13+ ways to grow your entrepreneurial business. Virtually everyone who has been involved in the 8-5 race wants to be self reliant, provide for themselves, dictate their own pace and do not want to have a boss over their shoulder.
Probably wants to wake up from the bed without recourse to time while they make enough money to boost their financial status through a viable business.
These are people with entrepreneurial mindset. According to Zig Zigler “If you can dream it, you can achieve it”, that’s the power if the mind.
This guide will teach how to grow your entrepreneurial business to a profitable end.
Entrepreneur: Is used to describe someone who creates income streams or make money by starting his own business. They usually do this when they identify new opportunities and take risk as well.
To grow your entrepreneurial business you will have to adhere to the following steps:
1. Know who your competitors are: Obviously you may not be the only one in your chosen line of business, other entrepreneurs must have been operating prior to your arrival, it’s then important to know who they are and what they are doing. Are they direct or indirect competitors?
Direct competitors are businesses that have same product or offering same services as you do, these are the type you must watch closely, while indirect competitors are those who don’t offer same service, but meet the same needs in an alternative way. You should be able to know;
A. How your competitors position themselves: The same products and same service can be offered in different ways.
B. Understand the pricing: You must not be too far or low, your pricing should be in line with what the buyers are looking out for, what are the people in your market willing to pay for?
C. Identify your competitors strength: Your idea is to beat your competitors in the same business for same buyers or customers, what do their customers like about them? You may want to offer those things too in unique ways, you will definitely gain ground in the market.
D. Identify your competitors weakness and capitalize on them: Knowing your competitors weakness will help you identify your strength, satisfy the customers in that area and improve your entrepreneurial business.
2. Provide exceptional services: Everyone in business has a service to offer particularly your competitors, but the uniqueness or how these services are being offered to meet needs is what makes the difference, you should go that extra mile to make the difference and stand out to improve your entrepreneurial business.
A. You must know your product inside out: Having good knowledge of what you are offering as you could entertain questions from customers, sounding convincing and confident indicates you know your business.
B. Be friendly: This is natural, being friendly with your customers is a natural way of winning their loyalty, improving bonding while attracting referral benefits. A hostile customer service will kill your business. Every customer wants to feel welcomed and a sense of belonging.
C. Say thank you: Appreciate your customers for choosing you out of many. Gratitude is worth remembering and will always push your customers to your end.
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D. Train your staff: Your employees must respect your customers, integrate this in your policy. They must be held to a high esteem, provide trainings that will sensitize them on the need to attend to customers with passion and respect.
E. Listen to your customers and provide their needs.
F. Work and improve on their complaints: This is necessary to maintain their loyalty to your brand.
3. Maintain communication and feedback: Reach out to your customers especially if they haven’t come visiting for a while, enquire to know what has gone wrong if any quickly address it and apologize genuinely no matter who’s at fault. Whatever feedback you get should be treated with all seriousness it required. Send text messages on their birthdays and wish them well at festive periods. This will help you maximize sales in your entrepreneurial business.
4. Your team must be customer centric: Your customers are key and kings. Strive to leave them with an impression that they are highly valued and welcomed to your fold, never let a dull moment with them. This must be communicated to your employees, the customer is a friend and should be treated as one. See how you can achieve that,
Get everyone involved with the customers no matter the department.
Reward employees for exceptional service quality and customer satisfaction.
Put customer satisfaction ahead of everything else.
Create awareness in your organization.
Make customer satisfaction a part of your values and philosophy. At all times your team should be taxed with providing an exceptional customer experience.
5. Product design and packaging: Create and acceptable and appealing product through creative design and packaging. Your product outlook must be inviting and appealing to the your intending, would be and existing customers.
Judging the book by its cover, some customers will associate with your brand because of its packaging and design. But the quality must as well compliment the packaging and design otherwise your will fail and your entrepreneurial business will suffer.
6. Conduct periodic market survey: Market survey will enable you to understand the needs and demands of your customers relative to quality and pricing. Listen to their feedbacks, conducting a survey will expose your weakness to yourself as well that of your competitors and their strength. Improve on your weakness, capitalize on theirs to win a new business ground. You may use questionnaire and direct interaction approach, this will improve your entrepreneurial business.
7. Pricing: Right pricing to a great extend will determine your success, if it’s higher than the expected market condition with all variables being constant, customers will switch to your competitors who provide relatively affordable market price.
If you ate just arriving at the market, you may scale down your price a bit then up when your product gained entrance and widely accepted, the quality must prevail.
8. Reward customer loyalty: Reward your customers for patronizing your products this will go a long way to improve your entrepreneurial business, you may achieve that doing the following,
Offer discount on sales.
create and introduce a loyalty card
Give a way free items with multiple purchases like buy one get one free.
Invite customers to trial developing products and services for free, ask customers to provide feedback on a new offer.
Take your best customers for a day out.
Reward introductions and referrals.
You cannot be that wrong doing these at intervals, keep it up and record steady growth.
9. Grow your contact base /email list: Keep in touch with your customers, announce your new arrival using this channel.
The customer base is the lifeblood of your business future success, the relationship you build with the base is how you grow or not.
10. Provide sponsorship
11. Motivate your employees. This is an integral aspect of your business. A happy employee will treat your customers processionally. You can do this by improving job offer, appraisals and promotions, rewarding exceptional service.
12. Diversify your business.
13. Aggressive advertising campaign
14. Create customers forum and have heart to heart discussions.
Conclusion: You now have what it takes to drive your entrepreneurial business to the highest level.
Use the comment box to drop your questions and suggestions if there’s any on growing entrepreneurial business. Share this post of if think its helpful.
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Raphael is a seasoned and dynamic writer, with interest in Banking, personal finance, entrepreneurship development. A councillor and motivational speaker.