Did you know? Two-thirds of small businesses fail in their first three years to the point at which they cease to exist.
That is an incredibly daunting statistic but one that you can definitely overcome as a small business owner. To make sure your business is a success in your first year, then be sure to follow these three tips – and have no regrets along the way.
1. Get The Business Fundamentals Right
Getting the fundamentals right is crucial to surviving your first year of business. Remember, as a small business owner, you need to keep your costs in check as a poor cash flow can quickly cripple your business. We tend to recommend accounting software specifically designed for small businesses such as QuickBooks or Xero.
These are both really straightforward to use and allow you to spend more time doing what your business does best, rather than worrying about processing invoices or filing your tax return. Another fundamental factor to consider is making sure that you are managing your P&L and not overspending in certain areas.
2. Market The Right Way
If you’re still trying to work out how to get high ticket clients and develop a recruitment plan to sign them up for your services, then marketing is your answer. Often, small businesses benefit from bluffing about how big they actually are. An impressive marketing strategy can lead clients into an assumption that your business perhaps has a bit more experience than in reality when it comes to providing the products or services that you deal in.
So, make good use of social media, digital marketing, and develop a swanky website that will help your small business to stand out from the rest. This is crucial and really cannot be overlooked if you want to make your business a success in its first year.
It’s not easy to get clients on retained contracts but if they believe that you’re the best in the business due to your excellent marketing, then it becomes a whole lot more straightforward in their minds to choose you over a competitor.
3. Nail Your Customer Service
Once you’ve been able to attract clients, it’s your customer service skills that are going to keep them coming back for more. Be sure to get your team of employees up to scratch if you think you might be lacking in this department, as one awry comment could see your small business lose one of its most lucrative client accounts.
Good account management is key to a positive business to business customer service relationship. Don’t pester your clients but make sure that they are aware that you’re available to help them should they need it, whenever that may be. Remember, your client base will grow and grow based on the feedback that third parties give about you, so customer service is really something worth persevering with and trying to nail.
Hopefully, these three tips help your business to survive its first year in operation.
