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Owning your own business is like nothing else in the world. You’ve got a vision, found your gap in the market, and you’re building your business. But as an entrepreneur, you end up with many fingers in different pies. One day you may be helping the company accountant, then the marketing specialist, and then the product team. It can be hard to keep track of it all!
We’ve compiled a short list of the essential top tips for businesses and their entrepreneurs.
The pandemic showed us how important it is to be ready for the unexpected. As a business owner, you only have a limited number of resources, so you don’t have much wiggle room for allocation mistakes. In fact, there are so many risks faced by businesses, some of which are hard to plan for; you have to be organized and ready for the worst-case scenario.
Have a well-researched business plan and clear direction for the business, with Key Performance Indicators (KPIs) to mark your progress and ensure you stay organized. Project management software, where appropriate, can help keep track of these.
Build an App
Your customers already know you’re good at what you do (they employ your services!), but building an app could improve your customer engagement and open customer communication channels. Plus, it enables you to build authority in your field while advertising your services to your customers.
Don’t know what to do? Speak to an app development company, and see what building an app can do for you. Maybe a tool to help your customers and non-customers complete a specific task. Or perhaps a dedicated app to manage a customer account and chat with your staff. It doesn’t matter what your business does; there will always be space in your field for a new app.
Don’t Be Afraid of the Big Players
Being a smaller business fish in an enterprise pond can be intimidating, but don’t let that scare you off. While more established companies have the resources for further reach, there are benefits to being a smaller business that some companies will look for when looking for a supplier.
A smaller team working on a customer’s account will have more of an intimate knowledge of their needs and wants, providing a more personalized customer experience. Plus, the personable element is vital. Knowing the faces and voices of those working on their accounts can be easier for customers to relate to than the faceless corporations with whom you’re competing.
Be strong in the face of competition and make your customers love you as a person!
Be The Best
Keep on striving to be the best in your area. Even if you become the authoritative figure in your field, keep improving your product or service.
Your customers will not always be looking for the cheapest person to supply them, but some will be after quality. These customers are your best bet for retention.
Regularly review your KPIs, adapting to stay ahead of your competition!