While some argue that large corporations have it all, I think there will always be a niche for small company owners. A competitive advantage over larger rivals belongs to entrepreneurs. Thus, while the global Amazons are finding it difficult to turn a profit due to their multibillion-dollar overhead, smaller Dot coms are already profitable. What competitive advantages do the “little” players have? Here are some tips for “thinking like a startup” that can help you succeed more.
HOW TO KEEP THE ENTREPRENEURIAL EDGE:
1) STAY IN TOUCH WITH YOUR CUSTOMERS
Do you know what the 80/20 rule is? According to an old proverb, 20% of your clients will account for 80% of your revenue. The client is king in the corporate world. Finding new customers is significantly more difficult than selling to an existing one. Thus, you must provide them with excellent customer service as soon as you get one.
How then do you give your clients the impression that they are the most important person in the world? By communicating to them that they are the main focus. This entails taking calls on your own and responding to emails right away. It entails continuing to communicate with your clients on a regular basis. Maintain a positive rapport. Periodically email them to find out what’s new. Send out birthday or anniversary cards to your customers. These kinds of gestures go a long way toward building deep, enduring relationships with customers and increasing their loyalty.
Maintaining contact with your client base may help dot coms provide one-to-one marketing in addition to strengthening customer connections. You may tailor product bundles and service offers to each customer’s unique demands by learning about their wants and purchasing patterns.
2) LISTEN TO THE BEAT OF THE STREET
Small company entrepreneurs must maintain a careful eye on their surroundings if they are to survive. You can think proactively as opposed to reactively by “listening” to the pulse. This entails anticipating things so you can move swiftly and seize the opportunity.
Web stats – Do you frequently check your website’s stats? Or do you think you’re just too “busy” to find the time? Your online traffic data may likely seem strange to you if you don’t consistently review them. Regularly reviewing your online reports will help you identify patterns. Which pages will your visitors view? What is the ratio of hits to sales? What steps can you take to raise that figure?
Feedback – Another way to “listen to the beat” is to get feedback from your customers. Try to be on a first-name basis with your customers. Ask them how they are doing and if there is anything you could assist them with. The answers you’ll receive will be worth their weight in gold.
Industry news – Keep up with the industry by reading everything you can get your hands on. When you work in “living room central” it’s easy to let yourself be isolated from the world. You can’t rely on your favorite soap operas to keep you informed about the current trends in business. So put down your munchies and flavored coffee and make a concerted effort to stay “in the know” by subscribing to print magazines and online newsletters
3) FLEXIBILITY
The children’s song “Jack be nimble, Jack be quick, Jack jump over the candlestick” comes to me when I think about flexibility. Small firms need to be fast and nimble to avoid burning out. This entails being adaptable enough to move fast in reaction to market developments. To get the finest ride and ride the wave’s crest, you have to be in the exact correct spot at the exact right moment, much like a surfer riding a wave. Similarly, small firms that keep a close eye on market developments can respond swiftly to capitalize on emerging trends and occurrences.
They say what gets measured, gets managed. Keep a close eye on your monthly financials. Listen to your customers. Measure the effectiveness of your advertising. Then when you see a difference ask yourself, “was that good or bad” and ACT!
4) TAP INTO THE FIRE AND LET IT FUEL YOU
Put simply, proprietors of small businesses desire it more. They will thus put forth more effort and go above and beyond. Large corporations like Wal-Mart and Saturn have implemented employee ownership programs as a result. They’ve seen that individuals are more motivated to work for themselves than for others.
The key to becoming a successful entrepreneur is to pick a business you are passionate about and build it around it. You’ll never have to “work” a day in your life if you do what you love. Entrepreneurs possess a burning desire. Discover how to ignite the fire inside of you and allow it to propel you to success.
5) VALUE
While big companies will often be able to offer the lower prices, small businesses will always be able to pile on the value. By offering better service, adding bonuses, giving and discounts on related products, the entrepreneurs can add more bang for the buck.
6) CREATIVE SPARK
What’s great about the entrepreneurs is that they aren’t afraid to try something new. When I think of “creative spark”, I think of my son, when he was three years old, eyeing a package of cookies up on top of the refrigerator. He doesn’t know that it is up really high and that climbing up there is dangerous. He only sees the cookies and starts stacking chairs and climbing until I find him sitting on top of the fridge with a big smile and a mushy cookie face. Similarly, entrepreneurs don’t “know” if something will work or not and fearlessly forge forward with their eyes on the prize. This innovation helps them to tap into new products, techniques, and processes.
They say, when the going gets tough, the tough gets going. When the market starts putting the heat on your business, ask yourself, are you staying “sharp”? Do you still have the entrepreneurial edge? By thinking like a start up, you will find that you will have the staying power to compete with the big boys on the block. And you’ll find that kind of hard-earned success is “oh” so sweet!
ALL THE BEST,
info@tarynsbusinesshub.com
P.S. FREE 14-Day Business Training Course Reveals A Step-By-Step Checklist for New Business Owners That Teaches You The Most Up-to-Date, What’s Working Now, Explosive Business Building Steps You Can Start Implementing for Your Business TODAY . . . for FREE! Simply Opt-in and Start Receiving Powerful Strategies Right to Your Inbox! (click here)
P.P.S. 1:1 Executive Consulting Packages Available Need a Personal Business Consultant or Life Mentor? Rather You have a Business Idea or You’re Growing Your Company, this 1:1 Personal Business Guidance Involves Helping You Get Unstuck, Move Past Frustrations, & Live Out Your Dreams By Means of Entrepreneurship…the best part is that each session is specifically catered and tailored to your needs! Don’t Wait! Sign-Up Today! (click here)