Running a business can be as challenging as it can be rewarding. Those who are willing to trade the security of a job with the limitless potential of entrepreneurship, often do it. So it is not surprising that over 70,000 startups are created in a year in the US alone, and if we talk about the whole world the number is unimaginably big.
But what does it take to run a successful small business? Many detailed reasons like the nature of the industry, market growth rate, and entrepreneur credentials, among other factors, play a part. But when we get down to the gist of it, a key defining factor for success in any business is its reliability. Here we go into what entrepreneurs can take to ensure greater reliability. We then outline how it can impact success and some risks to reliability.
6 Tips to Ensure a Reliable Business
This one is a no-brainer. If you promise a delivery and then do not make it, the customer is unlikely to trust you. Or if you promise goods or services that are different from what you offer, they are unlikely to meet the customer’s expectations. It is essential to deliver what is required. One of the examples, I would like to present from my personal experience when I was working as an SEO in a private firm 6-7 years ago. The boss used to commit the clients for top rankings in Google search which cannot be guaranteed. Thus, I saw that clients were kept on going after a few months of work. So, the learning here is that commit what’s in your hand, and you can do that. And, when you commit to something, it is your priority to meet that. That is the way businesses stay and grow.
A small business is more likely to be seen as reliable if it has positively perceived. Client perception of the business as well as a good reputation in the industry or people you have previously engaged with matters. Well-regarded entrepreneurs are more likely to garner business. Building a good name in the industry by offering the best services at the best cost along with exceptional services is what makes your goodwill good.
An example, I would like to share, I have a water filter installed in my house, and a company has taken the AMC for this. I took AMC, so that every 3 months there is a service needed, will be done by them. But, after taking the money, they never come from their side until you remind them that this is the time for servicing. However, at the end of the AMC period, their call comes from their side because then they want to renew the AMC badly. This is an example of poor service, which makes your goodwill bad in the market.
It is easier to trust a business that shares its vision. It gives a sense of its purpose and indicates where it can go next. We are wired to thrive in social frameworks, and a strong vision appeals to a call for support. Both customers and a wider audience can be drawn to a business with a vision.
Technology is a great hack for ensuring business reliability today. It can automate processes, provide growth metrics and ease doing business. Even small technology tools like a simple PDF converter enables different types of conversions and editing in PDF document which you can edit as per your requirements. Taking another example, if you are running businesses like selling stock images, Photoshop or AI Image enhancer tools may help you big time. So, for every business, there need suitable technologies to be employed wisely.
social media is a powerful tool for a small business today. Social media posts can impart authenticity and a personal touch that can be missing from just a website. They also help you stay in touch with clients, enabling better relationships, which is the first step to becoming more reliable.
Social media is also a great tool to showcase your industry knowledge and expertise. Constantly build on what you know. Not only will this add to your reputation it can add to customer trust in your capabilities. So, keep learning through various sources, and use that knowledge to grow your social media profiles as per your work industry.
Benefits of Reliability
The benefits of being a reliable small business can be far-reaching. Happy customers are more likely to bring you to repeat business and even provide business references. Not only can your sales increase as a result, but your costs can also decline too. Customer acquisition can be a costly process. But if you have ready references, you need not incur these costs. As a result, your business can become more profitable, the end goal of any entrepreneur!
What Impacts Reliability?
However, it is essential to note that sometimes, despite our best efforts, our commitments might not be met. A widespread internet outage can be an example. Your processes might come to a halt and delay you from meeting targets. Or you might have to cancel meetings due to any emergencies. But a good reputation built on reliability and trust can help here. If you normally show up right and well, your customers will more likely than not be understanding.
In short, always try to meet your commitments most of the times, sometimes due to some emergency you may not meet your commitments or targets which is completely okay if you have been doing well most of the times.
Build the trust
Ultimately, being a reliable small business creates a crucial feeling of trust in you. And when you are trusted, your business can flourish. Meeting your commitments, using technology, and sharing your vision and knowledge through social media are all tools to become more trusted, and eventually, reliable.