Archive for February, 2011

Feb
24

Why Small Businesses Fail

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small-business-loan-why-fail-avoid-tipsHearing your boss and colleagues nag five days a week at eight hours a day gets old.  Add to it the insult of being underpaid for excessive amounts of work makes your current employment situation unbearable.  But you need a job.  You need to pay the bills.  So why not start your own small business.  With the right cash flow, attaining a small business loan and bringing forth an endless supply of determination, you can transform any small business into a huge financial success.  Here are the top two mistakes small businesses make.  Be certain to avoid them at all costs.

No Strategy Mapped Out

You need to plan out what occurs during the good, the bad and the ugly of your business.  How will you handle tough economic times?  Where will you attain funding to cover operating costs when profits drop?  These are all scenarios which a small business must prepare for.  Under this category, include your advertising, promotional and marketing plans.

Taking Too Much Time Off

Just because you are your own boss does not mean you can slack off in the dedication department.  Actually, the opposite is true when running your own company.  You need to dedicate time and hard work to your start-up period.  This same devotion needs to continue throughout your entire career.  It is your name and your company’s reputation on the line.  If things go sour, it falls upon your shoulders.  Work twice as hard for yourself to ensure you reach your career goals.

To find out more how to cover start-up costs, contact one of our small business loan experts today!

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small-business-loan-avoid-customer-mistakes-tipsUnderstanding your customers is a big part of small business success, but there are some traps companies fall into.  They tend to believe myths about their customers that need to be proven false.  Once these untruths are revealed, it is easy to follow a positive path where customers and businesses gain a mutually beneficial relationship.  Here are the top two negative assumptions companies make about clients, which should be avoided to gain longstanding success.

Customers Want Cheap Products

Big companies assume customers want one thing and that is cheap products.  This is not true.  Customers want reliable, effective and solid products for a good price.  This does not mean he/she wants to spend money on the cheapest electronic, which lasts only a month before falling apart.  Consumers want quality.  Do not put out the cheapest product that does not attain results.  Instead, put out the best solid product achieving results for the best competitive price.

Customers Complain due to Business Ignorance

Customers understand you are running a business.  Otherwise, they would not be communicating with you.  Do not reply to an unsatisfied customer with a comment related to not comprehending how a business is run.  I personally cannot stand when businesses address a negative situation with, “What do you think we are running here a non-profit?”  Nothing good will come out of such an inquiry.  Concentrate on what the client is complaining about and answer the dilemma without the sarcasm.  Give your customers credit.  They may not run their own business, but they already know the distinction between running a business and a non-profit organization.

If your small business it tight on cash, contact one of our unsecured business loan or small business loan experts today!

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Categories : small business tips
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marketing-tips-small-business-loan-cheapIt is tough to execute a marketing strategy if your business is strapped for cash.  As a small business owner, you should always have operating costs covered.  Without funding readily available, then it becomes impossible to pay vendors, employees and space.  Apply for an unsecured business loan.  In the meantime, begin implementing marketing tips on a budget.  Here are my top two.

Be Consistent in the Quality of Product and Service Provided

Customers do not return to businesses with inconsistent delivery of paid services.  For example, if a client phones or visits your location in-person, then employees should greet the customer.  Treat the person like a V.I.P.  Then, upon the customers return, provide the same consistent greeting, friendliness and professionalism.  This extends to your product.  The product should be the same if it is the customer’s first order or the hundredth. Make this step part of your marketing strategy.  It separates you from the rest of your competition.

Know Your Target Market

Knowing your target market is winning more than half the battle.  If you know your target market, then it pinpoints catering promotions, sales and advertising to your customers.  This will save you money in the end.  You go after your exact potential and current customers, and keep them coming back for more.

It is difficult to run a small business and compete against large corporations, but the key to success is to narrow your focus and implement affordable marketing strategies.

For information on how to obtain marketing funding for your company, call one of our small business loan experts today!

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