Entrepreneurs have a number of challenges when first getting started. Whether it is funding issues, finding good employees or even finding good legal counsel, there are always going to be things that define your business. The key is addressing issues with the right mindset, and taking each challenge as a learning experience. Keep in mind that even the largest corporations have similar challenges.
With that, here are three things that entrepreneurs should keep in mnid as they develop their businesses.
Customer loyalty is key – While expanding market share is undoubtedly important, having repeat business is essential. Rewarding customers for their loyalty goes a long way in maintaining a brand. So loyalty programs such as Marriott’s or Qdoba’s are good examples of how to keep customers coming back.
Re-think global expansion – The ability to conduct business in different markets across the world is no longer limited to major conglomerates. Cloud computing now allows solo entrepreneurs and small businesses to compete on a global scale. Because of this, a global expansion should be a part of any business plan.
Listen to competitors – While it is normal to start a business as a singular entity, it is not uncommon to partner with other businesses, particularly competitors, in order to gain market share. There is something to be learned from the major mergers over the past few years – more can be gained by working with competitors rather than against them.
Indeed, all of these recommendations raise legal issues. If you have questions about them, we invite you to contact us.