others and they approach you whenever you're doing business.
Not Looking the Part
Regardless of your industry or business, keeping up a professional look is key. Once again, this rule applies both online and offline. Your business' website should be modern and presentable, not resembling something that just stepped out of 1996. Additionally, you and your employees need to look like you care. Whether you do this through uniforms or business attire is completely you to.
While some entrepreneurs may roll their eyes at such advice, there's no denying that first appearances count. Looking the part will help let your potential customers know that you're putting forth an effort. Ask yourself what sort of message your business is sending out through it's outward appearance, both online and off.
Not Living Up to Expectations
By failing to live up to the expectations of your customers, you immediately betray their trust. Don't advertise a product or service that you don't provide. Never say your product does this when it really does that. Don't advertise this sale when you're having that sale. There's no need for your business to lie or live in the fine print; your customers will see right through cheap tactics and it'll leave a bad taste in their mouths. Chances are, they won't be back.
Customers both old and new should feel welcomed, not trapped or tricked.
Bad Information
Whether you're trying to reach a new audience or client, you're going to need to know exactly who you're talking to before you carry out a successful strategy. You wouldn't go blindly into a meeting or job interview without researching the new company first, would you? Improper research can lead to awkward situations or even cause your customers to think that you don't care. If you can't take the time to research your customers, why should they consider doing business with you?
Every business must take the time to conduct proper research and testing for every new initiative or project they roll out. Don't make assumptions when it comes to your customers, especially if your business is still wet behind the ears.
Coming On Too Strong
Being overly aggressive is poison to the modern small business. You don't have to play hard to get, but there's no need to drown your customers in sales language, useless information and a do-or-die attitude. Instead, speak their language, be cordial and reasonable. Take to your customers, not at them.
Don't sound rehearsed. Don't sound like a robot. Don't cause your customers to believe that their wallet is the only thing on your mind. Relax. While there's nothing wrong with giving customers a bit of a push when it comes to making decisions, don't push them over the edge. Not everyone is going to want to do business with you. Guess what? That's okay.
The Bottom Line
Your customers are the foundation of your business; treat them well and you'll prosper. Don't let the foundation of your small business crumble due to poor decision making or simple mistakes. Are you rolling out the red carpet for your customers?
__________________________________________________________________________________
About the author: Brent Barnhart is a young yet avid writer with a wide range of interests and specialties. Whether it’s music journalism, technical editing, or literary criticism, there is little ground that Brent hasn’t covered through the written word. He writes with the intention of leaving an impression, following the belief that any piece (as “boring” as it potentially could be) has the ability to capture.
Unfortunately, it's not that easy.
We have to start somewhere, though. No matter how big or small your entrepreneurial aspirations may be, it all comes back to square one. That is; are customers coming through the door? Whether you're running the corner store or a multi-billion dollar web conglomerate, the wheels don't turn unless your customers are helping put money in your pocket.
Oftentimes we focus on how to acquire more customers, although perhaps we should take some time and consider how businesses manage to lose customers. It's rather common for businesses to go downhill quickly. For example, how often do we see the one of the best restaurants in town with a great location fall to pieces under new management? How often do we see businesses experience a boom just before they go under?
Losing customers is a slippery slope. A strong customer base is one of the most powerful weapons in a small business' arsenal. As soon as that base begins to crumble, your business has to work quickly so that its foundation doesn't crumble as well. Is your business keeping up with its customers? Consider the following ways that many businesses today are losing their followers:
A Failure to Communicate
One of the quickest and easiest ways to lose out on both potential and existing customers is by being clear. From the world "go," customers should know how to reach you, find your store, your Facebook, etc. There's no need to make the process of obtaining such information into a challenge or puzzle; if you do, such customers will just move on to another business that's more visible.
Furthermore, ensure that you're speaking to your audience and being cordial at all times. How you communicate, both online and off, is paramount in regard to customer service. Whether talking to a customer online or standing five feet away from you, be polite and welcoming. If it feels as if customers are shying away from you or your business, the problem is most likely yours, not theirs. Communication is a two-way street; therefore, always consider how you approach others and they approach you whenever you're doing business.
Not Looking the Part
Regardless of your industry or business, keeping up a professional look is key. Once again, this rule applies both online and offline. Your business' website should be modern and presentable, not resembling something that just stepped out of 1996. Additionally, you and your employees need to look like you care. Whether you do this through uniforms or business attire is completely you to.
While some entrepreneurs may roll their eyes at such advice, there's no denying that first appearances count. Looking the part will help let your potential customers know that you're putting forth an effort. Ask yourself what sort of message your business is sending out through it's outward appearance, both online and off.
Not Living Up to Expectations
By failing to live up to the expectations of your customers, you immediately betray their trust. Don't advertise a product or service that you don't provide. Never say your product does this when it really does that. Don't advertise this sale when you're having that sale. There's no need for your business to lie or live in the fine print; your customers will see right through cheap tactics and it'll leave a bad taste in their mouths. Chances are, they won't be back.
Customers both old and new should feel welcomed, not trapped or tricked.
Bad Information
Whether you're trying to reach a new audience or client, you're going to need to know exactly who you're talking to before you carry out a successful strategy. You wouldn't go blindly into a meeting or job interview without researching the new company first, would you? Improper research can lead to awkward situations or even cause your customers to think that you don't care. If you can't take the time to research your customers, why should they consider doing business with you?
Every business must take the time to conduct proper research and testing for every new initiative or project they roll out. Don't make assumptions when it comes to your customers, especially if your business is still wet behind the ears.
Coming On Too Strong
Being overly aggressive is poison to the modern small business. You don't have to play hard to get, but there's no need to drown your customers in sales language, useless information and a do-or-die attitude. Instead, speak their language, be cordial and reasonable. Take to your customers, not at them.
Don't sound rehearsed. Don't sound like a robot. Don't cause your customers to believe that their wallet is the only thing on your mind. Relax. While there's nothing wrong with giving customers a bit of a push when it comes to making decisions, don't push them over the edge. Not everyone is going to want to do business with you. Guess what? That's okay.
The Bottom Line
Your customers are the foundation of your business; treat them well and you'll prosper. Don't let the foundation of your small business crumble due to poor decision making or simple mistakes. Are you rolling out the red carpet for your customers?
__________________________________________________________________________________
About the author: Brent Barnhart is a young yet avid writer with a wide range of interests and specialties. Whether it’s music journalism, technical editing, or literary criticism, there is little ground that Brent hasn’t covered through the written word. He writes with the intention of leaving an impression, following the belief that any piece (as “boring” as it potentially could be) has the ability to capture.
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