If you’re planning on starting a new business in 2019 or looking to improve your existing business, these 7 tips from Megan Totka in her article on Smarthustle.com will help you start the year off right.
“19 percent of startups fail because of too much competition.”
In order for your business to have a healthy and prosperous year, it’s critical to understand your competitors’ business operations, product and service offerings.
“As you gather data, you will learn more about the current and potential customer and understand their behavior.”
Customer satisfaction is a key component to a healthy business. Data collection and examination will help to better understand the needs and expectations of your customers.
Motivate your employees
“When you show your appreciation, you’ll retain your talented employees.”
Having dedicated, hardworking employees is important for every small business. When employees aren’t motivated, their performance suffers as well as the bottom line.
“Goals are powerful – they can motivate you to achieve more which leads to profitability.”
Setting reasonable goals and working to achieve them helps to keep the business on track for steady growth.
Use high-impact marketing
“Seek out high impact, low-budget marketing strategies to help you effectively improve your business.”
Don’t waste time and money on ineffective marketing tactics. Test new tactics for short periods of time and determine which one(s) perform best.
“Sometimes you need to take a break if you want to improve the business and reignite your passion.”
Taking breaks from work helps to disengage the mind and refocus and come back fresh and ready to conquer tasks at hand.
“While you may not think about it, your business is affected by events and changes in the global landscape. Make sure you stay up to date on the latest issues and trends that are happening within your industry and the local community.”
Successful business owners stay abreast of market trends so that they can continue to meet the needs of customers and appropriately adjust goals as necessary. You should also check out business opportunities for sale that may be of interest to you.
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