Do you have a small business? Every step you take can spell success or failure. In the first year, 20 percent of small businesses fail. In the fifth year, half of them are a thing of the past.
Want your business to win? Have a brilliant business strategy. There is no “right” strategy to fit all businesses. With that said, you can take several general steps to come up with a plan that fits your business.
Create a Compelling Logo
Before you map everything out, think of your logo. A logo is what many customers will see first. A forgettable logo won’t turn away everyone, but first impressions count. Branding will play a huge role in how your business is perceived.
A logo needs to have a simple yet striking design. It needs to have a color scheme and typography representing your business, what you offer, and your values. Think about all the famous logos of the world. Look at McDonald’s, Nike, or Apple. They all have simple designs yet are so effective in getting the point across.
Designing a logo is stressful, but there are websites to help. LogoCreator is one tool you can use to map out your logo.
Who Is Your Customer?
With a business, you want as many eyes on your company as possible. However, this isn’t the case all the time. A lot of eyes on your company mean nothing if they are the wrong eyes.
Having as narrow of a focus on your target demographic is essential. Say you have a coffee shop near a college. Focusing your business on college students is a good start. Then, you may narrow your focus by saying your business is for college students wanting to do their homework in a chill environment.
What Can You Offer the Customer?
Setting your business’s offerings in a precise fashion is ideal as well. Let’s go back to the coffee example. You may emphasize how you offer a nice cup of coffee for a price a broke college student can afford. You may highlight your free wi-fi for every paying customer and how customers can stay for a certain amount of hours.
How Do You Differ from the Competition?
If you have a coffee shop, there are probably others in town. How can you stand apart? Is your business closer to your customers? Do you have a special drink the other shop doesn’t have? Do you use all-organic ingredients? Knowing what you offer above the rest is vital in any strategy.
Getting the Word Out
Where are your customers likely to see an ad? If you have a coffee shop meant for college kids, they probably won’t read it in the newspaper or even through local TV stations. Social media is ideal in this case. With an ad, you should think about how you can get your business across in the least amount of words possible. An effective campaign, especially in the social media age, can get the right eyes for the least amount of dollars.
Remember, Strategies Can Change
Once you have a business strategy, please write it down and follow it. With that said, outlines are never etched into the stone permanently. Your offerings, your customers, and even the building you do business in can all change. Your strategy should adjust according to the present. Doubling down on a plan in a changing world can spell disaster.
These are just some starter tips to win. With a small business, it’s a bit easier to focus on a specific audience. Is your business in one particular region? Even better! However, it does take mapping, and you should not be afraid to use tools and other methods to assist you in creating the best business possible.
Author: Leigh Wade