Paul V Greene Successful businesses always seek to understand how customers find out about them. One of keys to building a successful business is to understand where your customers come from. The process is simple. You should be systematic about this and ask each customer. Make it part of your business culture to know. Understanding where your customers are coming from enables you to start scaling your business. It empowers you because it tells you what works and what doesn’t. Do more of what works and less of what is ineffective. Businesses that are more likely to succeed can tell you their most effective customer acquisition channels. Key Performance Indicators such as customer acquisition channels are essential to understanding and grow your business.
1. Visualize success
Do you see your business successful? You hear people talk about their dreams, but I’m not too fond of that word in this context. I agree that it is good to have dreams, but don’t confuse dreams with visualizing business success. Are you doing more than daydreaming. You are actually thinking about ways to get there. Dreaming is passive, while visualizing is active. Picture what it would look like to reach your next goal.
2. Strive for optimal instead of maximum performance
The biggest problem with running your business at maximum performance is that it is unsustainable. You will burn yourself and your staff out.
3. Build your business to last
Many businesses are started with a passion for a product or industry or the idea of entrepreneurship. Few key points to building a business are:
l Be patient.
l Always chose security over growth.
l Narrow your horizons.
l Focus on markets that are either growing or stable.
l Go beyond your geographical area.
l Continually innovate.
l Do more for your customers than your competition is willing to do.
l Manage your business as if you had expected it to live forever.
4. Engage with your target market
The most successful brands are great at building relationships with their audience. Focus on building relationships before you are selling. If you can manage to build an authentic relationship with your market, they will want to buy from you. People want to buy things from people they know and trust.
5. Decide the role of social media in your business
Social media empowers you to grow your focus of influence. It helps you introduce new products and services. Social media can be your tool to solicit customer feedback. There is nothing magical about social media. It is simply a tool you can use every day to improve your business and make you more competitive. It will provide you with opportunities to stay connected and in front of your prospects and current and past customers.
10. Manage your cash
Even successful businesses go bankrupt. When you run out of money, your business dies. It’s that simple. With cash in the bank, your business lives for another day. Managing cash is one of the most difficult tasks entrepreneurs deal with.
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