Dissect Successful Businesses
November 23, 2015
There are an abundance of businesses everywhere...some small, some large, some successful, and some not so successful. Every small business owner has some idea how his or her business is doing. It is almost without exception that every business can become more successful than it currently is. Sometimes becoming more successful is simply a matter of observation.
If you're a small business owner, you can most likely find a successful business in the same industry, and it doesn't have to small. Successful businesses display similar traits. Rather than "reinventing the wheel" in your own business, dissect successful businesses. See what they do, analyze why, and then imitate those factors that make similar businesses successful.
Dissect successful businesses for the following:
Marketing – Determine the primary sources of marketing. Successful businesses utilize an array of marketing techniques rather than just one or two. Marketing must be broad enough to cover the target market but not waste valuable marketing dollars on unintended targets. Likewise, if marketing is too narrow and
misses part of the of the target market, then potential revenue is lost. See how your business compares from a marketing standpoint to the leaders in the field.
Customer Service – Competition in today's marketplace is intense...to say the least. When many businesses offer essentially the same products or services as other businesses, many times customer service and employee attitudes make the difference between loyal customers and "one transaction" customers. Analyze the level of service, commitment, and attitude successful businesses have toward their customers. Why do the successful businesses have repeat business and loyal followers? You might be amazed how just a simple change in company attitude might change the trend of your business.
Quality – Any business can strive to be the best in its class regardless of the "class." This means that low-end products and services are not necessarily competing with high-end products or services in the same industry, i.e. a small compact economy car does not compete for the same consumer dollar as an expensive luxury car. Each, however, competes to be the best in its own class. Buyers expect and demand quality. Know your competition, determine the quality of products and levels of service they deliver, then plan how your company can beat the competition.
Pricing – Businesses must remain competitive with pricing. This does not mean that a business must have the lowest price. It does mean, however, that a business must be competitive relative to the price and value it is charging customers. It is important to understand how the leading businesses in your market environment charge for their products or services...low-cost provider or high-cost supplier of superior products and services?
Ease of Doing Business – Some businesses make a shopping experience easier than others. Whether it is online reservations for service work, e-commerce to purchase a product, or multiple cashiers available for checkout, the ease of consummating a sale often times makes the difference between a sale taking place and a potential customer going to the competition. Check to see how your sales process stacks up to the best in your field.
Although you might understand what your business needs after "dissecting and analyzing" more successful businesses, you still might not be able to plan how to get from Point A to Point B by yourself. This is when it's time to call in a professional certified by the Association of Accredited Small Business Consultants. Strive to not only imitate what the "Number One" business does but become Number One yourself.