As a business owner, times change changing. Keeping up with changing times can be challenging for all businesses. Whether your business is old or new, it is absolutely necessary to keep up and stay strong. Some businesses make it and some businesses don’t.
What’s the difference between a business that succeeds and a business that fails?
Here are some questions to ask yourself about how strong your business is:
How much of your heart is in your business?
People sometimes confuse passion with love. For example, if you run a office supplies company, do you have to LOVE office supplies? Do office supplies have to be your “dream” career? Not necessarily. Consider looking at it this way, do you LOVE running your own business? Do you enjoy fulfilling your customer’s needs? Does your future as a successful business owner seem like a dream? You don’t have to be in love with your products or services, you can be passionate about the process. As a business owner, you need to be fueled by your business and believe in it so your customers will, too.
How strong is your brand?
Have you spent money and effort on advertising? For example, if you are a florist, do your customers see the difference between you and other florists? When they order flowers from you, are they just ordering flowers or are they ordering a “Flowers from Fiona” package? By modeling successful companies, such as, Coca-Cola, you can observe that developing a strong brand is essential to your business. Make sure your company stands out and your customers recognize the difference.
How many loyal customers do you have?
Do you have loyal customers or a ‘revolving door’ of customers? Do you have long term customers or is the majority of your business new customers? Both long term customers and new customers are essential for your business. One of the greatest strategies you can ever implement is creating new customers into long term customers. Analyze how your business retains customers and make sure your operating at your best.
How strong are your finances?
If something happened to you, could your business survive 6 months to a year? Do you have reoccurring income? If you answered no, it may be time to start thinking of creative solutions for emergencies. You can implement solutions by creating an emergency fund, having business partner, or maybe a great staff. Expect the unexpected in your business and try to plan for the good and the bad times.
What’s your outlook on the future?
How do you feel about your business’s future? Do you project growing success for your business? How do your customers view your future? When operating a small business, it is essential to have persistence. Many business owners fail because they gave up because it was too hard. Owning a small business doesn’t have to be that way. You can have a positive attitude and persistence through good and bad times.
Having been closely associated with a leading business directory, Keith Barrett is well placed to see how online businesses find a successful path.
- Creating Creative Business Cards For Small Business Marketing Strategies (iamsellingtoday.com)
How Strong Is Your Business?