It can be very difficult for a small fish to survive in an ocean full of big, gigantic fishes. Don’t you think so too? Well, this is exactly, how it is for a small business to survive in the market as well. When your small business has to go up against some of the biggest players in the market, it can be quite difficult for you to compete with them. However, that does not mean that you should give up.
See, every huge enterprise, which you see today, started as a small business and if they can make it, so can your small business as well. However, you need to keep in mind the stats as well. According to research and statistical reports, almost 40% of startups fail in their first year of operations. Furthermore, research also shows that 90% of the businesses ultimately fail in the first decade of their operations. Therefore, if you are someone, who has just started up with a business then the success rate of your business is only 60% in the first year, which will certainly go down to 10% in the next 9 years.
Now, these stats are not there to discourage you but in fact, they are there to help you understand and realize the reality of the situation, which you will have to face when you will start a business. Information is not bad however, not preparing yourself or your business according to this information can certainly be bad.
Therefore, if you have started a business or if you are running a small business then here are some tips, which can help you prepare to face the challenges ahead.
Always have a Vision
Whether you are just starting out or you are already running a business, you need to have a vision for your business organization. Now, most people mistake their dreams as their vision. However, a vision is something different. Now, there may just, be a small difference between a vision and a dream but, you need to know and understand this.
See, a dream can be anything. You can dream about taking over the whole world or even making a bridge between earth and mars. However, when you talk about vision, a vision is a dream on which you are working to achieve. Furthermore, dreams can be illogical and impractical. However, when you talk about a vision then it is neither illogical and nor is it impractical.
Now, you must be thinking about why is it so important to have a vision. See, it is very important to have a vision because it provides your business organization or company with a direction. It is your vision, which you later on break down into smaller missions and goals, which allow you to go ahead with your business.
Do not Follow Customers, Follow Needs
You can understand this by an example; see, you can easily find a surgical mask buyer these days. Now, this is because of the ongoing pandemic situation in the world. This pandemic has led people to buy all those things, which can help them to stay safe in these times.
Now, if you can observe the example, you will realize that you are not following your customers in this case but in fact, you are focusing on following needs. See, a few years ago, the demand or need for face masks was not as high as it is today. Since the arrival of the corona virus, people have started spending higher amounts of money on their safety and one of the things, which can keep you safe in this situation is wearing a face mask.
Now, if you are someone, who is selling face masks in these days, then you are definitely going to have a chance of selling a high volume of face masks. Whether you are selling these masks in retail or you are selling them in bulk, the chances of your sales increases are much more than they would have been in the past when there was nothing like corona virus in the world.
Marketing is Imperative for Success
If you look around you these days, you will be able to realize that you are living in an age, where the need for marketing is extremely high. Furthermore, you also need to comprehend that there are newer tools and techniques of marketing available in the world these days, which you can use and effectively build a strong relationship with your target audience.
Moreover, marketing these days is not like it was in the past. Nowadays, marketing is more than just creating awareness or engaging target audiences. It is about directly being in touch with your target audience. It is about providing your target audience an amazing experience. The world is not just focusing on product experience anymore but in fact, the business community and marketers are now focusing on the customer experience as a whole. This includes the product, its quality, the time spent in buying the product, the experience customers have while using the products and also the experience they have after using the product as well.