Business 101

Barely a day goes by without our hearing of another business closing. Perhaps the restaurant that you ate at just last week has now closed its doors or the gift shop that you loved has gone forever. Such instances are common to all of us.

In today’s environment, one must wonder why does one business fail and another one “make it.” What does the successful business owner do that others don’t? Why was Sam Walton, the originator of Wal-Mart, so successful when thousands of other businesses fail each year?

I bet most of you know of someone that has started a business and only a few months later has closed down. At one time or another, all of us have thought that we could slay the giant as David did. Nothing could slow you down. But then reality slapped us in the face and it proved harder than it looked.

We thought that “hanging a shingle” would guarantee that we would have customers and that anyone would be crazy not to shop with us when (fill in the blank) down the street was not nearly as good as we are. Most of us start out with a dream to one day “make it big.”

The bottom line is that if you want to stay in business, ask yourself this question. What can I do that will insure my success so that I am not one of the people that are in business for only a short while?

The number one priority of any business is to increase sales. A few ideas that may help you in your efforts to increase sales are below.

· More advertising. This may help to increase your sales, but you need to consider the added expense of the advertisements.
· Reduce prices. Is your competition’s price lower than yours for similar items? Lowering your price could help you to sell more and gain new customers.
· Find other suppliers. Look around; there may be other suppliers that have the same or similar item at reduced prices and you can pass the savings to your customers. Look for wholesale sources that are having closeout sales. Usually this occurs at the change of seasons. Also if new products are offered other models price declines.
· Add new lines. If the market is saturated, consider adding new lines to your inventory. Another brand may be just what your customers want.
· Remodel. Nothing gets more attention than a company remodeling their business. Everyone wants to know what is going on there.
· Have a contest. People love contests. It will get them to your business location, it is your job to sell them something and get them coming back.
· Offer loyalty rewards. Spend $100 receive $10 off coupon on your next purchase.
· Punch Card. Have a drawing and give something away every week to customers that have their card punched. This method has been used for years at a local grocery store and is very popular.
· Customer appreciation day. Create a buzz, have a live radio broadcast, have snacks. Have a celebrity signing autographs.

Marketing can be a complex matter. The difference between a successful business and an unsuccessful business may be as simple as going the extra mile to help the customer feel appreciated and not taken for granted. Customers want to have an enjoyable experience when they shop. Overall people want to see businesses succeed but they also want to know that the business owner has done everything possible to make their experience a good one. As Zig Ziglar always says, “You can have everything you want in life if you help enough other people get what they want.”

And what business owners want is more customers.

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