Posts Tagged ‘better business practices’

5 Tips to Grow & Maintain Your Business in this Tough Economy

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There’s no doubt that our tough economy is preventing people from buying discretionary products and services. Many are afraid that they won’t have jobs at the end of the month, so they are reluctant to spend money. And they are starting to second guess purchases they would have originally made without a second thought.

So, as business owners we need to set ourselves apart and offer top quality, second to none services and products. Here are 5 tips to grow and maintain your business in this tough economy.

1. Setting and maintaining realistic goals that can be accomplished long-term, will keep you focused and on track.

2. Grow wisely without surplus or waste. Carefully think through your buying power. Do you really need that new laser copier or will the ink jet on your desk suffice for now? Spend your business income wisely as there is no guarantee that the money will come in tomorrow. So, manage your funds wisely, frugally and carefully.

3. Understand your market and how you belong in it. By knowing who your target market is, you will be able to promote your business correctly and more efficiently.

4. Be courteous. Treat your customer like they are your only customer. Go that extra mile to ensure that your customer is satisfied with your product and/or service.

5. Under promise & over deliver. When your customer feels that they are getting the best value for their hard-earned dollar, you have earned their trust and they will be repeat customers.

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Don’t Reinvent the Business Wheel

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The speedy way to a successful business is by watching and learning from your competitors.  With taking the time to investigate what has made their business work, you will be able to discover the best methods and improve upon their model.  Here are a few ways to examine your competition:

Watch and Ask: Observe your competitors both online and offline, or through word of mouth.  Don’t hesitate to ask others about your competitors.

Study and Search: Look at your competitor’s website and search other sites to see what they are doing and how they are doing it.  Find out what they are saying about their products and services.  This will help you to see how they use the Internet for advertising and as a marketing tool.

Socialize and Mingle: If you run an online business, consider joining social networking sites to follow or befriend your competitor.  If you primarily conduct business offline, consider attending like-industry seminars.  Either way, this will afford you opportunities to learn about your competitor in a non-threatening environment.

Reputation and Integrity: Learn if your competitor lends a helping hand when needed or does he/she bully their way around.  Good character is something to mimic and will promote your business quicker than being nasty or having a negative attitude.

By understanding your competition, you are essentially creating a successful business plan.  Therefore, don’t reinvent the business wheel.  Just watch what your competitors are doing and then do it better.

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Posted in Voice Over Blog | 2 Comments »