Most businesses never make it to their tenth anniversary, but it’s not from lack of planning. Although you may already have a plan for your small business, are you setting up your company for success or failure?
Where Small Businesses Go Wrong
There are countless reasons small business fail but must address three of the most common causes immediately. If you are unable to come up with valid answers to these questions, it is likely your business won’t be around too long.
What is your business offering?
You may own a clothing store, but what are you giving your customers who buy your products? Are your customers looking for a fashionable outfit or something casual and comfortable? Never leave it up to your customers to define the benefits of your products because they won’t do it for you.
If you don’t know the real value of your products, then you’re not only throwing away marketing opportunities but confusing consumers and creating a corporate identity crisis. An easy way to determine the value you are offering your customer is to work out what your customers will miss if they don’t buy from your company.
What makes your business stand out from your competitors? No matter what you sell, there is a business waiting in the wings to steal away your customers. To stop competitors from stealing your customers, you need to know what elevates your products over anything else on the market. This means you must find your company’s unique selling proposition or USP.
When you don’t have a USP, it is difficult to separate yourself from all the clutter in the marketplace. While a USP is critical to your success, is important to find the right one. To do this the proper way, research your competition’s products and then find the benefits of your products which other businesses can’t match.
Are you doing enough to meet the needs of your customers?
Customers are selfish. Before they purchase any product, they want to know what’s in it for them, To develop a stronger business, identify the needs of your customers, provide products which fill this need and inform potential customers how your products can help meet their needs.
You can gain a better understanding of the needs of consumers by asking your current customers for their opinions about your products. Many business owners are reluctant to ask for feedback because they fear complaints. Don’t fall into this trap. Addressing negative feedback is the best way forward for any business.
Once you identify what you are selling, define how your products stand apart from the crowd, and meet the needs of your customers, your company is on the path of long-term success.