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
Monday, September 20, 2010
Sunday, September 5, 2010
Small business success nuggets
I recently wrote an article for Kochie's Business Builders, giving readers my 3 Golden Nuggets of Small Business Success. The article generated a lot of interest (it was rated four and a half stars), so I thought I'd start a series of Golden Nuggets for Small Business on this blog.
If there's anything in particular you're desperate to know about making your small business more successful, make a comment and I'll create a Golden Nugget just for you.
Golden Nugget # 1: Planning for success
The majority of small businesses don’t plan to fail, they just fail to plan. The humble piece of paper that is your business plan can help you cement your goals. Look at your customers, how you communicate to them, your competition, and your future production plans. Write it all down. (One I like is at )
Remember, though, that the most useful business plans are living, breathing documents. So once you’ve written down what you want from your business, don’t just file and forget it. Drag it out every six months or so to see how you’re tracking against your original goals.
Has your market changed or your costs increased? Go over your playing field so you know the state of your game.
Margie
If there's anything in particular you're desperate to know about making your small business more successful, make a comment and I'll create a Golden Nugget just for you.
Golden Nugget # 1: Planning for success
The majority of small businesses don’t plan to fail, they just fail to plan. The humble piece of paper that is your business plan can help you cement your goals. Look at your customers, how you communicate to them, your competition, and your future production plans. Write it all down. (One I like is at )
Remember, though, that the most useful business plans are living, breathing documents. So once you’ve written down what you want from your business, don’t just file and forget it. Drag it out every six months or so to see how you’re tracking against your original goals.
Has your market changed or your costs increased? Go over your playing field so you know the state of your game.
Margie
Sunday, August 29, 2010
Small Business SWOT
Ideas are the lifeblood of small business owners. You have ideas for start-ups, growth, new products or services, how you want your business to run...
What many of us fail to do, however, is to regularly take stock of our ideas. It's a time thing to analyse what's worked and what hasn't, what we really want to achieve, and how our ideas will help us achieve our goals.
That's why I've come up with the Small Business SWOT. It takes 10 minutes and it'll help you quickly identify your strengths (S), weaknesses (W), opportunities (O) and threats (T). Here are the questions to ask:
Strengths: What advantages do I have over my competitors?
Weaknesses: What could I improve? Do these two things reveal any opportunities for my business?
Opportunities: Which areas offer the best chance of growth?
Threats: What are the obstacles I face, either within my business or from my competitors? Could I turn them into opportunities?
If you want to take longer on the Small Business SWOT, feel free. But the simple process of going through this quickly can help you do business with your eyes wide open, in good times and bad.
Do it now!
Margie
What many of us fail to do, however, is to regularly take stock of our ideas. It's a time thing to analyse what's worked and what hasn't, what we really want to achieve, and how our ideas will help us achieve our goals.
That's why I've come up with the Small Business SWOT. It takes 10 minutes and it'll help you quickly identify your strengths (S), weaknesses (W), opportunities (O) and threats (T). Here are the questions to ask:
Strengths: What advantages do I have over my competitors?
Weaknesses: What could I improve? Do these two things reveal any opportunities for my business?
Opportunities: Which areas offer the best chance of growth?
Threats: What are the obstacles I face, either within my business or from my competitors? Could I turn them into opportunities?
If you want to take longer on the Small Business SWOT, feel free. But the simple process of going through this quickly can help you do business with your eyes wide open, in good times and bad.
Do it now!
Margie
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