Dos' & Don'ts For a Small Business Owner
Growing your business from zero to one can be both intimidating and exciting at the same time. As a small business owner, the opportunities to grow might seem limitless, but the journey is a total no go without proper direction and insights. On the one hand, each business and its owner are resoundingly different. There exist specific attributes and characteristics that are universal and prevalent to all businesses. Therefore, it is important to understand how to grow your business the right way.
Time and experience are invaluable metrics for understanding how to expand your business. Since no business can possess any of these two metrics from the start, it becomes essential to learn from others.
A journey of a thousand miles begins with a single step.
Failure is inevitable when you are starting. You are bound to go wrong along the way and find sudden setbacks. However, a prudent businessman knows how to leverage these setbacks and turn them into opportunities. Some small business tips and advice from grown businesses can help you along your way.
The certainty of making mistakes as you grow your business leaves you with exactly two options:
- One, you make ALL possible mistakes you can while growing your business.
- Two, you make SOME mistakes in response to unanticipated setbacks, but avoid some of them by actively learning from others mistakes.
Both options are equally just, but the latter supersedes the former in its applicability and potential of expedited growth.
For a small business owner such as yourself, there are some proven, timeless tips and techniques that make sure you realise how to grow your business.
If you’ve been wondering how to grow your small business, we’ve got you covered.
The way this article proceeds, these tips and tricks have been placed into two categories.
The first category talks about the intrinsic values each business owner should possess to ensure steady business growth. The second category focuses more on the external factors that businesses should be aware of to ensure their efforts don’t go in vain.
THE INTRINSIC DO’S AND DON’TS
1. Do possess virtuous intentions.
Be your customer first. Transparency in your business ethics and unwavering determination in your values is a must. Honesty is the best policy when selling your product or service. Make your customer feel safe and welcome. Listen thoughtfully to their complaints and go out of your way to resolve them if you have to.
Manipulative techniques to lure in your customer is a fast way of calling ends to your business. Always project the actual value to them.
2. Remember, not everyone is your customer.
There is no space for dishonesty and corruption in a growing business. Know your buyer inside out and try your best, almost organically, to make their lives better.
3. Do take thoughtful risks.
“You have to take big risks to be successful” is a common platitude in the entrepreneurial environment. Thoughtful consideration of the risks you take as a small business owner is exceedingly essential. Don’t be afraid to go out on a limb now and then. But remember to do so with thoughtfulness and careful understanding of your business metrics.
Bet on yourself but never bet on the business.
1. Do ensure approachable communication.
It is common to see growing businesses succumb to the fate of poor customer service. Never forget that you are who you are today solely because of your customer. Make their voice your priority. Always keep your doors open to criticism (positive or negative) and deal with utmost empathy and understanding to make your customer feel reassured. Your team is as important as your customer. Be approachable and honest with them. Let them know you are listening to them.
2. Do acknowledge your strengths and weaknesses.
Understand what you do best and use it as an anchor for all your other activities. Knowing where your strengths and weaknesses lie will help you make fundamentally informed decisions. Rely on your strengths to deal with unanticipated setbacks and work on your weaknesses to decrease their occurrence intervals. This is crucial to understand how to grow a business.
3. Don’t mistake opinions for facts
You might think you know, almost with certainty, about the industry you’re operating in. However, the truth is that most of what you think you do, is presumptuous and far from reality. Your knowledge is faltered, either by your prejudices or miscommunicated ideas. As the owner of your small business, you represent your company. Ask for advice from trusted sources. To see the best results, make decisions based on facts. Take educated guesses now and then if you have to, but consult someone you trust and value to refine your decision-making process.
4. Don’t mislead your customer
Misleading your customer is the most absurd thing you can do to your business. It might work once, but if you want to grow and establish a lasting customer base, it is only wise to opt out of such a tactic. Customers can see through deception more quickly than you think. They will know when they’re being misled and, in an instant, drop out. Don’t make false claims about your product/service. Let your customers know what they’re getting and allow them to make informed decisions based on their own needs and wants. They will respect that liberty much more than being misled.
