Top 5 Things your Small Business Should Do Now
In our previous lives, we are a group of people that have been a part of, worked with or owned small businesses. We are experienced in growing sales, creating cohesive branding and understanding market position. However, all small businesses will go through their own trial and error processes to learn from mistakes, often over the course of many years.
If you are like us, and highly value your time... then here are 5 of the most common things we see being avoided by small businesses or brands.
- CREATE A BRAND, WITH COHESIVE BRANDING
- Think of your brand like a cattle brand, something unique to your company. When people look at a product that belongs to your company they should be able to recognize and identify with the brand. This will distinguish you from other products on the market. How do you want others to perceive you? That's your brand. Branding is basically the management of your brand. The tonality of voice you use in combination with graphic representation. Is your brand trying to convey a peaceful lifestyle through calming supplements? Colors, logo, imagery, and tone of voice should all support a calming feel. Would white and pastel yellow work better than neon green and black? Would a logo with thin lines over thick and bold fit the calm feel more? Would a leaf convey calmness over a lightening bolt? All of these things when built with strategy can support your brand. If you pay attention to these things now, it's less costly than trying to fix it down the road. Plus, you'll look put together and professional up front.
- LEAVE EGO AT THE DOOR
- When you make decisions for the business, how do you come to conclusions? If you are always right, then maybe you're ego is a cog in the business growth. This is a very common issue in small business growth. To start and run a business you have to have confidence, but to grow you'll need to lean on the perspective of others and learn when to recognize when help is needed. Look to the top, is anyone there running a company solo? The best of the best need help and expert guidance too.
- DEFINE YOUR TARGET AUDIENCE & FOCUS ON THEM
- If you had to pick one person to sell your product to who would that person be? Where would you go to find them? How old is this person? What are their hobbies or interests? What makes your product perfect for them? What problem are you solving for this person? This person, is now a persona for your target demographic (audience). Are you thinking "but we really are for everyone and here's why."? It's a common mistake small businesses make. When you try to be everything to everyone, it actually backfires and dilutes your brand. As you grow you start to expand the audience out, and you'll know when that is. The growth will almost feel natural. Remember, every big company you see, started with a very niche focus.
- BE DIFFERENT
- See something you like and all of a sudden get the urge to have something just like it? Get rid of that urge. Let's put yourself in the shoes of a customer. You see something on the shelf, but then you see something beside it that looks almost the exact same. Not being able to tell much of a difference, you go ahead and get the lower priced item. Can you see how copying another brand will quickly get you in a race to the bottom? Not a fun spot to be in. Instead, next time you see something you like ask yourself what it is you like about it? Is it a particular finish of the label? Is it the bold use of colors? Did the flavor graphic catch your eye? Or maybe it stood out to you simply because it looked different than all of the surrounding products. People are drawn to different, people remember different. Be different.
- KNOW YOUR GOALS, STICK TO THEM
- Do you know your business goals? This is different from your brand identity, values or stories. But what measurable goals do you have? How large do you want (or not want) to get? What type of timeline? What is your role through the process? Do you want to keep or sell the business long term? Sometimes businesses need to pivot. Being quick and swift in the evolution is essential to not only growth but survival. With that being said, make sure you're very clear and intentional with transition points, so that they align with your business goals. KPIs (Key Performance Indicators) will help you stay honest with your goals and the progression of them. This point may seem obvious, so why bring it up? When you're the one in charge, especially if it's your first business, impatience tends to crop up and lead to "shiny object syndrome". If you end up chasing shiny objects you may have a few short term wins, but long term is mostly about putting in the grunt work and sticking to the plan.
Know someone starting a business that needs to hear this? We'd appreciate if you shared this with them. Have more questions? Feel free to email us: support@smashpharma.com.