Six Characteristics of a Thriving Small Business

Wednesday, April 23, 2014, AM | Leave Comment

To create a successful small business, companies should try to learn from other businesses. Studying the qualities make a company successful can help one how to replicate these qualities in one’s own company.

Melaleuca.com is an example of a company that started out as a small business and has now turned into a thriving powerhouse.

This wellness company is now one of the most reputable distributors of pharmaceutical and personal care products on the Internet.

To become more like this thriving company, here are six characteristics that your business should seek to replicate.

Six Characteristics of a Thriving Small Business

  1. Creates a product that is in demand

    A great small business researches the market to discover where there is a demand for a product. A start-up will also focus its efforts on delivering a single product that customers want or need.

  2. Continuously tries to exceed customers’ needs

    If a small business sees that a customer has had a negative experience with a product, the business may send coupons or free products to that customer. This creates a spirit of good will and helps the customer to have trust in the company once again.

    Companies like Melaleuca try to research which ingredients customers want in wellness products. Melaleuca ingredients that are gluten-free cater to customers who prefer a healthy style of living. This is an example of a small business going above and beyond in meeting customers’ needs.

  3. Uses social media efforts to give customers updates

    Small businesses also try to use social media to provide updates to customers. Some of these updates may be about the lives of employees or other aspects of the business to create a more personal connection with customers.

  4. Seriously regards customer feedback

    Whenever a customer has a complaint about the product, a small business is always willing to rectify the situation. He or she will always try to work to exceed the customer’s needs. This type of attitude provides greater retention of customers over the course of the life of a business.

  5. Conducts promotions to keep customers interested

    Thriving small businesses will also continuously host sales and promotions that can cater to customers on a budget. This way, customers from all demographics can stay interested in the company.

  6. Inspires and motivates employees on a regular basis

    A small business does not forget that its employees serve as the backbone of the company. An excellent small business will always try to inspire and motivate its employees. The business may provide rewards to employees to foster a positive work atmosphere. It may also host seminars or lectures aimed at inspiring employees to reach their potential.

These are the characteristics of small businesses that thrive in any market condition. If your small business can maintain a strong connection with customers, then it will likely succeed.

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