There are many characteristics for successful businesses. Many businesses have specific characteristics that relate to their industry or geographical location.
Generally, the key areas that business owners should be monitoring, to achieve a well-run business, incorporate:
- Personal capacity development;
- Drive and energy;
- High levels or self-confidence;
- Ability to solve problems;
- Willingness to take advice;
- Ability to see the big picture;
- Excellent customer knowledge and service;
- Know your target market;
- Do your homework on your customers;
- Can you walk in their shoes?;
- Do you have empathy with your customers?;
- Treat your customers differently from what everyone else does;
- Communicate with your customers;
- Let your customers know how much you appreciate their custom;
- Offer better and more personalised services than big business.
For small business to effectively compete, specialise and always be certain to have the product on hand, or always be able to deliver that service.
Product/Industry Knowledge
You need to develop a team that have excellent product knowledge. Think about replacement team members for holidays, sick days, long service leave and training days. This means that, on any particular day, the business can still present excellent product knowledge.
Understand what is happening in your industry, know what the key players are doing, and be alert to industry trends and fashion.
If you have any questions on any of these items, please contact us.
