You're a WAHM with a new business and wondering about successful business strategies. This guide will help you with a few of the ideas.
Strategy 1: Planning
"Plans are nothing; planning is everything." Eisenhower said it all with that statement. Plans always change--however it's important to plan your strategies. People think of planning as final decisions with no chance to change your mind later. However true planning involves looking at a number of choices and choosing the best path to take. Sometimes planning takes you off your chosen plan, and that's ok. Keep your eye on the goal and change accordingly.
Keep these steps in mind when planning.
- Set a realistic financial goal to achieve for the year.
- Consider the challenges you will need to overcome to reach your goal.
- Decide what you need to achieve to overcome those challenges.
- Calculate how much it will cost you to achieve those results.
- Evaluate how you are currently spending your time and money.
- At this point go over both your current spending and activities alongside the spending and activities you need to achieve your goal. Eliminate spending and activity that is not productive towards your goals.
You need not be set in your planning, in fact be prepared to adjust the plan. Things will change, and you will need to change with it. Planning is a continual process.
Strategy 2: Customer Service
Let's face it, customers keep you in business. Without your customers, you would have no revenue. Therefore, it is important to take care of your customers and make sure they are satisfied. Most revenue comes from repeat customers, not new ones. Keeping your customers should ALWAYS be the priority.
Strategy 3: Don't be Afraid of Risk
Business is fickle and ever changing. Neglecting risks will cause your industry to stagnate and lag behind your competitors. It is important to change with the times because return always increases with risk. However, it is important to balance risk taking with safety. Risky ventures have large payoffs because they are so risky. When deciding on taking on a new risk for your company, carefully evaluate the pros and cons and make sure that your return is worth the risk. This is where your planning comes in!
Strategy 4: Retain a Competitive Edge
To gain and keep customers, you need to provide a product or service that is better than anyone else has. It is always important to keep an edge over your competitors. If a rival business overshadows what you do best, you will need to discover another competitive edge. This is where you will usually need to take risks. If you discover a new and better way to perform a service or craft a product, seek out that edge and keep it private for as long as you can.
To run a successful business, it just takes a lot of planning. You want to provide a superior product or service to your customers, and always treat them well. Take risks if they benefit your company, and always retain the edge which makes you stand out over your rivals.