staying courageous: 10 tips every business owner needs to ......4 staying courageous: 10 tips every...

Staying courageous: 10 tips every business owner needs to succeed for the long haul

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Introduction

Running a business requires tenacity, courage and gumption. Running a successful business takes all that, plus much more. Running a successful business that has longevity? Now that’s a major challenge.

Research shows that 20% of small businesses fail in the first year, but after 10 years the failure rate jumps to 70%.1 That’s why it’s so important to keep that initiative and resourcefulness strong year after year.

Learn how to stay courageous and successful for the long run with these tips that are relevant and useful across industries, from retail to ecommerce.

1 www.businessinsider.com/why-small-businesses-fail-infographic-2017-8

Staying Courageous: 10 tips every business owner needs to succeed for the long haul

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TIP 1

Don’t forget your passion When you start a new business, you’re full of excitement and ingenuity. But once the business is up and running, keeping that initial momentum needed to fuel success going can be a challenge. When things get tough or you find yourself wondering why you started this business in the first place, write down your original goals and come up with new ones to persevere with renewed passion.

TIP 2

Do more with techWith technology changing at a lightning-fast pace that’s constantly rendering old equipment and ways of doing things obsolete, smart business owners know they need to be continually evolving to stay competitive. Nowadays, one piece of technology can multitask and do more than you ever imagined. Take your POS system, for example. Cutting-edge models can work overtime to help with shift tracking, inventory management, accounting and more.


“Whether you think you can, or think you can’t, you’re right.” – Henry Ford, Founder of Ford Motor Company

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TIP 3

Encourage customer loyaltyIt’s hard to have a thriving business without a dedicated customer base. In fact, 14% of small business fail because they ignore their customers. So, do everything you can to earn and build customer loyalty. Encourage customer feedback and deal with complaints graciously and efficiently. Another great way to build your reputation with customers and bolster repeat business is by starting a loyalty program. This will reward them for coming back and give you more information on your customers—like their birthday and frequent purchases—that you can use to better tailor your offerings and promotions.

TIP 4

Offer seamless interactionsWhether your customer is shopping at your brick-and-mortar location, at a pop-up market or on your online store using their mobile phone, they want (and expect) the same excellent experience that satisfies their needs at every touchpoint. This idea is known as omnicommerce, and it’s essential to stand out in a crowded marketplace. Seamless interactions make shopping from you easier, and a positive shopping experience goes a long way towards creating repeat customers. To offer a true omnicommerce experience, you’ll need a fully integrated payment system dedicated to delivering it. There are huge efficiencies to be gained—think of having all your important sales-related data, inventory and customer behavior in one central collection point.

“The world doesn’t stand still and we don’t deserve to be

where we are unless we stay ahead of things and take the

necessary steps to remain competitive.” – Fred DeLuca, Founder of Subway

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2 MarketingProfs, inteqinsights.com/wp-content/uploads/2018/01/2018- Loyalty-Guide-FNL.pdf

3 McKinsey, inteqinsights.com/wp-content/uploads/2018/01/2018- Loyalty-Guide-FNL.pdf

4 www.sba.gov/advocacy/firm-size-data

TIP 5

Deliver a personalized experienceOne of the biggest trends in consumer retail is personalization. Stats show a 19% increase in sales is seen by businesses that personalize web experiences.2 This includes customization of the product—like offering free engraving on jewelry or embroidery on denim—as well as personalized service. For example, sending an email greeting for their birthday or a thank-you note to first-time clients are great ways to give that special, individualized touch that customers love without driving your costs up.

TIP 6

Prioritize your healthHaving a successful business long term isn’t a sprint, it’s a marathon. This means that while the occasional all-nighter or 7-day work week might be necessary, if they become regular habits you won’t be able to keep it up very long. Plus, your efforts will be wasted because your business could suffer. Treat yourself like your business’ most valuable asset, and you’ll be in great shape to make it to the finish line. Take vacations, enjoy your lunch breaks, have at least one day a week off, make time to exercise, eat well and get enough sleep. Your body will thank you, and you’ll be much more productive when you are working.

70% of buying experiences are

based on how the customer feels

they are being treated.3

Businesses with less than five

employees make up 62% of all

businesses in the United States.4

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TIP 7

Know where your customers areThese days, there are so many choices and platforms for people to spend time on. Understanding your customers and knowing what spaces are popular with them will help you target promotions wisely to minimize your ad spend while maximizing your impact. Use surveys and other customer feedback to know where to target your marketing efforts, whether it’s Facebook, Twitter, Instagram, Pinterest or another social media network. If your customer isn’t online often, explore other options for promotions, like flyers or word of mouth.

TIP 8

Don’t stop networkingThe best entrepreneurs know that even a flourishing business isn’t an excuse to keep your head down and stay in your own bubble. Attend conferences and industry events to get to know your fellow small business owners. You never know where your next great supplier, employee, partnership or opportunity might come from.

“What do you need to start a business? Three simple things:

know your product better than anyone, know your customer

and have a burning desire to succeed.” – Dave Thomas, Founder of Wendy’s


5 McKinsey, inteqinsights.com/wp-content/uploads/2018/01/2018- Loyalty-Guide-FNL.pdf

6 www.sba.gov/advocacy/firm-size-data

30% of all new entrepreneurs

in the U.S. are immigrants.5

The number of women-owned

businesses has grown 114%

over the past 20 years.6

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TIP 9

Keep learningYou want to have a keen eye for what’s going to be trending next and what upcoming challenges could hinder your success. This requires a fresh, inquisitive mind, which you can keep energetic and active by always learning something new. Whether it’s finding a mentor, taking an online course or creating a personal goal to learn something new, earn your success today and tomorrow by taking steps to grow and progress.

TIP 10

Use your insightsWith so many digital tools designed to track our purchases and behavior, we’re closer to a problem of information overload rather than the old school problem of not enough information. And with a little experimentation, most analytics tools are easy to use. Plus, they can reveal plenty of valuable data about your customers’ preferences, interests and shopping habits, as well as show which products are winners. Leverage the free tools on your company social media pages and even your POS system. A smart payment system can help you learn each client’s shopping habits across all channels and harness that data to drive more business through online sales, in-store promotions or loyalty rewards.

“If you look closely, most overnight successes

took a long time.”– Steve Jobs, Founder of Apple

Learn how businesses like yours can #staycourageous. Visit USBankAcceptPaymentsNow.com/StayCourageous. Or call 1-888-545-2207.

staying courageous: 10 tips every business owner needs to ......4 staying courageous: 10 tips every...

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