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Thread: Small Business Success Keys
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19 Nov 2010 12:22 AM #1
Small Business Success Keys
A small percentage of new businesses are destined to grow beyond their wildest dreams. Some will even expand into bigger entities through mergers and acquisitions. So, how would you go about expanding your reach and ensuring the commercial success of your business?
Establish Relationships
Your business should revolve around relationships so you can sit down with your clients, because that's the way most prefer it. In the end, it'll be an effective way to establish trust and loyalty. You have to be ready to take it easy, respect their pride, and work without complicated paperwork. Relationships are the only thing that matters. You have to know who you're dealing with and who you can trust.
Demonstrate Your Quality and Value
You have to paint a picture for your clients that shows how your company goes that extra mile. Talk about your dedicated team who far exceeds the competition by taking clients' ideas and amplifying them a billion times. The majority of small businesses don't have the resources to launch their products or services globally. They have to really think about their current plans. Plus, going global is a very money-intensive project.
Research
See what's going on around the world. You may find that your idea isn’t that unique after studying others and breaking down their business models. Just make sure that your angle is unique enough to leave the competition in the dust.
Keep It Niche
People are attracted to products or services that are out of this world and have some thoughtful elements–at least something in terms of brand personality. One disadvantage is that some niche markets only develop so far if the market is too small. If you find yourself in that situation, make sure you’re creating something that is the most competitive in its field.
Think Outside the Box
Are you smart enough to consistently come up with new products or services for your company? You either have it or you don’t. When you begin as a small business, you’re involved in specific things, and you can lose focus. People who think like everyone else limit themselves. There is so much more that they don’t even realize. Can your business be much more than what it already is?
Be Ready to Work With Some Risk
If you invest your own money, time, and energy into your business venture, then the worst thing that can happen is you losing what you put in, but the opposite end of that spectrum is huge. A $100,000 investment could either be a total lost or turn into $1 million profit. Are you willing to work with that kind of risk?
Avoid Difficult Partners
The idea is to work with principled people. If something feels iffy, even if the idea sounds great, avoid it. You don’t have the time to work on a deal like that. You only have 24 hours in a day, so make the best of them. It’s not worth your time and money if someone is difficult to deal with.Over 150,000 Verified Sources + Deals 95% Off MSRP + Free Website!
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