Small businesses are the backbone of communities and face many obstacles. Yet they provide essential services, create jobs and build community commons.
This regular feature on Doing More Today celebrates the remarkable small businesses across Region’s footprint that embody our values of resilience and strength. It’s an opportunity to recognize their efforts and the good they do in communities throughout the Southeast.
1. Invest in Technology
Technology is a vital asset to business efficiency and productivity, as well as for helping companies expand by increasing customer reach.
Small businesses must invest in technology that will enhance their operations and boost revenue growth. Selecting the appropriate system can make you and your employees work more efficiently together while saving the business money.
For instance, many small businesses rely on employee communication software to keep their teams connected and provide timely information to marketing and HR personnel. They can also stay abreast of their finances and inventory with accounting programs like QuickBooks, FreshBooks or Wave Accounting.
Another crucial consideration when investing in technology is that it must address a market issue or need. Doing this makes it more likely that your business will succeed in the long run.
2. Be Customer-Focused
When it comes to building a small business success story, customer focus is paramount. That means all aspects of your company should be dedicated to satisfying your customers’ needs and making them feel appreciated.
A great way to ensure customer focus is listening carefully to what your customers have to say. You can do this by creating a feedback system and asking them to fill out surveys or give ratings after engaging with your brand.
A customer-centric approach also helps you remain responsive to your customers’ evolving needs as they develop over time. For instance, as technology and markets progress, your customer base might require different services or products than what you currently provide.
3. Build a Strong Team
A strong team is the cornerstone of any successful business, enabling growth and scale that would be impossible with one individual alone.
A successful team should be led by strong leadership, mutual trust and respect, and a shared purpose. Furthermore, they need to be organized and efficient in their work.
Building a successful team begins with recruiting the right employees. These people should be goal-oriented, collaborative, and understand the hierarchical structure that most businesses require.
Leaders must communicate expectations and set ground rules from day one in order to focus on tasks that need completion and ensure everyone works towards a common goal.
4. Be Creative
Creativity can be an invaluable asset for small businesses. It offers creative solutions to problems, helps reduce expenses, saves time and money for both business owners and employees alike.
Creativity can be an effective tool for drawing in new customers, particularly when your market has plenty of competition. For instance, if a product or service is popular but your competitors offer something similar at lower costs, try charging more to stand out from the rest.
Creativity is essential for any small business owner. Not only will it set you apart from competitors, but it will also enable you to win over customers’ trust.
5. Take Risks
To build a successful small business, you must be willing to take risks. While this may be intimidating, taking risks is essential for attaining success.
Entrepreneurs who are willing to take risks can create new opportunities for their companies and boost confidence by demonstrating they’re leaders in their industries. By taking calculated risks, these entrepreneurs can stand out from competitors who play it safe, attracting new customers and clients in the process.
Research has demonstrated that taking risks doesn’t have to be all bad; positivity or positive feelings about luck and ability can actually help those taking on greater risks succeed. It is essential to recognize though, not all risks are alike; therefore, you should conduct a risk-reward analysis in order to decide if a particular decision is worth the risk.