Sav.vy. Adjective. Shrewd and knowledgeable in the realities of life.
There is a big difference between simply knowing the definition of a word and actually being defined by it, and for small business, there exists that line between the savvy and the clueless. On one hand, there are lots of people who claim to be business geniuses and on the other hand, there are those who actually know something about not just running a business but making it thrive and rise above its competition. Want to know how to be business savvy? Here are 5 simple tips.
Listen to your instincts.
It is one thing to know all the textbook strategies, to be well versed in the customer mindset, and to be well informed of all the latest trends, but it is another thing to have instincts you can rely on to help you through tough decisions. That feeling in your gut isn’t just your lunch trying to rearrange itself; it may be your instincts warning you against a particular course of action. Part of being a great businessman is honing your impulse and knowing the right time to follow them. After all, no one has infallible gut instincts and you must be able to weigh the risks, the rewards, and all the probabilities, sometimes almost immediately before making your call.
Instincts can lead you to great success, but only if you know how to listen to them and how to effectively make use of them.
Don’t be a follower.
No one ever prospered from simply copying what everyone else did and you are not likely to change that trend anytime soon. The competitive world of business is no place from someone who merely reacts to what is happening around him, especially not one who cannot do something original and be the leader for once. If you’re always one step behind your competitors when it comes to your strategy, then it is likely you’ll also get fewer customers, poor sales, and an overall worse performance compared to those who can take matters into their own hands.
Know your “enemy”.
It is a concept which is usually attributed with wars and battles, but it is no less appropriate when it comes to small business. Competition is fierce between businesses in the same niche, especially small businesses, and the smallest piece of information can be a huge boon for anyone who gets his hands on it. When you know your enemy just as you know yourself, you are never going to be taken by surprise; in fact, you can be the one to take your rivals by surprise by hitting their weaknesses and using your strengths against them. It’s a natural thing to do, simply because business is business.
Be the odd one out.
Don’t be afraid to be the odd one out, because what you actually want to do is set yourself apart from the rest—in a good way, that is. Every day, customers are constantly exposed to a stream of marketing ploys and strategies, and it can get very hard for them to tell businesses apart. If you can successfully break away from the typical, you can get leaps and bounds ahead of your competition, especially if you can follow through with great products and services aside from just clever marketing. Of course, it takes careful planning to do this successfully, but what business prospers without proper foresight?
Lots of small businesses, once they’ve gotten a measure of stability, cocoon themselves into a corner and simply stagnate. This adversity to change is very counterproductive, because adapting to the fickle trends is a must for any business. The only thing that would differ from industry to industry is how long trends would normally last, but the fact is that change really is inevitable. If you can’t beat ‘em, join ‘em so instead of shying away from change, you should come up with a way to turn it to your advantage.
Feeling like a savvy businessman yet? Hopefully, with these tips you will get the booming business you are dreaming of soon enough.