Whether you realize it or not, your business decisions, even the decision to start your own business, have been influenced by others. Your experiences, your community, your friends and family members all influence your decisions on a daily basis. Often your customers and your competitors are the two greatest influences on your business strategy. You have to recognize what your customers want and what will set your business apart from the competition. Trying to meet these two objectives can significantly impact the direction your business strategy takes.
Today, we're going to talk about ways to positively use these influences to grow your business, without losing sight of your dreams and goals.
- Review your business plan. It's important to frequently review your vision for your business. Yes, your goals will change as your business grows but it's good to always remember where you wanted to go when you first started out. If you neglect to review those initial goals you can easily get so far off track that you're not even on the same page anymore. Reconciling where you wanted to go with where you're headed now can really help you stay grounded and focused and make better business decisions overall.
- Know your customers. When you started your business you had an idea of who your customers were going to be. Once your business was up and running you got to actually meet these customers. As you get to know them, you'll get a feel for what is most important to them, and what doesn't matter as much. Focus on providing the things that they value most. Often business owners come up with a value add that they believe will win them customers and set them apart from the competition. If that perk isn't something that your customers need or want you're wasting money and energy and not getting a return on your investment. Let your customers heavily influence your customer retention efforts. They will let you know what they want and if you can give it to them on a consistent basis you will build a loyal customer base.
- Keep an eye on the competition. You can't afford to ignore your competition. Like it or not you are competing with them for customers on a daily basis. You need to know how their prices and service compare with yours and you need to be aware of any special promotions that they are running. You don't have to let them dictate your business strategy though. Remember to stay true to your vision for your business. If their prices are lower, convince your customers that you are worth the extra money. If their service is great, tell people why yours is better. You don't have to lower your standards, you just have to prove that your business is the better choice.
- Environment, political climate and other external forces can have a huge impact on your business. Stay up on current events and have a plan in place to adjust accordingly. Waiting until the last minute and trying to make a snap decision will likely cost your business in one form or another. If you plan ahead and have contingencies in mind for various situations you will be able to react with less stress and probably save time and money in the process. Be flexible and able to go with the flow will benefit your business and create a level of confidence among your customers because they know that they can count on you.
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