Taking Small Business To Success
(Delhi, Delhi, India)
The best new small businesses all have one thing in common - they employ a systematic planning strategy that gives them a higher chance at success.
The best new small businesses do something that 80% of other small businesses fail to do: they p-l-a-n to succeed.
It is said that around eighty percent of small business fail to thrive, and only a fifth of these enterprises turn into astounding business success.
- Why is it so?
- Is there something that one can follow and do to ensure success?
Though it is tough to simplify it that way, however, it is highly likely that a systematic planning can help in creating and multiplying success in greater number of small business ventures.
- In fact, many of the best new small businesses, begin the planning early in the process.
The best new small businesses recognize that the small business success calls for many prerequisites like one's conviction in one's dream idea.
- Among the several stages of a business, selection of a particular business is of crucial importance.
On most occasions, people try to make their small business succeed without f-u-l-l-y committing to it, spelling disaster for the business later.
- One should select the business which one really believes in.
Many of the best new small businesses also recognizes that the second most crucial factor to small business success to assess the market viability of that idea.
- To find out market viability of a business idea, one must do in depth prior study of the target market, customer profile, market size, and challenges from possible competition, benefits accruing to customers.
Small business success all boils down to full and thorough grasp of one's market.
Here is what one of the best new small businesses in my country did to ensure that she thoroughly understood her market.
- This story tells us about grit and determination and conviction of one's idea, benefits to customers, and thus its market viability.
- One bread maker, who is now the number one brand in our country, when started failed to found patronage among customers despite door to door marketing by the promoter herself.
- But she was so convinced of the superior quality of their bread that they continued with their marketing strategy.
- And, as its superior quality and taste was a fact, this brand could establish over time and became number one, dislodging the famous brands.
Many of the best new small businesses also thrives to adopt several tactics like popularizing products and services among the target customers, price competitiveness, ensuring excellent customer services, possible value addition.
For retail business, a good scheme could be issuing of discount coupons on products, instead of cash discounts to customers to ensure that a customer visits again and again.
- In fact, this scheme was used very successfully by one of my contacts who was running a medicine retail business in the beginning.
- One another strategy used by him to advertise his business was that he got a stamp made with his shop address and nature of business, which he would stamp on pamphlets and brochures supplied by various medicine companies, and distribute them among the target customers' residential areas.
- It helped in saving on advertising cost while spreading knowledge of his business far and wide.
To sum up, systematic planning the best new small businesses require the proper selection of products and services, based on market demand, and then promoting and advertising it hard without any laxity.
- The best new small businesses provide full customer satisfaction by:
- Providing prompt service to customers' complaints,
- Rewarding customer loyalty, and
- Not letting oneself overwhelmed by difficulties.
- All of these steps are essential to ensuring the success of a small business.
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