Hi, I run a few companies in varying industries. I’ve written up a few tips for anyone looking to hold their ground.
- Do what you say you are going to do.
When promising a customer with expectations, don’t let them down. It may be your last time. You are better off not saying anything unless you will actually be able to accomplish it.
- Treat each customer like they are your only customer.
There is a sense of “satisfaction” when you reach a level of sales and income that you are content with. After we reach it we tend to become looser on our standards and customer service. Remember how you got to where you are, because someone else will fill your place.
- Innovate, Innovate, Innovate, Then Create.
We don’t have to invent something to have a growing business, but we do need to put a twist on it to stand out above the rest. After you start to become a market leader, then you must create or be creative in marketing to hold your market share. Don’t let a sense of “satisfaction” kick in and become complacent.
- Spend like you’re always broke.
Forcing yourself to shop around for better deals will remind you how hard it is to make money and how easy it is to spend it. Your employees will appreciate your responsibility to having a healthy business that can make those “big ticket” purchases when you need to.
- Advertise, advertise, and then do even more advertising.
The last budget you want to cut is advertising. Cut it out, and you may have just as well started to dig your own grave. Someone else will take your spot, and they will surpass your business. Refer to Tip #4 to make sure you have an advertising budget.