What determines whether a small business succeeds or fails? Well, we don’t have any ultimate answers-yet. Business #success usually means creating a possible entity (business) that returns its investment and earns a profit. Every day, new business ventures are created. Some of these businesses will succeed, but many will fall by the wayside. Ultimately, a successful start up business person is someone who opens, manages and runs a successful start up business and can repeat the process. This is someone who has accepted the responsibility and learned how the job is done.
There are certain rules for small business success.
Find a place:
For small businesses, it is best to find a place. A small company with limited resources can efficiently serve position
markets. Concentrate your efforts on a fairly narrow market offering. This entails sticking to what you do best, and becoming an expert in that field. Don’t struggle to be the lowest cost provider. Look for what makes your product or service unique and adds a special value for the client and charge for that value.
Good financial system:
The most basic system every business should have is a good financial system. Ask yourself how I am going to generate enough income to support myself and my family. Now, you can move on to the business budget and sales planning, so you can see how many sales you need to break even and make a profit.
Produce good quality:
The next principle is that you need to have a high quality product or service. This will be your best advertisement. Second-rate quality products usually generate poor customer satisfaction. A dissatisfied customer can be very dangerous for your business. Usually they tell on average about fourteen other people who will then be disinclined to buy your product or service based on the experience of that one disappointed person. Therefore, always aim for a top quality product or service.
Provide customer needs:
Listen and react to your customer’s needs. Customers need to feel that they are important to you because they are! When you focus on your customers and gain their trust, they will not only recommend you but they will also remain loyal to you. Remember, personal recommendation and word-of-mouth is the least costly yet most effective marketing strategy for your business.
An entrepreneur should understand the power of planning. A good plan helps you increase your chances of succeeding and can help you define your business concepts, estimate costs, predict sales and control your risks. It tells you where you are going and how to get there. Going into business without a plan is like driving into a foreign land without a road map.
Yasir Samad is a head marketing and SEO consultant for Hilal Technology. Curated from Forbes Business.