If you have ever started a business and failed in it more than once, chances are that you were not focused enough to your business. Many people do not find it difficult to start a business. However, sustaining the business with focused attention is an important thing that should be taken care of once you start your business. You must take your business serious to survive with success.
How do you lose focus?
If you started a business but floundered, the problem was not with the business model. If you go by statistics, 90 percent of businesses get closed within the first 24 months. It is not because the competition is too tough out there, but because of the single most important reason that you lost focus and did not take the business serious.
In fact most people lose focus after they have started a business because they are not clear about their goals. Additionally, they may have multiple and conflicting goals. There could be perhaps many reasons for individuals that fail in their business. Lack of focus could possibly be an outcome of not getting the desired results soon.
Lack of focus could have also resulted out of an unplanned approach that did not estimate a realistic gestation framework. This could lead to forced or deliberate premature shut down of the company.
Signs to look for when starting a business
If you follow certain signs and instincts before starting a business, you might escape the pain of having to fold it up eventually. One of the signs that will alert you about your wrong business choice is if you persistently think of some other business while trying to focus on the one you are involved in. You need to ask yourself, if this is really the business you have always wanted to do. If your answer is ‘no’ then probably this is not the business for you.
It would be better to drop this idea as soon as you can. There is no point continuing with your business half heartedly. However, if your answer is “yes”, you will certainly do well in this business because you have found something that interests you completely. So, now you need to give your total attention to it, even if it demands sacrifice and commitment. You will be well on your way to success.
Finding your true passion
Everyone has one or the other passion. But only some people have identified it and monetized their passion, while others haven’t. Nobody can claim that they have no passion.
Your true passion will interest you endlessly. You will probably forget your hunger and thirst when you are involved in doing something you love to do, whether it is playing poker, listening to music, or anything else. It could be anything among the endless list of hobbies and interests. Many people would have acquired a lot of information on their true passion at an early age. Once you identify your true passion, you will notice that it is difficult to loose focus from your passion. Take your business serious, you have the passion now you need to create a plan for success.
The vision you have for your business and the way you present your business to the world is your identity. Businesses cannot sustain without a brand name in the market and industry because that’s how they are recognized. In other words, a business is identified by its “brand image.” This identity is how your clients and customers see you.
Building a brand identity
Brand identity is the defining characteristic of your business. A brand is not just the logo of your company or the company’s vision and mission. It is way more than these things. It is comparable to the total personality of your business. Brand identity is the complete image and persona your company carries, which cannot be built in one day.
If someone tells you the name of a well-known company, you immediately get an image in your mind. This image you have of the company is what a brand identity is really about. For instance, if we talk about the company Apple it reminds us of community involvement, volunteerism, and other services provided by the company. These values a company encourages are reflected in everything a company does.
The identity that is true to a company’s vision, with a focused employee involvement is brand identify. But the company should consistently aspire to live up to that image or vision.
Choosing the right brand name
It is critical to choose a right name for your business so that your brand is not only distinct but is also associated immediately with its core competency. If the company’s name is not chosen carefully, clients will be confused about the activities or services provided by the company. So, you need to choose the right name for your business. If your business is local and dependent on local clientele, it may be quite right to give it a local name as for instance, London Taxi Service or New York Tourist Service. However, if your business has the scope to serve international clientele, a local name may defeat its purpose.
Names that are pun are not advisable unless you are looking for limited audience. While selecting a name for your business, it is better to take some time during which you can conduct a research to identify the appropriate name for your company. It is best to avoid sensitive words in a company’s name.
Designing the logo
Designing a logo is not easy, for it is more than being creative. The person designing the logo must be familiar with the philosophy of your business to develop the brand or mark. A logo is just a symbol, but it is a symbol that speaks volumes. It should, at the same time, be able to appeal and make an impact on anyone who sees the logo.
The design of the logo should be memorable and appealing. That way, it could possibly suit the tastes of a wide range of audience. When working with a designer or designers who will craft your logo, it is best to give them detailed information about your company.
If you have a number of logo designs to choose from, chances are you will be able to choose the right log for your company. However, in the absence of many choices, it is quite possible that you will miss out on the best possible logo for your company. Your logo is your brand and should be unique to you.
For any business customers are the lifeblood of its survival and existence. No company can survive if it does not have a decently sized consumer base. This is the reason why it is essential to understand your consumer base as much as possible, accept their feedback, and improve the ethos of your business to ensure that you have as many happy customers as possible.
Treat your customers well
Happy customers are some of the best marketing tools a business can have. They advertise your company through word of mouth to people they know. So trust them and also promote your company with the help of personal experience. No other form of advertising is able to capture all aspects of business promotion together. Treating your customers well is a trend that needs to be instilled in all levels of your business. While the saying “the customer is always right” may not be necessarily true from a business point of view, it does help to deal with any disappointed customers with tact. Doing so will help some of these customers come back a second time, and give you another chance at impressing them.
Listening to your customers is essential. They will not only provide valuable information on how to increase the quality of your product, but will also give you information on the advantages that your business has over your competitors. Whether it is because of pricing, quality of product, or basic customer interaction and general politeness, these are all pieces of information that you could use to the advantage of your business.
If you do not interact with the customers directly, inculcate the habit of helping customers with a smile. Also, ensure that your entire staff has regular meetings to share information that they have gathered from customer interaction. You can also have discussions on how to improve customer interaction in your business.
Special offers and support
While regular special offers will always help you increase sales and interest in your product, ensure that you also have a very good support system to help customers with after sales service. There are a number of companies all across the world that have a reputation of having good sales teams, but very bad after sales service. This way, they loose out on a lot of potential customers. Poor after sales support will cause your word of mouth advertising population to lose faith in your brand and they might not recommend it to other people.
Building trust with your customers will go a long way in ensuring that they maintain a long-standing business partnership with your firm. A certain familiarity is developed over time and returning customers will always trust your judgment about what is best for them. Working with the same clientele also helps you cut through any of the one-time tasks that your customer management system and processes might require. This helps in speeding up deals at a faster rate.
The way you speak with a customer will also help build mutual trust between the parties. Use “we” instead of “I” to show the customer that you consider your firm to be a team. This will help him realize that you care about his budgets and quality concerns, ensuring that you have his best interests at heart.
As mentioned earlier, customers are very important for any organization. Ensure that they are happy when they buy the product as well as after they buy. They will help spread the word about the best aspects of your corporation. Keep your ear to the ground and pick up on any criticism they might have, and look to correct it as soon as possible. Show them that their concerns are being heard and acted upon and you will go a long way into developing a happy, satisfied, and continually growing customer base.