How to succeed in your new or existing business

As a business owner who makes her living off of helping to develop other businesses, I know all too well the common mistakes that people make when starting a new business. People generally have a lot of good ideas. It’s just that it’s impossible to run a successful business in today’s ever-changing market if you don’t make plans, strategize, line all your ducks up in a row, and stay ahead of the game.

I don’t like seeing people fail. So I’d like to share just a few tips for business owners who are starting a new business or seasoned business owners who want to take their work to the next level.

1. Write a business plan and do a SWOT analysis.
2. Seek feedback from your target audience.
3. Have a website.
4. Network and get to know other business owners.
5. Don’t forget financial planning.

Every single business needs a business plan. You will inevitably miss something if you start your business without a business plan. By piecing together the background and vision of your business, ironing out the intricacies of products and services offered, figuring out who your target audience is and how to market to them, and laying out your finances and cash flow on paper, you’ll be able to develop a workable strategy for executing your business and grabbing a chunk of the market.

Also, you need to examine what your strengths, weaknesses, opportunities and threats are. This is known as a SWOT analysis and it is a business strategizing tool. When you know your strengths you can capitalize on them while working on your weaknesses. If you know your competitors' weaknesses, you can find new opportunities to fill a niche and eliminate threats to your business.

Now, not everyone is a gifted writer or has the ability to put together an organized and well developed business plan or SWOT analysis. So my advice is to either take the time to write the business plan yourself or find someone with experience who can help you.

Another thing that all business owners should do is seek feedback from your target audience. It doesn’t matter if you’re selling ice cream from a truck on the side of the road. Shouldn’t you talk to your customers and find out information such as 1) their preferred flavor of ice cream, 2) what they would like to see sold, 3) the time of day they usually buy ice cream, 4) what they think is a reasonable price for ice cream, and 5) why they would buy your ice cream over a competitor? If you don’t seek feedback from your target audience you will be making the unforgivable mistake of assuming that you are selling a product or service that is what your customers want without even asking them!

It baffles me but there are still people out there who don’t think they need a website.  Most children and adults in America are very adept at surfing the web. So why on earth wouldn’t you use the internet as another way of reaching your target audience? A website doesn’t have to be fancy, but it should give the general public a quick glimpse of what your company is about and what products or services you offer, and essentially sell your product or service online. You can put a link in your email signature that will take people directly to your website. Make sure you have a good website and make sure your website is appealing to your target audience so that they will want to utilize your services or buy your products.

It’s always a good idea to rub elbows with other business owners and CEOs. If you look around, some of the best and most successful businesses out there are built on network marketing. Don’t make the mistake of not networking or not meeting other business owners. The next person you talk to could become a customer or refer you some new business—that is, if you make a good impression. There also may be a way that you can help each other market. 

Last but not least, don’t forget financial planning. I know it’s a headache and you don’t want to think about loans or project what your income will be at the end of years one and two. But think of financial planning as a necessary evil. It’s better to do it than to be caught off guard by an unforeseen expense. Can you imagine explaining to your spouse that your business is on shaky ground because you forgot to factor in the cost of office supplies and travel into your financial planning?  Generally you want to account for salary plus fringe benefits for employees (medical, dental, vision insurance), travel plus per diem, cost to create the good or service, office supplies, cost of marketing efforts, hardware and software, rent or mortgage, and maintenance.

So that’s my list of tips in a nutshell. Please know that there are plenty of resources out there if you are a business owner and you don’t know where to start or you need some help developing your business. If you need help or ideas, please email me at jax@gojadesolutions.com. Among other things, I offer business plan writing services. I wish you all the very best of luck in developing your business and taking it to the next level. 

Jacqueline Cheung is an Elk Grove resident and the Executive Director of Go Jade Solutions.