1. Don’t put your eggs all in one basket
Sooner or later a small business will quite likely win a big contract which is excellent, but can also put a business in a dangerous position. If you expand your resources to deal with a larger client (by taking on more staff for example) and focus all your time and effort on that client, you may eventually find yourself in a bad situation. If that client suddenly no longer uses your services you could be left with a big void and larger over heads which can be devastating for any business, large or small.
2. Know your enemy!
Get to know your competitors. Find out who they are and what they’re doing. There is an old saying: “keep your friends close and your enemies even closer!”. Ok we’re exaggerating a little but if you can keep in the loop with your competitors you may find you can collaborate on projects or they may be able to pass work your way. Knowing what they are doing can also put you one step ahead of the game!
3. Don’t be afraid to fire clients or associates
If you have a client that pays late, always cuts you down on price, takes to much of your time and never appreciates what you do for them, then it’s probably worth telling them that your working relationship isn’t working for you. It’s not the type of business that anyone wants, so why should you put up with it?
4. Immerse yourself in your market sector
To be successful in your chosen market sector you need gain as much knowledge about it as possible. This can be a daunting task as things move and change so quickly. The best way to do this is by letting the information flow to you.
This is how:
- Follow market leaders on Twitter – see what/who they are talking about
- Sign up for specialist website’s newsletters
- Use RSS feeds
Subscribe to industry magazines