Every day, lots of businesses shut down or file for bankruptcy. Several studies, including one conducted by Bloomberg, reveal that as high as 80% of all new businesses shut their doors for the last time within 18 months.
In Australia, as many as 44 Australian small businesses close their doors every day, according to the Australian Bureau of Statistics. These are staggering stats, and one that every small business owner needs to be keenly aware of.
But, on the flip side, some businesses are doing well and consistently maintaining – if not ramping up- their profits. What are these businesses doing that the failing businesses aren’t? What qualities do successful businesses have? The following will give you an insight into what they are doing right.
You would think this would be common. Sadly, it isn’t – and here lies the crux of the problem. If you don’t have a plan, how do you intend to track, measure and evaluate your progress? How will you even know if you’re in the right direction?
Your plans are just as crucial as your capital. Remember the saying that “he who doesn’t know where he’s going will be blown by the wind wherever it pleases”? It applies to this same scenario.
Successful companies always have a business, marketing and even succession plan. The plans don’t have to be as comprehensive as the usual 100,000 words business plans people draw up in business schools as part of their coursework.
Just a page or two detailing your core ideas, market perception and business goals will do. Be concise and succinct. No need to fill three pages with something you can say in one or two paragraphs.
Identify Your Unique Selling Propositions
This right here is where your business will gain substantial advantage. This is what will allow you penetrate an already competitive market and hit a home run. You see, if you aren’t establishing a whole new business concept or idea, chances are others are doing just about the same thing.
The good thing is that competition often indicates the possibility of profits. And a smart business person is keen to identify problems that top companies failed to address and then wastes no time filling the vacuum.
This right here is a direct path to entering and establishing a presence in your chosen industry. Find a unique angle or selling point for your business; address market needs that the competition failed to see.
Managing a business may often require you to wear different hats at different times. This is why most successful managers are incredible multi – taskers. To succeed, you will need to learn how to manage your small business, balance the books, and take inventory; practically everything that is necessary to keep your business’ doors open.
If you need to hire more hands, do so. But make sure that they have the right skills for the right job. This is important because it will help make delegating tasks easier.
Powerful Marketing Strategies and Execution
No matter how great your products or services are, if people can’t find them, you will soon close those doors. Nowadays, you can’t just build and hope that they will come. There are already tons of things competing for people’s attention every day.
So, if you aren’t able to get the word out, no one will notice no matter how amazing your products and services are. You need to devise a powerful, effective yet affordable marketing strategy. Nowadays, online advertising and presence is a must; you need a great looking website, backed by a strong marketing campaign.
This is what will get your business off the ground. Our team at eTraffic is right here to help put you through and help you create the perfect marketing strategy for your business. Different businesses often require different marketing strategies. So, what works for a plumber in Canberra may not work for a locksmith in Melbourne. So, get in touch with us today.
As with real estate, your business is dependent on its location. We don’t just mean its offline location – although that’s important – we also mean its online location. You see a great location enhances your visibility. The same goes for your online location.
If people cannot find your products and services listed on the first page of search engines, it will be difficult to generate any revenue from your website. In fact, more Australians are looking up products and services online on their mobile devices and computers before making a purchase or hiring the service.
This is why you must aim to increase your online visibility. The most successful small businesses in Australia always make sure to have great locations offline and online. Make sure that yours does too.
Slow and Steady Growth
One reason many small businesses go out of business is simply because they tried to expand too fast. Revenue is one thing, expansion and growth is another.
All successful businesses have learned how to grow slowly and steadily. If you’re going to run a successful business, then you must make sure not to expand too quickly, otherwise, you’ll soon find your resources stretched thin and inadequate for your business needs.
Know Your Market
Your demographics is completely important; you must know your target market. You cannot cater to everyone’s desire or needs. Leave that for the big chain stores.
Your focus as a small business owner is to find your niche within that huge market. Identify who your market and design your products and services around them. For instance, instead of selling all types of fashion items, you could narrow it down to high end fashion accessories or women’s underwear.
Then, try to understand what your average customer would love, how much they could afford and how much they need your products. This is the third most crucial thing you need to do to succeed.
Business success is within your reach. Even in harsh economic climates, success can be yours if you take these points to mind.