3. Invest in understanding your customers
Understanding what your customers want and delivering on those desires is the best way to build a thriving business. According to Gartner, 81% of businesses expect to compete primarily on their customer experience.2 Understanding your customers allows you to deliver personalized customer service, which can help set you apart from your competitors. Research what your customers want by conducting market research, and talk to your customers regularly to gather their feedback.
4. Track trends in the marketplace
The pace of evolution in today's business market changes quickly. Successful businesses are tracking what's happening in their space and putting ideas in place to pivot. For example, do you track your competitors' products and services? Are new trends or service delivery models reshaping your industry? There are many ways to monitor these business aspects. Taking part in professional associations helps you meet other people in your space, while attending industry conferences and reading targeted publications can help you follow news, identify emerging opportunities, and understand how larger business trends affect your company.
5. Prioritize strong financial planning
Good financial planning and management keeps small businesses thriving. According to Score, the number one reason small businesses fail is cash flow.3 Successful businesses avoid this issue by taking concrete steps such as establishing a budget. Business owners can leverage their current sales data to create financial projections that create a strong foundation for the year ahead. Make it a priority to save; a cash cushion can help you weather storms such as recessions.
In addition, think proactively of the steps you can take to build access to credit, such as establishing your business credit score and looking at opening a line of credit.
Ready to lay the foundation for a successful small business? Talk with a banker at Synovus. Our local bankers understand what it takes to succeed as a small business and can help you create the right foundation for long-term success. They can also walk through the numbers with you and help you determine which loans and banking services will help your small business meet its most important goals.