The statistics don’t lie.
According to this article, 20% of small business fail within their first year, 30% in their second, 50% after five years, and 70% around their 10th year in business.
Scary? Maybe, but even within those percentages, it’s worth remembering that there is also the promise of success for some. Your business doesn’t have to be among those failed statistics, though you do need to take steps to ensure your viability.
For the purposes of this article, you can achieve business success through the 3 B’s. Gimmicky, we know, but we will make some valid points herein.
#1: B is for Branding
Your brand differentiates you from your nearest competitors and is a vital part of your marketing strategy. By pushing your brand into the public consciousness, your business has a greater chance of success. You can click here to find out more.
Once you have created your brand, it is your job to get it everywhere. You can emblazon your logo and slogan on all of your marketing materials, as well as on your website, car, business uniform, and with the services of cricut even on your labels and packaging. Once the public is aware of your brand and assuming you have an excellent product or service to tie in with your brand image, you are almost guaranteed to generate new customers. Therefore, despite your busy schedule, ensure you concentrate on this one aspect of your business.
#2: B is for Brainpower
You don’t need to be a genius to run a business, but you need to be proficient in what you are doing. The more skilled and talented you are, the greater the quality of the work you put in. This will be recognized by your customers and clients and will give them greater incentive to consider your company when deciding where to spend their money.
The greater your knowledge, the more respected you will be too. If you could share your knowledge with others, perhaps through a business talk at a conference, or through an industry publication, you will gain more credibility. Again, this will elevate your chances of success, as you will be seen as a professional in your field. Still, if there are any areas you are weak in, you should make an effort to commit to training and other forms of learning. The stronger you are, the stronger your business will be, as you will have a greater ability to improve and expand your business with the knowledge you have attained.
#3: B is for Better
The business world is cutthroat, and if you don’t outperform your nearest rivals, you will, in all likelihood, fall prey to failure. You need to offer your customers a better product. Your customer service needs to outshine that of your competitors. And you need to give your customers a better deal than your rivals, with customer perks to retain their loyalty to you.
So, research your rivals. Visit their websites, and even pick up the phone pretending to be a customer. Find out what they are up to, and if you get the sense that they are better than you in any way, then make every effort to better them. Customers are fickle; if they can get a better offer elsewhere, they will. But by being the market leader in as many areas as you can, you stand a greater likelihood of keeping and attracting more customers to your business.
We wish you every success in your business!
Thanks for reading.