If you run a company with fewer than 500 employees, you have a small business. According to the SBA, small businesses make up 99.7% of the businesses in the country, so you have good company.

But how do you remain a successful small business – one that doesn’t fail within the first 18 months? Here are 5 things you must know.

Create a good culture

Your company’s culture affects everything from the employees that work for you to your bottom line sales. Happy employees are more productive and to keep employees happy, you must create a culture where they feel empowered, appreciated, and supported. Not only will your employees feel it, but your customers will too and that’s what drives sales.

Have a backup plan

You have your plan ‘A’ but you also need a plan ‘B’ and ‘C.’ If 2020 and 2021 showed us anything, it’s that life can change in an instant. Be ready to roll with the punches and make necessary changes to adapt to the world and what’s going on in it at any given time. Show your customers you’re adaptive and they’ll stick with you.

Customer service is always important

You’ve heard it before ‘the customer is always right’ and even if that’s not true, you should act like it is. Treat your customers with the royalty they desire, and you’ll retain more customers and they’ll spread the word too. 

It costs much more money to find new customers than it does to retain current customers. Find your best customer service voice and when you can’t, let someone else be the face of your business to keep customers happy.

Find a void

Get to know your competitors even better than you know your friends. Learn their ins and outs and see what customers feel is missing. Use that information to build an even better business – one that offers what customers aren’t getting elsewhere and you’ll find yourself ahead of the competition.

Never stop marketing

No matter how busy you are or how well you think your business is doing, never stop marketing. Diversify your efforts using Google My Business, social media, word of mouth, paper advertising, and email marketing.

The more you advertise, the more people become aware of your business. Try offering value-added emails and social media posts that show the public you are the expert in the industry without making it too ‘salesy.’ Let people know you are here for everyone, customer or not, and your customer base will naturally grow.

Final Thoughts

Creating a rock solid small business takes time, patience, and a lot of adjusting. Just when you think you’ve got it right, things may change, sending you back to square one. Be flexible, supportive, and create the company culture that naturally brings the best employees and customers knocking on your door.

With the right support, you can create a company that is the leader in the industry no matter how much competition already exists.

Branislav Dovedan is the chief operating officer of EveryIncome, a NAIFA partner. For members, you can learn more about EveryIncome and how to partner within the Member Portal.