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5 Success tips for small businesses

It takes a lot of effort to start a small business and even more to scale up. Every day new businesses are venturing into the market while other businesses are operating their business on deficit, unknown to them. It could be that they are following bad advice or they are not following best practices

Whatever the reason may be, do not give up on scaling your small business or starting one. If you follow these tips below, it would guide you towards achieving business success.

1. Create a brand identity.

Do this by putting more of “You” in the business. You are what makes your business. Show people the human side of your business. They want to be able to connect and engage with you. Your values, personality, authenticity, and vision are what separates your business from other small businesses. When you keep sharing yourself, you’d build a brand identity for your small business.

2. Focus on a Niche.

Doing everything is doing nothing. Be an expert in a particular field or topic.

It is alright to have multiple passions, but when running a small business choose one field, focus on it and target a niche within the established industry. That way, people can identify you as an expert in that industry. There is power in specialization.

3. Your business should be a solution.

In business, people only care about what they can benefit from your business. If your business is not solving a problem then it becomes difficult to attain success. Let your business be a solution to a problem in the market and it is bound to succeed.

4. Build meaningful relationships with customers.

Your customers are the most important part of your business. They are the lifeblood of your business. How you attend to their needs, communicate with them and relate with them would make a huge difference in your business.

If you’d notice, it is those customers who have satisfactory customer service with your business that usually come back for more. Build meaningful relationships with both new and existing customers.

5. Protect your finances with Glade business banking

The main secret to the success of a small business is in managing your finances and discipline in spending money.

How you manage your finances directly affects the success of your business negatively or positively.

How can you protect your finances?;

•Open a business bank account separate from your personal bank account. If you don’t have one already, open a business bank account for free with Glade at www.glade.ng

• Track your business performance analytics. This would help you track who makes a transaction, from where, and who your biggest customer is.

Glade business banking offers the best business insight and helps you track the overall performance of your business finances.

• Adjust your expenses at the start of your small business. Spend only on essentials beneficial for the business.

• A big proportion of your business profits should be reinvested into the business.

• Don’t buy luxuries until you have built the assets to afford them.

Do not look back and do not allow setbacks to deter you from establishing a successful small business. These suggestions, when combined with your hard work and excellent business products and services, will help your business grow.