When you first opened your small business, did you ever think that the time would come when you’d celebrate a year in business? What about the idea of three years going strong?
As statistics in general show, around half of all business started will end up reaching a fifth year of success.
With that in mind, what are you doing in order to decrease the odds of being one of those businesses not celebrating a fifth anniversary one day?
Although you likely started out with the highest of hopes, you know just how difficult it can prove to be to run a small business.
From financial issues to your competitors outdoing you on each and every front, your time in business can be shortened rather quickly.
On the other hand, having a stellar product or service, showing attention to customer service, and watching where each and every dollar goes, can give you a longer lease on life.
So, will you improve your odds of being here a year from now, perhaps even five years?
Be the Absolute Best at What You Do
For your small business to improve its chances of being around for as long as you would like it to be, keep these pointers in mind:
- Financial capital
You can’t get too far if you’re always worrying about your money, especially if you find your business finances in the red more times than not.
That said make sure you do everything possible to see that customer transactions are in fact completed.
For example, this means avoiding the problem of chargebacks, an issue that can stymie your financial well-being if you are not careful.
For those not up to speed on the issue, chargebacks result when customers using their credit cards change their minds about a payment they’ve already made.
In doing so, they simply refuse to pay for the product or service they initially purchased. In turn, the business owner is on the hook for the money. End up getting too many chargebacks against your small business and you could lose charging privileges.
One of the best ways to lessen the damage from such chargebacks is by using a cardholder dispute resolution network (CDRN). This allows you to not only stop chargebacks in the first place, but also make your payments safe and sound.
If you feel like chargebacks have become an issue for your small business, do some online research as to how to nip this problem in the bud moving forward.
- Customer service
Where would your small business be without great customer service?
Although it can be easy at times to become complacent, avoid that pitfall at all costs.
As part of your customer service initiatives, be sure to regularly get the thoughts of your customers, both those you’ve had for a number of years and also the newer ones.
Assuming you are using online marketing be sure to put customer feedback surveys on your website and in your social media offerings. You should provide some incentives for customers to take the time to fill them out and return to you.
Even though you may think all is well with your customers, they may have a bone or two to pick with you. By taking and listening to their feedback, you can lessen the odds of them becoming one-and-done customers.
Don’t Be Afraid to Try New Things
- Pushing the envelope
Lastly, do your best to push the envelope with your small business.
Don’t be afraid to try some new technologies etc. when reaching out to consumers and of course serving them.
While it is not wise to duplicate all that your small business competition is doing, don’t be afraid to give them a look every now and then, seeing what techniques they are using to bring in new customers.
Most importantly of all, avoid standing pat.
Yes, it is great to be consistent in running your small business, but not to the point of watching others pass you by over and over again.
With that in mind, what are you doing to improve the odds of your small business being here for years to come?