Business

3 Ways to Build a Successful Business

  • By Anderson Ozakpo
  • On December 3, 2020
  • 0 Comments

If you feel like you’re just floating with your small business, if you feel like you’re almost drowning and not making progress towards your goals, here are some suggestions to help you ride the tide. However, you must remember that building a successful business is not finger-snapping, it takes time and consistency.

Keep Up With Industry Trends

Let’s even assume your business is already well established in your industry, keeping up with trends is important in order to stay on top of your game of meeting customer needs in the ever-changing markets. You have to stay connected through all media platforms to get a better perspective on what people are currently doing or interested in, so you see these trends early enough. Here are some ways to stay updated and relevant:

  • Subscribe to relevant plugs, journals, newsletters.
  • Engage in social media and relevant forums.
  • Listen to your customers.
  • Learn, consume information on the go.
  • Observe competitors.

Manage and Prevent Crisis Situations

Usually, because of the pursuit of margins, businesses are either completely unprepared or seriously underprepared for crises — even the most common ones. Below are just a few suggestions you need to take or have in place to hopefully prevent, close, or to meet the crisis as a challenge and turn it to positive opportunities:

  • Demonstrate and encourage strong leadership.
  • Maintain a crisis management plan.
  • Train and retrain your team.
  • Have consistent and timely communication.
  • Be ready to learn from mistakes.

Handle Your Customers Well

51% of clients will not repeat purchase with a business after a bad user experience, according to a study by NewVoiceMedia. Some other studies have shown that to make up for one negative customer experience, it takes several positive ones. Here are a few things you could do to do keep your customers happy and stay:

  • Listen, let them talk, sometimes it’s all they need.
  • Apologise and compensate where necessary.
  • Identify and anticipate their needs.
  • Always be available and deliver.
  • Know your limits.

These 3 tips are not all in all but will definitely put you on the right footing when it comes to launching a small business. These have worked and still working for us. You can share what works for you on the comment section.

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