Advice for Your Business: How to Thrive in Today’s Economy

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The world of entrepreneurship has changed a lot in the last couple of decades. Small business ownership used to be thought of as a unique job choice. Teens who said they wanted to go into such a field were sometimes mocked for their vague choice of occupation. 

As the internet expanded and access to entrepreneurial resources became much more readily available, people have accepted business ownership as a suitable career choice. People can take whatever hobby or interest they are passionate about and merge it with their financial aspirations. 

What makes this challenging in 2022 is that some people can get confused about how to mix old-school business practice with post-pandemic entrepreneurship. When do stick with old methods, and when do you experiment with new ways to make money? 

We’ll talk about several of the best tips for entrepreneurs to thrive in the thick of the battle. This ranges from looking for the best insurance reviews to handling remote work practices for your employees. We’ll also decide whether entrepreneurs risk burnout more today than in the past, and how this problem can be handled properly.

Finding Your Niche

This might just be the best business advice you’ll get today. In such a crowded marketplace where everyone wants to be an entrepreneur, you need to stand out in one key area: finding your niche.

This could be with the innovations your products provide in a downtrodden industry. Let’s say you are selling sporting goods and apparel. Figure out how your clothing differs from the others on the market. Are your branding and mission statement unique? 

Perhaps you can put a small percentage of your profits into supporting youth sports in your hometown. This lets customers know that they are purchasing something that is giving back to the community. It doesn’t have to be a reinvention of the wheel. 

Your niche may just be a small difference in the way you do business and how you interact with your customers. It could also be a tweak on a well-worn product that will help others in new and exciting ways. 

One of the best examples of this advice is from a very successful entrepreneur and investor, Lori Greiner. She looks for products to invest in that are clear in their purpose and can be shown easily to the customer through marketing. She is known for giving product demonstrations on the shopping channel QVC. 

If her entrepreneurs can’t demonstrate what their product does in a pinch, it may not have that special sauce to separate from the rest of the competition. This is the niche that every business person needs to find. It doesn’t matter what industry you are in. 

Getting a market share of that industry is all about a clear, actionable purpose. How will your product change someone’s life?

Move Into the Internet Age

It is impossible to run a business without using the internet in 2022. We live in a digital age that is going to continue to get more complex as the years go by. Don’t fall behind in your business practices as they relate to working online. 

You need to figure out how much of your product is going to be sold online. How are you going to ship your products to customers? Many small food service companies will personally drive to the doors of their customers in the early stages of the business. This is going to require some protection for your business and the drivers, such as getting business insurance. 

Insurance is necessary for most types of business, and you may need different types of auto insurance depending on whether you transport products or people. You may need commercial car insurance for transporting clients if you drive clients to and from locations.

If you aren’t in the internet sales race, that’s one burden off your back. Another topic that surely every company has had to deal with since the pandemic emerged is the evolving nature of remote work. Many people have gone back to the office, but it’s an evolving situation. 

Some companies have never gone back to in-person work. In turn, they have to figure out how to make their business go with just online participation. Figure out how to onboard your employees into this new environment with a keen eye for detail. 

If you don’t have patience and communication skills, it’s will be difficult for your new workers to understand how to contribute to the company culture. Employees who understand your brand and mission are going to be vital in your growth as a company, whether you’re in small or big business. 

Stick to Tradition if It Helps Your Business

Just because the world has changed a lot recently doesn’t mean there aren’t still business practices that are tried and true. There are a lot of entrepreneurial ideas and company policies that never go out of style. 

One of the things that will always apply to business is that customer service will cover up for a lot of mistakes in other areas. If you have friendly employees who work with your customer base, both new and returning, with kindness and gratitude, you will always have a chance to succeed. Technology has made this even easier to handle.

Always answer reviews on apps like Google and Yelp. People are going to be unhappy every once in a while, and you should talk to them about what you can do to fix the issue. In turn, customers provide positive feedback that everyone else can see when they visit your website or search for you. 

Do not alienate or mistreat your employees to cater to your customers, though. If somebody comes into your place of business and makes your employees feel disrespected, it is the ethical thing to do to stick up for the people who are working with you. A customer who treats businesses like they own them is not worth your time or energy. 

On the sales front, if you have a product that has sold well for decades, continue to push it to the forefront of your sales focus. Oreo still sells more of its original cookie than any other promotional item it runs. This is because it has created brand trust and loyalty. 

Sticking with successful business approaches and combining new practices with those methods will create the best chance for your company in today’s economy. Use your intuition and your knowledge of the industry you are in. You will learn from mistakes and thrive in the chaos if you trust this process. 

Shawn Laib writes and researches for the insurance comparison site, ExpertInsuranceReviews.com. He is interested in how business has changed in the past several decades, and he wants to help entrepreneurs succeed.