by Rick Leibowitz (May 2006)
There is a silent, and potentially deadly, threat that faces every small business owner – complacency. To quote the great satirist, Will Rogers, “Even if you are on the right track, if you just sit there, you will eventually get run over by a train.”
Your entrepreneurial fire that you had burning within you was the driving force when you decided to leave the safety of secured employment to bring your own product or service to the marketplace. For those who are experiencing success, that fire burns continually despite all the challenges of maintaining profitable operations in a competitive market.
Unfortunately, success and accomplishments are functions of time. When you read your first words, there were probably loved ones who celebrated your achievement. Do you think people are still celebrating your ability to read today? In business, creating profit is like learning to read those first few words. It is an amazing accomplishment when it first happens, but your business “vocabulary” has to expand if you wish to earn more profits in the future.
Your customers always have choices to spend their dollars elsewhere and others will be looking at ways to capture their attention. If you stay complacent while celebrating your successes, competitors may be coming up with better ways to gain your customer’s dollars.
Here are some ideas to help you rekindle that entrepreneurial fire:
Focus on Building Customer Loyalty
Customers are a fickle bunch. They love you one day and then go to the competition the next day; even if they were satisfied with your product and/or service quality. To keep them coming back, you have to give them a reason to be loyal to your business. Build relationships, offer frequent purchase incentives and strive to create an indelible message that emotionally appeals to your customers. People love to be wanted and using some of your entrepreneurial energy to build customer loyalty will often make a huge impact on their perceptions of your business.
Innovation
Innovation is the supreme motivator for most true entrepreneurs. What product lines can you add to your business? Can you develop service extras to make your customer’s purchasing experience more convenient or enjoyable? Can you improve production efficiencies?
Successful innovation always begins with identifying a customer need that is not being satisfied. Your innovation does not have to be revolutionary or of a grand scale. Anything new or different that serves some purpose to increase your overall profitability will suffice.
Find New Customers
Who’s missing? Every small business owner should ask themselves this question on a regular basis. Your marketing plan should include a focus on bringing new customers to your business. Eventually, you are going to have some attrition with your existing customer base, so consider new and exciting ways to attract new customers to your business.
Hopefully, the desire for continued improvement will eliminate complacency and keep that entrepreneurial fire burning. I also encourage you to utilize another motivator to keep your passion burning – fun! As you plan your course of action, think of entertaining and invigorating means to motivate you and your team to accept the challenge of building a more prosperous future. Not only will the tasks be more enjoyable, but your customers will probably sense that positive energy.
“We shall have no better conditions in the future if we are satisfied with all those which we have at present.” Thomas A. Edison