Samples of Cartoons and Tips for GROWING YOUR BUSINESS
Tip #4 Know Your Competition
To be successful, business owners need to know and understand their competitors. There are many ways to check them out -- search the internet, shop them or send someone else to shop them. Another way is to ask customers who may also do business with the competition. What do they like and what don’t they like about their products or services. Review pricing, product or service offering, promotions, image, etc. Once understanding what the competitors are doing, business owners need to find ways to differentiate their business --ways to gain an edge.
Tip #5 Create and Follow a Business Plan
Every business needs a written business plan to give them a path to follow. It helps business owners by forcing them to develop goals and identify important issues and possible problems. There are many business plan formats available – on the internet, purchase software, or hire a consultant. Banks usually require a business plan.
Tip #6 Keep Educated - Get out into the world!
If business owners don’t know what is going in their industry, they will surely fall behind. The world, technology and the marketplace is changing fast. There are many ways to keep educated. They can read business books such as the E-myth and browse the internet. They can join associations and attend trade shows. There are seminars, newsletters and trade publications. If they don’t understand accounting, they should take classes. Business owners can never stop learning so they can make good business decisions to be competitive and profitable.
Tip #7 Ask Your Customers
Business owners need constant feedback from their customers. The marketplace is changing rapidly these days and business owners need to know what customers want and what they don’t like. There are many ways to take customer surveys – questionnaires, inexpensive email surveys and phone calls to customers are just a few methods to consider. Businesses that quickly adjust to the marketplace and truly cater to their customers have the best chance of growth and success.
Tip #8
Find Good Advisors!
Being a business owner doesn’t have to be lonely if he or she has good advisors. Getting the advice of a good accountant, attorney and mentor who is familiar with the industry can be very helpful in making the important decisions. Business owners can have great ideas, but they can also make big mistakes if they aren’t well thought out. Also belonging to a trade association can be helpful or even using the services of a business coach. Business owners who get the advice of others oftentimes gain an edge in growing a successful business.
