This article is to help small business owners or entrepreneurs who are –
- In 0-2 years of doing business.
- In 2-5 years of doing business with a good run but later started losing it to the competition.
A business owner or an entrepreneur mostly is a one-man army (Solopreneur) who needs to perform different tasks that require multiple skills.
Priorities may constantly change, and there is always a question of how to bring business to pay the bills and salaries.
Now, if the above-written lines got you thinking, let’s relax, free up your mind and try to read and understand the details below.
The #1 reason for a business to fail is that we don’t put the effort to learn, plan and execute.
Let me explain in 4 simple phases:
The Learning Phase: (Investing a little time daily can do wonders)
1) I may have the best products or services at the best prices but do I know how to bring more customers consistently every month?
Think: Can I provide free samples, trial services, best experience, price, quality, or a combination of these? Do I have an online strategy, or what can it be?
2) Have I done any competitor analysis? Do I have a fair idea of my competition and what they do to get customers?
Find: The best way to start would be to visit their Website, Facebook, Instagram, Twitter, and LinkedIn pages. How is their presence on Google My business, how many reviews, etc…
3) Next would be to learn how much I can contribute to improving these gaps by keeping my business running.
How much help can I take from family/friends or a professional agency in a phased or step-by-step manner?
Ask: Am I comfortable with computers, phones, and technology? Do I have a small budget that I can invest in every month to grow my business? Am I ready to learn a little daily by going to Google and YouTube?
4) How do I diversify and grow my business more? Being satisfied with your regular customers and revenue may be really comforting. Still, there will always be competition or unforeseen situations which may impact your business.
Innovate: Am I learning more than my competition? Am I trying to diversify my offerings? (in what you know or are passionate about) along with how to keep growing my business?
The Planning Phase: (Take out some time to do research, plan, and strategize)
1) If you don’t have a competitive advantage, don’t compete.
Research: Find your competitive advantage or research it to get an idea. This will boost your morale and give you direction.
2) Make a strategy to sell (plan and refine it).
Foundation: Make a strategy; look for a mentor in a similar business (you can find them on social media) to validate your plan. Take feedback and refine the plan.
3) Understand market needs (Listen to your customers).
Listen: Get feedback from customers and take their inputs regularly.
Always keep customers in mind and make changes accordingly when needed.
4) Plan your learnings (Business acumen).
Invest time: No one is born an entrepreneur, and we all need to learn skills to run a successful business, handle situations, build the right team, etc. So please invest a little time daily to identify the skills and learn.
The Execution Phase: (Action is the foundational key to all success)
Keep patience and execute in phases or milestones; never try a big bang until you have all the resources in this world.
The key is to enjoy and have fun on this journey.
The Result Phase: (Yes, it’s possible)
I am writing this blog as my first by learning, planning, and executing, and I hope you can apply the same concepts to achieve your goals.
Could you support us by sharing this article?
Thank you for reading my blog.
Sudhiir Verma
