10 Things Every Business Owner Should KnowBusiness InformationUpdated on Oct 26, 2011 View more like this | Visit FRISCO, TX | Contact CCG & Associates Consulting, LLC. |
Owning a business can be a difficult line of work. Between the stresses of a hard economy, and making sure that you’re ahead of the competition, there are generally a lot of things an entrepreneur has to remember, and all at the same time. Here, in no particular order, are 10 of them.
1. Have a goal, and stick to it.
One thing that a business owner will learn is the importance of focusing. Not just on individual opportunities as they come up, but on the plan you set out for your business. Continuing to strive for the same overarching goal will keep your business moving and active, and focus your efforts on something tangible that you want your business to achieve.
2. Find a niche that works for you.
This is an offshoot of the need to focus your energies, but it is important to find your area of expertise or passion and cater to that niche. Make sure that your energies aren’t being wasted by being spread all over an industry, especially when you can dominate one area with your particular skill set or experience.
3. Look for investors in the right places.
There are many places you can get money for your business, if you look in the right direction. Research companies that might be willing to invest in your business, and choose the right one depending on your individual needs. Look at banks for loans, or angel investors for funds, or even apply for grants if it’s applicable. Just be sure to know the risks of all each option as well.
4. Keep records of what you do.
By keeping good books, you can see potentially damning trends or even opportunities for your business as they come up. Keeping track of where the money is going and where it’s coming in from can help you better understand your business, and make sure that it’s as streamlined as possible, running smoothly, and not losing money where it doesn’t have to. There are multiple programs to help, and a good accountant can be a tremendous help.
5. Know your customer base.
Knowing who is buying what you’re selling can be really helpful in continuing to sell them your products. By looking hard at the people that use your business, you can direct marketing to their demographic, or simply connect with your existing customers better, creating opportunities for new sales and repeat patronage with the same examination. Understanding the needs that drive people to your business can help you better fill them, leaving them more satisfied and likely to come again.
6. Hire the right people.
This goes without saying. The people that work for you are going to be involved in a very major way with the success or failure of your overarching plan for business success. They’ll deal with clients, they’ll bring in different perspectives, and they’ll help your business grow. There are obviously different hiring preferences from business owner to business owner, but one thing remains constant: choosing the correct people to work for you makes life a whole lot easier.
7. Advertise in a way that’s actually helpful to you.
Getting your business exposure is important for growth, as it brings in new customers, or alerts old ones to special events or deals. However, not every business is set up for the right types of advertising. Social media marketing is becoming more and more common, and tools are developing to make it easier to see returns. There is also traditional advertising, either on television, print, or radio media. Choosing the right method to reach your target audience makes sure you’re not spending money that isn’t actually helping you reach your ideal customer.
8. Make sure to get the legal parts of entrepreneurship done.
This includes things like intellectual property protection, filing for the right tax forms, incorporating your business, etc. Doing these steps correctly is not only crucial in the eyes of the government, but it is also a good step to protect your company down the line. Make sure everything your company does is legally sound and protected.
9. Pursue new technologies and innovations in the industry.
We’ve already briefly touched on the advent of social media marketing strategies. But it’s not just marketing that is changing with the times. If at all possible, stay as up to date with standard practices of the industry you work in, and make sure that you’re not missing out on an innovation your competition could be utilizing with great success. Look out for changes that could help you and your business as they come up, so you’re never playing too much catch-up.
10. Customer service is crucial.
Every company claims to have great customer service. The boast has become a marketing cliché, and customers aren’t looking to do business with a company just because they’re assured they were treated well. Actually treat your customers in a fashion that ensures they want to do business with you again. Not only will they come back, but customer service can be a deciding factor when they’re thinking about telling a friend or colleague about your work.
Sources:
Inc.com (http://www.inc.com/ss/15-things-every-business-owner-should-know#14)
Smalltownmarketing.com (http://www.smalltownmarketing.com/ten_things.html)
Makingittv.com (http://www.makingittv.com/5-Things-To-Remember-When-Starting-A-Business.htm)
By: Russell Busse
1. Have a goal, and stick to it.
One thing that a business owner will learn is the importance of focusing. Not just on individual opportunities as they come up, but on the plan you set out for your business. Continuing to strive for the same overarching goal will keep your business moving and active, and focus your efforts on something tangible that you want your business to achieve.
2. Find a niche that works for you.
This is an offshoot of the need to focus your energies, but it is important to find your area of expertise or passion and cater to that niche. Make sure that your energies aren’t being wasted by being spread all over an industry, especially when you can dominate one area with your particular skill set or experience.
3. Look for investors in the right places.
There are many places you can get money for your business, if you look in the right direction. Research companies that might be willing to invest in your business, and choose the right one depending on your individual needs. Look at banks for loans, or angel investors for funds, or even apply for grants if it’s applicable. Just be sure to know the risks of all each option as well.
4. Keep records of what you do.
By keeping good books, you can see potentially damning trends or even opportunities for your business as they come up. Keeping track of where the money is going and where it’s coming in from can help you better understand your business, and make sure that it’s as streamlined as possible, running smoothly, and not losing money where it doesn’t have to. There are multiple programs to help, and a good accountant can be a tremendous help.
5. Know your customer base.
Knowing who is buying what you’re selling can be really helpful in continuing to sell them your products. By looking hard at the people that use your business, you can direct marketing to their demographic, or simply connect with your existing customers better, creating opportunities for new sales and repeat patronage with the same examination. Understanding the needs that drive people to your business can help you better fill them, leaving them more satisfied and likely to come again.
6. Hire the right people.
This goes without saying. The people that work for you are going to be involved in a very major way with the success or failure of your overarching plan for business success. They’ll deal with clients, they’ll bring in different perspectives, and they’ll help your business grow. There are obviously different hiring preferences from business owner to business owner, but one thing remains constant: choosing the correct people to work for you makes life a whole lot easier.
7. Advertise in a way that’s actually helpful to you.
Getting your business exposure is important for growth, as it brings in new customers, or alerts old ones to special events or deals. However, not every business is set up for the right types of advertising. Social media marketing is becoming more and more common, and tools are developing to make it easier to see returns. There is also traditional advertising, either on television, print, or radio media. Choosing the right method to reach your target audience makes sure you’re not spending money that isn’t actually helping you reach your ideal customer.
8. Make sure to get the legal parts of entrepreneurship done.
This includes things like intellectual property protection, filing for the right tax forms, incorporating your business, etc. Doing these steps correctly is not only crucial in the eyes of the government, but it is also a good step to protect your company down the line. Make sure everything your company does is legally sound and protected.
9. Pursue new technologies and innovations in the industry.
We’ve already briefly touched on the advent of social media marketing strategies. But it’s not just marketing that is changing with the times. If at all possible, stay as up to date with standard practices of the industry you work in, and make sure that you’re not missing out on an innovation your competition could be utilizing with great success. Look out for changes that could help you and your business as they come up, so you’re never playing too much catch-up.
10. Customer service is crucial.
Every company claims to have great customer service. The boast has become a marketing cliché, and customers aren’t looking to do business with a company just because they’re assured they were treated well. Actually treat your customers in a fashion that ensures they want to do business with you again. Not only will they come back, but customer service can be a deciding factor when they’re thinking about telling a friend or colleague about your work.
Sources:
Inc.com (http://www.inc.com/ss/15-things-every-business-owner-should-know#14)
Smalltownmarketing.com (http://www.smalltownmarketing.com/ten_things.html)
Makingittv.com (http://www.makingittv.com/5-Things-To-Remember-When-Starting-A-Business.htm)
By: Russell Busse
