Running a Small Business – 3 Important Things to Do for Success in This Economy

Okay, let’s talk about the reality of being a small business owner in 2013 and all of the chatter regarding the disasters of running a small business. There are so many voices out there that it’s becoming more difficult knowing who to listen to, who to trust and what you should do! I want to share what I think are three important things to do for success in this economy.

Running a Small Business-Why Businesses Die

Did you know that a report from FOX news stated that from 2008-2010 over 200,000 small businesses have gone under? And the news continues to sound very bleak as this year continues. Let me share some of my observations with you; they are my observations mind you so just bear with me because there is a bright light at the end of this tunnel and isn’t a train. Often the first sign that a business has started its death walk is the cutting back on the quality of services and goods; if it’s a restaurant for instance, they start to cut back on the quality of their food products in order to save some money, then they start to serve smaller portions and keep the price the same and last but not least, they never engage their customers for feedback. The death of a business!

Running a Small Business-Knowledge Is Power

Listen, we all know the importance of marketing; well, it’s also important to know what you want and need for your business. Sounds real simple but, most small business owners really don’t have a clue what they need to reach their ideal customers. Unfortunately, most marketing companies just want to make money off of you and they tend to promise you the world even when they know that they can’t honestly deliver the goods. Here are some things that you need to keep in mind when it comes to marketing:

  • Have a marketing plan or strategy for your business. Running a small business means you have to make the time to know what you need to invest into your business; you have to identify what or who your ideal customer looks like and then market to them.
  • No quick rich marketing! Please! And here’s the trap; you go with the guys who tell you that they have a new and creative way that gets you instant results and fill your head with visions of dollar signs and then-burned! Now, you don’t trust anyone and that leads you towards the death walk. The right marketing will get you results but, it can take some time depending what tools are used.
  • Time is money. We have heard that so many times and it is a true statement but we have to look at it from a different point of view; if you don’t take or make the time to step back and look at your business as a whole you’re a goner, game over, it’s a wrap! Please, don’t own your job, scale your business. Taking time to honestly evaluate your business will pay awesome dividends! Even if it means having someone help you in the process. Oftentimes, when running a small business, you’ll find that things aren’t as bad as they look.

Running a Small Business-What Competition

Here’s a major trap most business owners get caught in; they market with their competition in mind instead of with their customers in mind. You are not trying to win your competition over; you want to get the attention of your customers. Listen; identify your ideal customer and market to them. Don’t start cutting back on the quality of your services or your products. The best way to solicit feedback from your customers is by using review sites. Running a small business can still be profitable in this economy if you follow these suggestions.

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