The decisions you take regarding your business would go a long way to determine the success or otherwise of the business. However, if you are not satisfied with results obtained, consider the following points with a view to repositioning your products or services.
- The product must meet a need
Every product or service must be able to meet a particular need of customers cost effectively. This compels the customer to go for it while expecting to derive certain benefits or utility. Therefore, what you are offering must be obvious or clear regarding the value it is adding to the customer.
- Excellent quality at a good price
Ensure that your product or service comes with a good quality and is competitively priced. This gives the customer an assurance that one is getting value for money. As against a substandard product or poor service which leaves the customer feeling dissatisfied, with a little prospect of a repeat patronage.
- Spend wisely
There should be a firm control on your finance. Accurate bookkeeping and accounting should be applied from the onset. Expenditure should be very minimal and records properly kept. Delayed gratification should be applied at this stage to give room for growth and consolidation. This ensures that the resources (money and time) that should have been spent is ploughed back into the business , thus creating sufficient funds for running costs.
- Maintain good cash flow
Small business owners should ensure that they maintain good cash flow as this is critical to the survival of any business . Credit sales is not a good way of attracting and keeping customers for small businesses, rather, it does have an adverse effect (more often than not) on the business. Expenditure should be closely monitored and controlled to fall within the budgeted range.
- Control and monitor is essential
To ensure the survival of a business, it is essential to put a system in place. This helps to control the inventory using information technology or stock cards that would be regularly monitored . This helps to reduce pilferage and sharp practices by human elements. It is also necessary to monitor the workforce to ensure that their conduct/activities are in line with the vision/goals of the promoters or owners of the business. Effective supervisory role is needed here.
- Maximize the power of advertisement
Advertisement is a very potent tool in marketing, which every business ought to maximize. It helps to continually create new customers while other factors help to keep them. Every available means should be employed to advertise or market the product or service. These include signages, branding of workforce attire, nylon packs, vehicles, electronic commercials, social media etc. These help to build the brand , thus creating more value. Big multinational companies still advertise their products and services even though they are household names. This helps them to sustain and improve on their successes by creating and retaining customers.
- Develop the selling skill
The ability to successfully sell yourself, what you represent and your product or service is key to the success of your business. A lot of customers or potential customers may have the purchasing power but are undecided regarding what choices to make. This is where your selling skill would help to tilt their decision in your favour. Knowing your products well, helps to sell it successfully to prospects by applying your good selling skills. Also a pleasant personality / attitude helps in the reception of the product/service by the prospect.
- Be different
In order to make an appreciable impact in your business, you need to be different from others. This involves “going an extra mile” or value addition in the way you provide your service or product. Customers will keep coming back due to the added value which your product or service is synonymous with. In offering a product/ service, ensure that it is differentiated from the lot, thus giving it an edge over the rest.
Apply these and see your business grow.
By Charles Ochieze