Starting and running a business is a big challenge.
If you are planning to start a business or currently on your early stages of running a business, here are steps to lower the cost of failure.
- Ensure that you have a bigger cash inflow than cash outflow
Some entrepreneurs make a huge mistake of spending more than their business can afford.
They spend on unnecessary things or necessary things that their business sales cannot provide them.
If you are starting a business, be mindful. Spend less than what your business sales can afford.
2. Know Your Customers
The more you understand your customer, the more you can provide their needs, wants and expectations.
If you can provide their needs, wants and expectations, they will come back a lot of times and win their loyalty.
It is all about repeat transactions.
3. Deliver What You Promise
Your product should deliver what it promised to the customers. If the promise is good quality, deliver it.
Your customers expect nothing less. Do not shortchange them.
The best marketing tool is word-of-mouth marketing. This tool will come from your satisfied customers.
4. Create a Loyalty and Rewards Program
Customers love to be rewarded for their loyal.
Create a loyalty program that rewards them for their continuous patronage to your company.
The more you reward them, the more they will increase their purchase.
It is a win-win situation that benefits you and the customer in a never-ending cycle.
5. Join Business Expo
You have to promote your business. The more you promote it, the more a larger group of your target market will know that you exist.
Business expo will help you achieve this goal.
Best of all, the business expo is an affordable tool that provides your business new business partners and sales increase.