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Ben Goldsmith wrote a great article for Workspace Group this week after an event by Business Doctors at Clerkenwell Workshops‘s clubworkspace. It’s a great quick-read to get your mind thinking about what you can be doing for your small business.
Pre-Startup
It’s important, small business or not, to plan what you’re going to do and answer some basic questions. Without these answers, on paper or in your head, you could head on to the wrong track and your small business could derail faster than you think!
Whether you’re pre-start or have been going years, you need to go back to your roots. This process will clear your vision and you’ll be able to see what your business is all about. Answer these questions: What are your core values? Why did you start your business? How did you first begin? What do you want your staff to think of you? How do you relate to them?
In terms of your core purpose: Be sure to answer this (deceptively easy-sounding) question by looking through your customer’s perspective, not your own. What do you want your customer to expect from you? Knowing this will help you deliver.
If you’re pre-startup and are having second thoughts about your business partner, ask yourself why. Is there any longevity in your working relationship? If you’d rather wear your favourite Levis and kick it on a beanbag whilst he’d prefer a Vitra chair and a Saville Row whistle, maybe you should spare yourself some heartache and part ways early on.
Future-Proofing
It’s important to think about the future — planning ahead is one of the best things you can do for your small business. Small businesses have less resources, less cash, and less employes than their larger counterparts, so it’s especially important to plan ahead to avoid an issues that may arise out of nowhere.
Keep an eye on social, economic and political movements. All of these could effect on the future of your business.
Social media and other technological developments have revolutionised small businesses interaction. Getting left behind could leave you lagging behind your competition. However, if you keep ahead of the curve, you could show a clean pair of heels to the big players in your marketplace.
If there is a change in the law, your business could stand to gain or to suffer. If you know about the legislative reworking before its effect sets in, you can be prepared.
Optimise
If you don’t keep an eye on your key metrics, whether it’s your sales, your leads, or something else, how can you improve your products, services, or the way you approach your prospective clients. If you understand your prospective customers better, you’ll be able to filter out those that are not worth the time and focus on those that will generate the largest return for your small business.
Do you track who’s buying from you? Do you know what they’re buying? Do you know if your top five customers are buying as much from you now as they were last year? Or perhaps five years ago?
I know it’s annoying to hit your with a load of questions – but knowing the answers could pump-up your turnover.
If you track your customers’ buying trends you will be able to better respond to their buying habits. If certain customers are buying less from you now than they were in 2010, you may be able to find out why, and then satisfy their needs.
Furthermore, it’s stops you from being a busy fool. Why chase a customer who will probably not give you any return business? Better to focus on customer retention, and incubate those brand advocates.
The one thing that sets small companies apart from their big brothers is the personal connection you can have with every part of your business: you know what your customers want, what their problems are, and how you’re able to solve those problems for them. So plan ahead, listen to your customer’s needs, and provide better products and customer service than your competitors can. It’s possible to compete with the big boys, so what’s stopping you?
If you enjoyed this article, share your thoughts and experiences in the comments — and share the article with other small business owners.
Source: Workspace Group Blog
Image Credit: comedy_nose
