How To Grow A Small Business Successfully | IMGrind.com

I?ve been astonished at how many successful businesses have been built around one person or just one team. From people I meet locally here in Kansas City, to people I meet around the world at trade shows and conferences, success stories always peak my curiosity.

Every small business that wants to be successful should have creative influences from both an Entrepreneur and a good Manager. Some Entrepreneurs just aren?t good at managing. While some Managers just aren?t good at creativity.

Success is often the result of qualities such as:

• Desire
• Spirit
• Loyalty
• Courage
• Honor
• Pride

When it comes to experience, I much rather have 10 years of Industry experience over a Master?s Degree. This is because statistics from research I?ve studied numerous times have shown that first-time Entrepreneurs have less than 10% chance at success. While Entrepreneurs who have previously failed have a 20% chance at success. The important part thing to take away from this is that you learn by doing.

When it comes time to start introducing employees into your business, go after people who share your passion and vision of the future of your business. Make sure they share the same values and understanding of what you plan to accomplish with the business. Look for people who are ready to fully commit themselves to your business.

You have to keep a balance though. Some business failures are because of inappropriate manpower planning. Don?t hire more than you can afford but be sure to have enough to keep up with the workload and service your clients effectively.

Learning ? Always learn from others experiences. This is really simple to do. Simply connect with other business owners including those who are running the same type of business as yours. Try to develop new products while maintaining the high quality of your existing products. Always ask your customers for feedback. You can do this simply by deploying surveys or direct interaction with them to find out what are the items that they need and expect from your business.

Don?t get greedy ? The 80/20 rule comes into effect here. 80% of your business will typically come from 20% of your customers. Keep in mind that accepting too many clients when you simply can?t handle the workload will likely disappoint your current clients. This means, you will likely start losing current business. In a sense, you won?t be actually building business, you will be staying afloat.

Customer Service Is Critical ? Always be creating and maintaining the highest level of satisfaction to your customers. Satisfied customers are likely to come back to you and recommend others to you as well. Go the extra mile by providing additional services such as free shipping or offering extended hours.

Happy customers are the best tool in your marketing arsenal. Word of mouth marketing is the most powerful form of viral marketing you can get. Especially, in today?s multi-socially connected world. Aim to please your customers and they will willingly spread the word about your business. Word of mouth marketing is credible, trusted, and personalized.

Keep Your Focus ? Entrepreneurial ventures may significantly change focus from the initial concept through a continuous response to the market and the desire to optimize profitability. Regardless of your business type, you should employ these three key principles:

1. Your Current Strategy ? This is the one you?re in the marketplace with right now
2. The Next Strategy ? The R&D is done and it?s on the shelf (so to speak) ready to deploy when the current strategy plays out
3. The Quantum Leap Strategy ? The one you?re investing in today so it?s ready to follow #2

Find A Business Opportunity ? Business owners that are passionate about their business are more likely to succeed. Find out if the Industry you considering has high potential or low potential. High potential Industries are the ones that are emerging, or at least, haven?t spent too much time on the maturity spectrum. An example of this is the Technology Industry. Low potential Industries are the ones that have already seen their best days.

Start Using Technology ? Stay ahead of your competition by using advanced technology. Some basic tech tools to utilize for small businesses include:

• Planning Software
• Email Management
• Mobile Internet Access
• Accounting Software
• Time Tracking Software

Marketing ? While there are a ton of marketing methods listed here on IMGrind, I?ll still throw out some basic ones to get you started. Potential customers are always scanning search engines to discover new products, services and businesses. However, these days Social Media is a must. Customers are now learning about products, services and businesses through websites such as Facebook, Twitter, LinkedIn and Online Forums.

Never assume that your product is so good that you don?t need a marketing plan. Even on a small budget there are a ton of ways to get word out about your business.

Source: http://www.imgrind.com/how-to-grow-a-small-business-successfully/

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