3 Basics You Need to Master for a Successful Small Business

In honor of Small Business Week, did you know…

Close to 57 million people in the United States are employed by small businesses, which is equal to 48% of the private workforce. And yes, the threshold for defining a small business is generally less than 500 employees, but the majority have less than 20 employees or are nonemployer firms. So that begs the question: With a limited number of employees, how can your small business level the playing field with your super-sized competitors? Here are three simple tips that can help:

 

1) Know Your Product and Consumer

What can make your product(s) stand out from all the rest? Don’t spread yourself too thin; instead, take the time to perfect one or two products or services before creating others. By knowing the intricacies and market for your product, you will get a leg up on the competition. In addition, who’s your target audience? There’s no sense in trying to sell your product to consumers who have no interest in buying it; you’ve most likely developed your product because you know it can meet a certain need.

 

2) Excel at Marketing

You should start by creating a professional-looking website and engaging with your customers through social media. If you engage your customers in a positive way, chances are they will feel valued and become repeat customers. If you don’t have much time to spend on marketing or have a small staff, you can always hire an Internet marketing company to increase your company’s exposure.

But marketing’s not just online. Remember the importance of a well-developed marketing strategy includes all areas such as promotional marketing and direct mail.

 

3) Focus on Customer Service

Engaging your customers in a positive way is also a piece of the customer service pie. But more important, just remember the Golden Rule: Treat others (your customers) as you would like to be treated. And if you have a customer service team, simply ensure that they embody your company’s mission. Your customers should feel valued, and the best way to make them feel that way is to listen, be considerate, have a can-do attitude, and connect with them in a meaningful way.