Most small business owners are passionate about what they have to offer, whether its a product or service, but turning it into a successful business requires extensive planning and execution. It's essential to start with a business plan that layout out what the company's core objectives are and work to implement those to achieve long-term success. Most business owners get caught up in the details but end up coming back to three points: who, what and how.
Pinpoint Your Customer
Your service is impressive, your product is excellent, but who is going to buy it? Is it someone like you, maybe, maybe not. Knowing where your target customer is, where they shop, what they like, and understanding how much they are willing to pay can increase business longevity. Ideally, your customer is high-value - meaning they are easy to access and will purchase your product or service with minimal marketing. Listening to your customer feedback through social media or sending customer surveys will allow you to tweak your product/service - so it is more appealing to your market, and they will buy.
Understand Your Value Proposition
People need a reason to purchase a product, so you need to determine what you offer that the competition doesn't. You might be cutting-edge and sell an entirely new forward-thinking product or service.
Once you understand why people choose your business, you can link those elements to your operations and provide it consistently provide that to customers year over year. If people come to you because you offer a more personalized service, you can't automate the process and delete the one-on-one customer experience.
How You Deliver Matters
Understanding what you're selling and who's buying is great, but now you have to put those business procedures in place and work towards making a profit. Plan an efficient delivery system of your product/service, which includes everything from manufacturing to distribution. You need to establish the right price for the amount people are willing to spend. You will need to adjust these factors as your business grows, but in your initial plan, you need to have a clear picture of how to turn your great idea into cash now and how to continue that flow.
The key to guaranteeing your business longevity is valuing every person you do business with, as these people help build your company's wealth. Create a business culture where people feel like they belong while adhering to competitive and professional top-notch standards.