Independent business owners need to be business-minded in order to achieve business success. In tough economic times, it’s important for business owners to be financially savvy in order to increase profit margins, thereby keeping their business doors open. However, even well established businesses can be susceptible to financial failure during an economic downturn.
In order to maximize business success, here are five skills entrepreneurs need to master in order to optimize their business’s success:
1. Outsourcing Products
Many small business owners tend to be under the impression that all business transactions and functions is more cost effective and efficient when down in-house when in fact, outsourcing to other company actually eliminates business costs. From outsourcing training, products and services to even something like accounting and payroll can dramatically decrease the amount of money a business spends each month and instead benefits the company by increasing profit margins.
2. Marketing and Social Media Presence
One of the most important aspects to growing business success is done through marketing. When businesses deal with financial hardships, most cut back on their marketing costs, hoping their brand and popularity will keep them in the green. However, when marketing is sacrificed, the entire company suffers. Instead of cutting out marketing all together, look for inexpensive ways to promote business.
Having an online social media presence is a cost effective way to be present to clients and investors while also promoting the brand to the public. With the increasing popularity of sites like Pinterest, Twitter, Instagram, YouTube, Facebook, LinkedIn, etc., businesses have the power to reach a wide demographic of people by spending little to no money at all. Social media has changed the face of business. By using social media effectively, a business can be a global success story practically overnight. See our post on twitter tools for more tips.
3. Verbal Skills
Independent business owners are the face of their company. How they treat their clients, investors, partners, and employees can transform their business into a thriving enterprise, or it can cause the business to shut its doors faster than it took to open. When it comes to speaking with potential clients and investors, there is a fine line between formal and unapproachable and overly casual with a laid back attitude. Investors and clients alike will support someone who is trustworthy and friendly, yet serious and professional. They want to support a relational person who not only believes in their business, but also possesses the fortitude to see out their business success.
Business strategies are key to having success. If a business model is disorganized or non-existent, it is only a matter of time before the business collapses. A business strategy is the foundation for business success because the business has direction.
Lastly, do not sacrifice the quality of the company for the quantity. Inauthentic company growth is not as sustainable as organic growth. It’s better to have a few consistent, reliable clients or followers than many half-hearted ones.
These five skills will help to provide entrepreneurs with a stable business foundation for success.
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