During the past 20 years, I have worked as a consultant and business adviser with people in the business community locally, nationally and internationally, from small to midsize businesses in service, retail, manufacturing, processing, medical and construction. I have found they have one thing in common – a business is a business, no matter what it’s selling.
Through the years, I’ve identified a number of specific key drivers to success universal to all businesses. While these points by far aren’t comprehensive, they are common sense and something I address with each client I work with.
Make a planHaving a business idea or plan is of no value unless the bells and whistles are implemented. The details make the difference in any business. Many people have a business plan but simply don’t follow it. Usually written by a family member or close friend, the plan is used to secure a loan and then forgotten. Pick it back up. It can be useful. The plan should be used for more than just getting the loan, it is supposed to be the philosophy, values and guide for success that a business needs to follow every day.
Define your identityWhat makes you better and what makes you different? From Honda to Coca-Cola to General Electric, each has found a way to differentiate themselves. Take the time to write out what makes your company better and different from the pack. Take the time to think about what you are writing – not wwa just paragraph, take a page and, if necessary, take two. Study who you are carefully. Study what makes you different.
Once you know this information you must inform the customers and always keep your message clean. Wal-Mart is known for low prices and Toyota is known for quality. Don’t clutter your message by emphasizing something different every time – keep it clean and define your identity.
Let consumers know why your product is different, valuable and unique. If a customer understands your product they will understand why they are paying their money for your goods or services.
Marketing is not advertisingDo not depend on advertising to bring you customers. Anyone can put an ad in the paper or on TV. I often advise clients to become involved in the community where they are providing service.
Find some related events, club, groups or organizations that share the same philosophies and promote yourself to them. If you sell camping equipment, find the outdoor clubs in your town and offer a free topical lecture or special discount to members. If you are a hair stylist, produce some flyers for the local beauty supply stores, go to the local hospitals, nursing homes, grocery stores and workout facilities. Get the idea? It works. Best of all, this type of marketing produces some of the most loyal customers in the world.
Sales movesSales is more than ringing a customer up at the register, and discounting is not always the answer. If you find yourself with a slow-moving product without a large margin get creative before you just slash the price. Try bundling the item with some better movers. Talk to your salesman; find out what they like about the product and why people should buy it, then promote those attributes. Often, items sit on shelves because the customer does not understand the benefits of the product. Develop creative and descriptive signage that talks to the customer, explaining why everyone should own one. Do not use paper signs taped to the window.
Set a job descriptionA successful business isn’t always about sales. Success also comes from the inside. Do your employees have a written job description? They should.
It’s difficult to expect results without specific written guidance, direction or expectations. Accountability is critical for everyone. Oftentimes small businesses miss this step, and both the employer and employees end up frustrated. That frustration can have a huge impact on the overall operation of the business.
If you employ one, 50 or 100 people, the overall operation of the business should always be the same.
Use your resourcesUtilize your vendors. They are an often-untapped resource for promotional materials, signage, racks and often participate in advertising. By using their materials, the vendors get increased product exposure, and you get tools to help you sell more product. Don’t be afraid to ask for free resources.
As an adviser, I have seen it all in business. Poor organization, incompetent employees and bad decisions – it can happen to anybody. But with clearly articulated and detailed plans, and consistent follow-up and follow- through, most any business can succeed.
Gail Peterson is a business adviser and owner of Springfield-based Hush Advisors. She can be reached at solutions@hushadvisors.com.[[In-content Ad]]
