Here is news for all you start-up entrepreneurs: you may think that after you get things rolling for your small business that everything is a bed of roses. Beware! You can never give up your vigilance or your competition will slip in and grab your customers when you least expect it. There are five big challenges an established company faces every day, and in the end it will pay to include them in your daily tactical planning.
The first big hurdle you will face it trying to do everything yourself. Small business owners can get very possessive about their products and manufacturing methods. You can’t expect to grow if you don’t learn to duplicate yourself well and leverage your efforts by hiring employees. Remember that as you bring new people into the team, you gain the benefit of their skills and talents.
You’ll become so busy going after new customers you’ll forget about maintaining your current clients. Never ever forget the people that have helped you build your business to this point. Nurture them by maintaining lines of communication. They will give you repeat sales and refer other buyers to you. They are the foundation of your company.
Gaining a false sense that everyone knows you exist so you relax your marketing and promotional campaigns. The golden rule of being in business is you always must “promote, promote, promote!” Exchanging your products and services for cash is the life blood of the company. Without sales you’ll spiral down very quickly. So, keep up with the promotional campaigns that have been successful.
You decide to modify your product or service because you have been itching to make improvements. Progress is a good thing, but you may be forgetting your consuming public that is accustomed to the way your product is now. Before you make any changes that shock them so badly they stop buying it, ask their opinion. Never make a move like this without surveying your market first.
You’ve got a little cash flow going on, so now you think it’s okay to blow it by investing in some type of expansion. Don’t be so foolish as to use up your cash cushion – you’re putting your business in danger. If you want to expand, set aside a percentage of sales or find an investor that wants to work with you. Don’t allow your cash flow to dry up.
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