This year has sadly seen the death of a great many small businesses and whilst it has been unprecedented what has taken place, and there will be many who have had to close their business, from those ashes we will see new small businesses grow. For many of those looking to start new businesses it is important that the basic principles of business are never forgotten. William West Seegmiller is a business guru who has often spoken in the past about the reason that so many businesses fail is simply because they move away from the basic principles which they were founded upon.
Any new and existing small business should remember the following.
Looking After Customers
If this year has proven anything it is that your loyal customers must always be looked after, even as you are in pursuit of growing the number of customers which you have. It is very tempting for businesses to start offering great deals such as promotions for new customers, but if you go to hard you run the risk of alienating your current customer base. The customer may not be always right as the saying goes, but the customer must always be looked after.
Investment
Whilst ensuring that a solid return on investment is gained with just about every decision is something which can certainly be applied to all businesses, it is more important for small businesses than any other. Small businesses can only afford so many mistakes which cost money and that is why they have to always ensure that any decision which is likely to cost money is well calculated with risk considered, as well as the potential return on investment.
Hire Great Staff
Getting hiring right first time is something which you will learn throughout your early years of business and it is something which could make or break your company. The right staff give the best service, they are the most effective and efficient and they will help to increase the reputation and the overall profitability of your company. Always ensure that your recruitment process is not rushed and that you take the time to consider both the individual you are speaking with, and their ability to fit in with the overall team ethos.
Who Are You?
This is a crucial part of running a business, understanding what your identity is going to be. If you aren’t aware of your identity then you have nothing to keep you on the straight and narrow when you are making decisions. This doesn’t have to be your identity as in what you sell, it is about the soul of your business, it is about understanding what kind of image you wish to present to the consumer and it is about what you are looking to achieve beyond the success that all business owners aim for. This is critical to building clients, customers and improving your sales and reputation.
Four basic principles which you should always look to stick to.
