What are the Top Priorities an Entrepreneur Needs to Succeed?

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What are the Top Priorities an Entrepreneur Needs to Succeed?

Business owners juggle many balls. Choosing a business idea. Getting the funding you need to make your dream a reality. Branding. Production. Time management. Staff. Marketing … and everything else.

It can be hard to keep all those balls in the air. There are too many of them and, after a while, something’s gotta give. You’re going to start dropping some of those balls.

How can you focus your energies to have the most productive impact for your your business?

The secret is to prioritise. Each of us has only a limited supply of time and energy. To chart the route to success, the successful entrepreneur will choose where to focus their time and energy.

Top Three Priorities for Successful Entrepreneurs

Customer Retention

The main work of a business is to find customers. All the business’ efforts are focused on the next sale – closing the next deal; engaging the next customer.

Stunningly, very few businesses put any effort into keeping the customers they’ve already got. In fact, many businesses report having absolutely no strategy in place whatsoever for building client relationships that last.

Did you know? If your business can improve customer retention by just 5%, profitability can increase by as much as 75%.

Three ways to retain more customers

Keeping customers is easier than you think. Especially in our modern age, with technology to keep us connected (all the time!).

  • Connect on Social Media – Having an active social presence on the social channels your customers use is a great way to connect with clients and potential clients. It’s also a very good space to start conversations, and find out exactly what your customers need from you.
  • Send a Letter – We all hate spam. And almost anyone you ask will tell you they just delete email newsletters. But the numbers tell a different story. Email is often cited as the online marketing medium that delivers the best ROI.(https://markthemarketer.wordpress.com/2014/02/18/73-astonishing-e-mail-marketing-statistics-you-need-to-know//) To maintain a customer relationship, you need to make contact with your clients not less than once every 90 days. Email is a great way to do this.
  • Pick up the Phone – or schedule a coffee. No matter your business, people are people. They want to connect with people. Speaking to someone in person or – better still – face-to-face – is still the best way to build a REAL relationship … one that lasts.

Growing Leads

While retaining clients should be a business owner’s top priority, finding and developing new client relationships is a close second. This is especially true for new businesses, who need to develop a client base as soon as possible.

The two keys to effective lead nurturing are understanding your target market, and persistence. That means you need to understand what you’re offering, and who needs it. Once you have clarified the value you offer, don’t give up too soon.

Did you know? In more than ⅔ of businesses, sales representatives gave up after just two attempts to make contact with a prospect.

How to find and nurture leads

  • Social media – once again, it helps to know who you’re speaking to, and where they hang out online. Using your social channels, you can find and engage potential customers by sharing great content, creating competitions, and using the channel’s own ad portals to target specific segments.
  • Email marketing series – relevant content is more likely to be read. The more it is read, the better your chances of building a relationship with your prospects. Remember the maxim: people buy from people they know, like, and trust. They can’t trust you if they don’t like you. And they can’t like you if they don’t know you. So don’t be afraid to reach out and let your prospects get to know you.

Getting Credit

Business growth takes cash. “It takes money to make money”, as the saying goes. But when a business is new, finding the funds to get started can be a challenge. Since 2008, lending policies have tightened significantly, making it harder than ever to get the finance you need.

The main thing is not to take it personally.

Did you know? 91% of applications for loans are denied because banks are tightening up their restrictions on lending. Fewer than 17% are the result of a business requesting too much.

How can I improve my chances of getting the finance I need?

  • A Business Plan – before financial institutions or investors will consider lending you money, they need to know what the money will be used for. A clear and comprehensive business plan will help your potential investors decide whether or not your business has legs (more on this in a later article).
  • A Business Coach – Better yet, find a mentor who can help you navigate the choppy waters every entrepreneur faces. An experienced business coach can diffuse a lot of early business anxiety. And they can help you compile a business plan to help you get the funding you need.

The Digital Coach 101 specialises in coaching entrepreneurs to identify the potential success of their business idea, and build relationships with their customers. We help companies reach out to these prospects in meaningful ways.

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