Small business success: Golden Nugget #2

How do you eat an elephant? One bite at a time.

So too in your business. It really does pay to carefully plan how you're going to tackle the enormity of your enterprise, know which measured risks you're prepared to take, and have a finger on the pulse of your customers.

The trouble is, so many business owners I've worked with 'think' they know what their customers are looking for, but they've never actually asked them. This might be fine for a while, but if your customers' tastes and buying habits change, you'll be left, literally, floundering on the shelf. Which is why I'd like to share with you my second Golden Nugget to Small Business Success:

Golden Nugget # 2: Know what your customers want.

This comes down to spending time researching your market. Not just in the start-up phase, but at regular times of the year. Write down the answers to these questions:

1. Which particular group of people needs a product or service like yours?

2. How big is this group? Have they changed?

3. What would they pay today for your product or service?

4. Can you see any of these things changing in the next six months? 

Doing some basic market research can reduce your risk: you’ll be in the business of knowing what your customers want, and the best way to give it to them.

There are many online tips on doing market research that means something (there’s a comprehensive list in my book). One that’s particularly worth looking at is from the Queensland Government’s site called Smart Skills (go to www.sdi.qld.gov.au/virtual and click on ‘Marketing and promotions’).

Get to know more about your customers today!


Margie