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- How much cash will you need in an emergency and where will you keep it?
- For entrepreneurs starting and expanding their businesses
- Help your business overcome unexpected financial events
- Perceived value is how a customer evaluates a product or service based on how it meets their needs or expectations
- Price, convenience, credibility, and other factors will influence a customer’s perceived value
- Perceived value should play a role in your pricing and marketing strategies
- Small businesses have found ways to endure despite big box stores’ edge on pricing and selection
- Offering a better experience and good service are essential steps in remaining competitive
- A strong online presence has become more of a necessity as well
- Your marketing strategy will determine whether you start big or start small
- Niche marketing allows you to target a group of people who are more likely to purchase your product or service
- Mass marketing reaches a larger audience, but does not always result in greater returns
- Pain points are any specific problem faced by a customer using a product or service
- While there are four areas of pain points, issues often fall into multiple categories
- Market research can help you identify customers’ pain points and offer insights into how you can address them
- Surveys offer useful feedback on how a company is meeting customer needs and how it can change its strategy
- Company owners can choose from several different types of questions when putting together a survey
- Successful approaches make it more likely that a customer will complete the survey
- Small teams offer many benefits when working to complete a project
- However, the limited number of employees can also create certain difficulties
- Shared goals, tech options, and other ways to improve productivity
- Research shows that companies that in their employees and workplace post better profits than those that don’t
- Fair pay and benefits, an open leadership model, and other strategies to improve your company culture
- Ensuring that your employees are engaged with their work is also a crucial factor
- Legal oversights are common in small business, but can be costly as well
- Proper documentation, intellectual property protections, other essential steps to safeguard your business
- Understand and stay compliant with all legal requirements
- Common mistakes made by entrepreneurs seeking to run a business
- Failure to have a clear plan for finances, marketing, and other aspects of the business is a major shortcoming
- Entrepreneurs must also be willing to commit to a venture and seek help as needed
