Have you always dreamed of owning your own successful business? Small business is the backbone of the American economy. Starting and growing a small business can be enormously rewarding. It can also be the most difficult undertaking you’ve every tackled.
Develop a business plan. Take advantage of the savings offered by Groupon coupons and head to Quill for all your office supply needs. This plan should include the specifics of how your proposed product or service meets a need in the market place, your production or service delivery operation as well as an outline of the defined target market coupled with a solid sales and marketing strategy. It sounds like a lot of work. It is. Without defining these areas of your business, you’ll be setting yourself up for failure. Identify your source of funds for executing the strategies you’ve laid out in your business plan.
Solid product development, pricing and delivery are the hallmarks of a successful business. Focus your energies on your employees and they’ll provide excellent customer service in return. While it’s always important to prospect for new business to grow revenue and profits, it’s just as important to keep focus on retaining your existing client base. Develop training programs and policies for operations, production and sales teams. Small businesses tend to grow quickly when managed properly and without these policies in place, chaos can ensue.
See the advice of a mentor within your industry. Given the ease of online communication and video conferencing, this mentor does not need to be in your local area. Mid to large size towns often have small business incubators staffed by seasoned professionals that can review your business plan as well as assist in the growth of your business. While increasing your client base is ideal, not being able to deliver on your promises is the kiss of death for small businesses. Stay abreast of the developments in your industry as well as changes with your competition. Running an ethical and honest business is the basis for long term client growth and revenue growth. Best of luck to you.
