By Deborah Sweeney
New small businesses, though largely responsible for employing a hefty amount of the American population, have the reputation to fizzle out about two years after beginning. Relatively easy to start and get in the swing of things with all the excitement and hype that goes along with a new venture, an entrepreneur needs to take a few precautions in order to succeed for longer than two years.
Here are 5 tips on ways to stay in business:
Manage your expenses. As previously mentioned, it’s easy to get caught up in the hype of a new business. You’ll want your business to reach its fullest potential in its first week of opening, but pace yourself. Don’t spend in areas you don’t need to. You don’t absolutely need that mini fridge in your office, a file cabinet on the other hand- yes, a bit more necessary.
ROI. It is so crucial you make sure your return on investment is positive. Don’t put money into marketing unless you’re seeing an increase in business. Do your research and be cautious.
Treat customers well. It’s a given that customers are the key to successful business, but it is often forgotten that they are your best source for referral. If you are outstandingly good with your customers, they will not only come back but they’ll feel the need to tell all their friends about you as well.
Treat your employees well. Your employees are the face of your business and they are who interact with the customers. You want your employees happy to keep your customers happy. Plus, a happier employee will always produce better work.
Have a great social media approach. Social media is the best way to utilize cheap or free marketing and advertising—take advantage of it. Being active with social media will also maintain a wonderful relationship with your customers, giving your business a face and personality rather than being an impersonal figure-head.
About the Author:
Deborah Sweeney joined MyCorporation in 2003 after serving as outside general counsel for 5 years. She received her Juris Doctor and Masters in Business Administration degrees from Pepperdine University and is a member of the American Bar Association.