So you have accomplished your dream of starting a business. Congratulations! What now? Starting a business is risky and having an established one doesn't make it less so. In order for you to make sure that your business continues to grow you will need to always be your biggest competitor. Being your own biggest competitor means that you are always looking for ways that will make you stand out among the competition. Even if you are the first to offer your product or service, looking for ways where you can improve your current processes will keep your business evolving and your soon-to-be competition lagging behind.
Proactively anticipate as many weaknesses as you can and look for solutions to solve or strengthen those weaknesses. Don't be afraid to request honest feedback from your customers. Negative feedback can make you feel embarrassed or like a failure, but in actuality they are opportunities to correct or adjust something that isn't working as intended. These changes will strengthen the foundation of your business and instill loyalty and trust with your customers because you are a business that listens and cares about their needs.
Pay attention to what others in your industry are doing. Most businesses have existing competition, which mean that consumers have plenty to choose from. Why should they choose you? Is it because you offer the lowest price? Or is it your stellar customer service? What does your competition offer that you don't and how is it received by the public? If your competition offers the same products and services, how can you differentiate yourself from them so that consumers choose you instead?
Be aware of changing markets due to demographics, laws, and social ideals. Your business would not exist without your customers so pay attention to their changing needs and update your products or services to make things easier for them. Whether it's accessibility (Should we offer online products?), or offering financing for large purchases (Does my target market include working families?), considering the different backgrounds and needs of your target market will make it easier to shop with you.
No matter your industry, if you are flexible and run your business focused on innovation and answering to the needs of your customers, your business will have a greater chance of longevity in the marketplace and your customers will be excited to tag along the journey with you.
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