5. Don’t do everything all by yourself
Growing a small business is one of the most confounding things to do. More often than not, you will find yourself stuck in a situation about which you have no idea or experience. Taking second guesses and figuring out everything yourself can be very costly, both literally and figuratively. If you don’t know something, accept that you don’t know and seek advice from those who know about it. Consultants, experts, other local business people - whoever it may be. Look for guidance in times of ambiguity and distress. Don’t be afraid to ask.
THE EXTRINSIC DO’S AND DON’TS
1. Do thorough market research.
Knowing your market inside out is indispensable for growing your business. Adapt your business model consistently with the changes in market trends and customer needs. Make an expansion plan and follow through with resilience. Remember to make your schedule flexible in response to unanticipated market variations. Keep an eye out for your competitors. Skilfully analyse their tactics and strategies to discover loopholes for acquiring new customers.
2. Do analyse your finances regularly.
A thorough check of your finances, almost regularly, is essential to growing your business. With the regulating cash flow, businesses sometimes fail to understand if they’re making profits or incurring steady losses.
Proper management of expenses and effective utilisation of assets is vital in defining your business’s successful growth strategy. You can hire professionals to do so, or you can do it yourself. Knowing your finances is important if you want to know how to expand your business.
3. Do hire the best team possible.
Hire a team who believes in your business as much as you do. A good team can help grow your business exponentially, faster than you ever anticipated. Take your time to find people who fit best with your purpose. Don’t settle for anything less than what you’re seeking. Pay more if you have to, but hire a team full of purpose-driven people. This is your best bet, so make it count.
4. Don’t over project your sales
Do not be overly optimistic about your projected sales numbers, at least for the first six months of your business. Things might not go as planned, and sales might not pick up as you anticipated. Retain a conservative attitude to avoid disappointing yourself too often.
5. Don’t misjudge your competitors
Never underestimate your competition. Don’t mistake your competitor’s silence for inactivity. In a competitive market, inaction can prove to be highly lethal. It might imply a hidden strategy. Businesses have never been more competitive. Everyone is working persistently to outperform their competitors. Make sure you consider both your direct and indirect competition to analyse your market position best.
6. Don’t ignore the future
Analysing the future of your business is as essential as working on its present. You should have a good understanding of where your business is heading. Chart out a five or ten-year plan to have a better experience of your prospects. Understand where the industry is heading and incorporate changes and additions in your plan accordingly. Invest in technology and inventions to stay up to date. Be both cautious and welcoming of what the future holds for your business.
Most businesses have had to learn these tips and tricks the hard way. The good part is that you don’t have to go through the same painstaking process to figure it all out. Using these small business tips and advice, you can have a clear idea of how to make your business grow. Administering them in your own business can significantly improve your business output. Always remember to believe in your business and provide true value to your customer.
Also Read:
1) Do's & Don'ts if You Own a School or College
2) Dos' & Don't for an electronics Shop Owner
3) What are Good Ways to Start an Online Jewellery Store?
4) OkCredit: All you need to know about OkCredit & how it works.
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FAQs
Q. Where can I get money for my business?
Ans. Some of the most effective sources for accumulating capital are:
- Personal funds
- Crowdsourcing
- Bank loans
- Friends and family
- Venture capitalists
Q. How can I estimate my market potential?
Ans. This can be done by determining who your customer is and how many of them are there, i.e. the geographical size. Find out how many of these customers are using your competitor's product to understand your market size better. Start with the broad end of the funnel by estimating the overall market and then segment your way down as you narrow towards your targeted customer.
Q. How do I increase the reach of my business and get more customers?
Ans. Increasing your marketing spend and diversifying your marketing modes and techniques can help increase brand awareness. Start by figuring out if there is a brand awareness problem or a customer acquisition problem. Is the buyer aware of your brand? Does he/she prefer to choose another brand over yours? Where in the timeline does the customer opt-out of your service? Ask as many questions as you can to gain more insights.