Of course, nobody plans to fail; the motive of every individual delving into any business venture is to attain success – a resounding one.
But interestingly, in the end, some businesses will succeed while others will fail (in fact, according to the United States Small Business Administration, 50% of small businesses fail within the first five years). What factors do you think are responsible for this difference in fate?
Well, only one major factor makes all the difference. And that’s how you position your business. Perfect, strategic positioning leads to success while a bad positioning lead to failure.
To achieve success, every entrepreneur must know how to position their business for it. Do you think your business is well positioned for success? Or you’re just not sure?
Here are some foolproof strategies for positioning your business for the success you always dreamt of:
Strategy #1: Monitor your cash flow
A well-planned, well-implemented cash flow projection can make the difference between success and failure. It can make the difference between stagnation and progress.
Even though many people consider cash flow management as difficult and being the most tiring part of running a business, never trivialize it if you really want to succeed.
Strategy #2: Attract customers and keep them
Customers are to a business what blood is to your body; they keep a business running. Without customers, you’re not in business. They’re the reason why you’re in business.
Therefore, you must always strive to get as many customers as possible. Also device tactics by which you’ll retain those you’ve attracted.
Just as attracting customers is a never-ending task, trying to keep the already attracted ones is a continuous task, too.
To attract new customers, there are no shortcuts. Just ensure the following:
- Offer high quality products and services
- Encourage customer referrals
- Market aggressively
To keep your customers after attracting them, you must ensure the following:
- Ensure effective communication between them and you. Open up as many as possible communication channels.
- Simplify your systems (e.g. by making your website easy to navigate)
- Always surpass their expectations.
Strategy #3: Know your rivals
Knowing your competition motivates you to be innovative, saves you from nasty surprises, and even helps you understand your business better.
Don’t just know who your major contenders are; find out what share of the market they hold, their strengths and weaknesses, and how you can get ahead of the them.
Strategy #4: Set realistic time management goals
Setting specific goals to manage your time effectively will force you to plan time wisely and help you achieve much within a little span of time.
Plus, by scheduling your time based on certain goals, you can check how close you are to achieving those goals.
Strategy #5: Never relent
Yes, never relent in anything – not even when you’re recording huge successes already. If you think you have a large customer base, never relent in your marketing efforts. Of course, more customers will continue to bring more sales.
Similarly, if you think you’re conquering a market niche, don’t relent; think of expanding your business’s scope. Storm other markets and conquer them as well. This will grow your business and make it stronger.
Every business can succeed. It all boils down to how well you position your business for that success. These newly discovered strategies will ensure that you and your business hit the success mark. It’s a guarantee!
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