Every day, new business ventures are created. Some of these businesses will succeed, but many will fall by the wayside. Will your business thrive, or will it join thousands of others that have faltered along the way?
Here are 13 basic rules to make sure your
(Social) business grows and prospers:
Law #1: PLAN YOUR SUCCESS
An entrepreneur should understand the power of planning. A good plan helps you increase your chances of succeeding and can help you define your business concepts, estimate costs, predict sales and control your risks. It tells you where you are going and how to get there. Going into business without a plan is like driving into a foreign land without a road map.
Law #2: TARGET /NICHE
Always target a niche market. Realize that it is not possible to be good at everything. You are not all things to all people. Identify a problem in that niche market and Create a desired solution for that problem. A company with limited resources can efficiently serve niche markets. Concentrate your efforts on a fairly narrow market offering. This entails sticking to what you do best, and becoming an expert in that field. However, you can try to limit your offering, for example, to construction of porches and decks and be the best retailer for this segment.
UTILITY ESTABLISHES GOODWILL
Law #3: BUILD A TEAM
Don’t hire an employee to fill a position. Employ a person to be part of a team to build your business. Say “Thank You” – A lot. Tell your customers and employees how much you appreciate them.
COMPANIES ARE NOT INHERENTLY SOCIAL (BUT PEOPLE ARE)
Law #4: BE DIFFERENT/ BE AUTHENTIC
A self-defeating behavior of many businesspersons is thinking, “My business is different!” When introduced to a management, marketing or sales strategy, most respond, “That doesn’t apply to me because my business/customers/location is different”. Your business may be different in some ways, but in most of the important ways it is just like every other business. You are selling the benefits of a product or. Your customers mostly take action based on emotional responses and justify their actions with “logical” or rationalized “reasons why.” Stand out from an overcrowded marketplace where so much of the advertising and products/services look the same. Avoid being a copycat; rarely do imitators succeed in the market. Study, but do not copy your competitors, and package your products/services distinctly. You have to collect more revenue that the expenses you pay in order to stay in business. Your business has to include leadership, management, marketing, sales, production and finance functions.
AUTHENTICITY AND TRANSPARENCY BUILDS TRUST AND ORIGINALITY STIMULATES WORD OF MOUTH.
Law #5: START SMALL, YET THINK BIG
The most common question of business start-ups is “How can I compete with my big competitors?“ Small businesses have inherent advantages over big businesses, including flexibility, ability to respond quickly and able to provide a more personalized service. Make sure that your business takes maximum advantage of those areas that represent the strengths of small business.
KISS : KEEP IT SHORT/SMALL & SIMPLE
Law #6: BE GOD
Your business hinges on its reputation. It is imperative that you build a good reputation for the quality of your products and services. Remember that two things guarantee success: high quality goods and superior service. Strive for accuracy and quality from the begining. You often do not have a second chance to make a good first impression. Everyone you come in touch with is potentially a client or a referral to another client because they are either impressed with you as a person, impressed with your skill at providing a certain product or service. Companies that produce great products and services rather than companies that simply rely on great messaging will be winners in a Socialnomic™ world.
GOOD REPUTATION BUILDING EQUALS BRAND AND INTEGRITY BREEDS LOYALTY AND EMPOWERED CUSTOMERS ARE IN CONTROL
Law #7: BE FAST
Time is the most precious commodity. When delivery is expected Friday, show up Thursday afternoon.
Return calls and emails now. Consumers are looking to peers for recommendations on products, services, and more via social media. Only companies that produce products and services of great value will be part of these conversations; mediocrity will quickly be eliminated.
INTERACTIVITY AIDS (MORE) RECALL AND CONVERSATIONS GENERATE AWARENESS.
Law #8: BE CONSISTENT
No matter what form of business you are branding (online), it is important that your (online) presence is represented with a consistent brand and marketing message. Make sure your business has a consistent look and feel. A customer must get the same from everyone within your organization. Don’t ever hard sell. Solve problems. Satisfy wants. Do what is truly best for your customer.
(ONLINE) EXPERIENCES DEFINE YOUR BRAND.
DON’T JUST SAY IT, PROVE IT AND REMEMBER IT THE BRANDS WHO TELL THE BEST STORIES WIN
Law #9: BE INNOVATIVE
Entrepreneurs know that they should not be rigid in their ways of thinking in their quest to improve their best products and services. The business environment today demands that you need to come up with new solutions fast!
Use change as a springboard to improve your products/services, procedures or reputation. Innovation should also cover your operations from pricing, promotion, CRM, distribution, etc. Keep your eyes for new ways of doing things, and apply those that can improve the quality of your products/Services and efficiency of your operations.
Law #10: BEING FOUND IS A BUSINESS IMPERATIVE
56% of all online searches are looking for a local business.
People spend 80% of their money within 20 miles of their home…and they’re turning to the Internet to research.
If your business is not being found online today, you’re missing out. You can even have an expensive website, but if customers cannot easily find you online, the website is basically worthless. If a business website is not found online on a major search engines like Google, Yahoo, Bing with the main keywords relating to the business and its location, then it’s ineffective.
SEARCHABILITY = VISIBILITY AND RELEVANCY BOOSTS RANK
Law #11: BE A GOD LISTENING
Social Media is not about technology. It is about conversations enabled by technology. Social Media is about conversations, we need to have at least two actors alternatively talking and listening. This is a critical point that is often questioned by social media sceptics. Listening as a way to market our research. Listening is a great opportunity for us to engage with users of research products/services. When you think about possible ways and alternatives to get your messages out more effectively, through different channels, and in different formats, you also need to keep an eye on what other organizations and people are writing about those issues that are related to your product/Service. Social Media Listening is a new way of raising the profile of our Organizations, projects and even ourselves as we gain visibility by adding value to online conversations. It should also help us find new partners, networks and new ideas. By participating in online conversations, we leave footprints in the Internet sphere that raise the probability of us being found and contacted. Be market driven: listen and react to your customer’s needs. Customers need to feel that they are important to you because they are!
TWO EARS AND ONE MOUTH
Law #12: MEASURE AND OPTIMIZE YOUR BUSINESS
It may or may not have occurred to you how important it is to measure your own business. However, if you do not look into the efficacy and processes within your company, there is no way for you to know how well your organization is truly running, and in which área(s) improvement is needed.Traditionally, these elements have consisted of counting defects, measuring costs, and tracking cycle times. Today, there are primarily five areas of measure for business, which include:
1. Performance – your business ability to provide a solution in relation to its requirements and its competition.
2. Quality – the number of defects and the number and rate of delay.
3. Timing – its speed to the market, including its schedule for internal development (also known as cycle time) and its external market timing.
4. Finances – revenue expectations, costs, margins.
5. Development costs – for specific projects
Additionally, there are a number of sub-categories for measuring your business. As you can see, there is quite a bit to consider when you wish to measure your business. This often explains the inclination for business people to put off such measurements.
MEASURABILITY HELPS YOU OPTIMIZE
Law #13: IN BUSINESS, WINNING IS EVERYTHING
Okay, so do you have a “Law #14″ you want to add?
…Or do you have your own Laws that govern how you live and do business?
Is so, I would love to hear them.
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