• It starts with the owner's mindset

The business owner’s mindset is the biggest asset that can lead to the success of any organization. Even if you are just starting up, the mental strength will see you succeed in shifting from running a self-employed job into building your own brand that will one day sell products. The consistency of reminding yourself that you can succeed despite the challenges is the greatest asset that can drive your success in your daily operations.

• Find backing

Financing a small business in such times of many difficulties can be tricky. As such, you must find extra-creative ways of staying afloat by identifying your target market and what the company needs to do differently. This, however, is not enough; although you can have an excellent business plan, everything remains a dream if you lack enough backing. Depending on the type of business you are running, your investment will vary, and so are the people you need to back you up. According to MaRS, one of the leading barriers to running a business is the lack of adequate backing money. Without enough backing, you may not be able to take off. Therefore, look for sources of money that can be friends, and family, crowdfunding or investors.

• Know your audience.

The wrong audience is perhaps one of the reasons you have been making losses in your business. Regardless of the phase, you must always collect information about demographics because this is an essential part of success. Before designing any product or service, find out who your target audience is and develop products that appeal to them. Ensure that your marketing budget is targeted to where you will get the maximum results. Also, identify the sections of your target audience where there is a potential for growth and take advantage of the audience to build good brand loyalty.

• Take advantage of social media

Social media is now a force that no one can dare ignore regardless of the industry they are operating. It is due to the massive reach of social media platforms such as Facebook, Twitter, Instagram and others that businesses can reach their target audience. Social media users can be easily broken to a demographic based on ages. Certain ages are likely to be more active on Facebook, Twitter or Instagram, respectively, and you should therefore carefully choose the type of message you post in these areas. Tell your company’s story, what you are involved in, your event and how you can be reached.

• Focus on customer service

Customer service is the king, and it will always remain so. As such, ensure that your customer service is the best. One of the biggest determinants of success of a business and customer retention is good customer service. Customers often have high expectations from an organization, and businesses must meet these expectations because the stakes are always high. Always provide a listening ear and offer solutions to customer problems as fast as possible. Make customer satisfaction and happiness a policy. Keep it in mind that customers are essential building blocks of your business.