Starting a small business can be exciting and stressful. There are many ways to get information and advice. There are very important qualities every small business should have to ensure that your business thrives. Research other businesses and pay close attention to what steps they are taking to help themselves succeed. I have studied many small businesses, and have gathered 5 key traits that should be the core of every single one.
5 Qualities Every Small Business Needs
- The way you treat your customers will either make or break your business. Customer service may seem like common sense, but it too often gets overlooked. Customer service has to be intentional, and often is more important than your actual products or services. It’s a well-known fact that customer service plays a major role in a business’s success. Look for businesses in your area that are known for their customer service and start dissecting their tactics. Remember that great customer service is what makes growth. With people recommending your business to others, it increases your exposure and potential client base, truly establishing you as a brand.
- Next create a realistic budget. A budget can make or break a business. Always make sure you not only allocate for your bills and expenses, but also build an emergency fund.
- These days traditional media just isn’t enough. You must dive into the world of social media. It brings you even closer to your customers. This allows you to get feedback that could greatly impact your business. It also helps you to provide better customer service, notice trends, and offer immediate promotions. I’ve written before about just how important it is to include social media into your marketing plan. If you don’t embrace social media, then your competition will always have a leg up on you.
- A good small business knows and understands its competition. No matter what type of business you have, there will always be a competitor at the other end. It is important to study your competitors to notice patterns and predict where they may be headed miles down the road. Though it isn’t always necessary to be top dog, it IS necessary to be aware of what others are doing in your industry; therefore develop an action plan accordingly.
- Finally,you must hire good people. Look for people that are enthusiastic, can represent your brand well, and are willing to go the extra mile.
Hopefully, by identifying these qualities, it has helped you see more clearly how to establish or “refresh” your business and place it on the path for success.