Micro-entrepreneurs can travel the moon and back to make sure their business survives in this tough and competitive market. Market trends keep changing constantly it is absolutely necessary for Micro-entrepreneurs to keep pace with these ever-changing market dynamics and keep their business skills updated.
Micro-entrepreneurs primarily focus on closing their deals successfully, keeping all records updated and safeguarding their business from any threats that they sense.
We have listed down tips and tricks that can help SME’s succeed in this competitive market which is not any less than a war zone of businesses trying to out-do each other.
- Plan it on Paper
- Keep advisors within reach
- Assess Demand Of Your Product/Service
- Market The Distinctive Advantage Of Your Product
- Keep regular track of your business
- Smart Work
- Be An Optimist
Plan it on Paper
Planning and shaping the present and future of your business is an important exercise for any small or medium-sized business.
Without having a proper plan it is only a fancy. Pen everything down your ideas and strategies, aims and objectives, marketing and finance plans. Once you have your plan is ready, execution with be much easier than what you thought it would be.
Change is the only thing constant. Make the necessary changes to your plan whenever they are needed. Do not follow your plan blindly.
Even the best of plans can be filled with flaws that can ruin the idea that it all started with. Adjust with a business plan according to the dynamics of the market and the current economy.
Keep advisors within reach
‘’To walk around with an ego is a bad thing. To have confidence in yourself is a great thing.’’
All SME’s, especially new ones need help when in the establishing phase. Help in form of valuable advice. Lend an attentive ear to your advisors, you will need them to bounce off ideas, acknowledge accomplishments and handle failure.
Keep your ego in check and listen to what your well-wishers tell you. Keep emotions out-of-the-way and don’t take things too personally. Always remember your advisors are only trying to help your business and you succeed.
Assess Demand Of Your Product/Service
Conduct market research and evaluate how well your product will be received. This basically means you have to gauge the demand for your product in the market.
This will equip you with much-needed tricks to launch your product, reach your target audience as well as price your product right. If the product you have has an added advantage over the ones existing in the market you can safely consider it a winner.
Market The Distinctive Advantage Of Your Product
This simply means that your product or service has to be better than the others already present in the market.
A run of the mill product will not take your business too far. Highlight the advantage that makes your product stand out from those that already exist in competition. If the buyer is convinced that your product is better than the ones already in the market, most of your job is done.
Here’s how Bakarmax – a cartoon and comic brand, realised how selling comics can turn a profit!
Keep regular track of your business
Numbers are of prime importance in any trade. Keep a track of all the incoming and outgoing, of all the purchases and sales, of all the profits and losses. Take important decisions depending upon past figures, values and also on your instinct.
How do you keep regular track of business? Calendar templates and productivity tools!
Delegate, empathise and collaborate
Be a good manager. Delegate tasks to the person who is best fitted to execute them. Take up tasks that you can execute well. Do not waste time in theories, practical field experience helps business owners much more than theories. Inspect everything before you shelf if out in the market.
Be an optimist
In the words of William James ‘’Pessimism leads to weakness, optimism to power.’’
Stay Hopeful and work towards the betterment of your product. Don’t let a few initial setbacks mar your confidence.
Go out there and fight it out, put your best foot forward. You will surely make you small business big.