Running your own business can be the biggest thrill you will achieve in your working life, or the most stressful and demoralising experience you can imagine. On some days it is both!
However, I have come to realise from my own experience, from talking to business owners, and from gurus such as Ron Baker, Peter Thompson and Steven Covey, that running a successful business is all about minding your Ps and Qs.
Given the stresses involved in running your own business it is vital you are passionate about your product or service. Let’s face it, it is much easier to engage with potential customers if you can show passion for what you do.
Once you know what you want to do, you need to have a robust plan. We business owners are often knowledgeable about our product or service but avoid those business areas we struggle with – often marketing, sales or finance. The process of creating a business plan forces us to review ALL the areas of our business which are crucial to our future success.
We need to present ourselves to the market. If, like me you run a service lead business, one of the best ways to do this is to network. People buy from people they trust so you need to be out there meeting, and getting to know, local business owners.
Consulting professionals to help in areas you are not expert in is wise. Very few of us are instinctive business people and there will be one or two areas we struggle with. Interesting it is often more cost effective to get an expert in to do an efficient job than to try and do it ourselves.
To me a key element of a quality service is communication – this means listening and responding to clients’ concerns. Even if you sell a product there is a service element to what you do and this will be your contact with your customer.
Effective communication will allow you to qualify a potential client’s needs and what they particularly value. Having established value it should be fairly easy to give them a price.
To close, your business will not be measured by the outside world on what it is but on what people perceive it to be. So keep your ear to the ground and ensure peoples’ perception matches your reality.