Ask questions. Get answers.

Defining your brand is like a journey of business self-discovery. It can be difficult, time-consuming and uncomfortable. It requires, at the very least, that you answer the questions below:

• What is your company's mission?
• What are the benefits and features of your products or services?
• What do your customers and prospects already think of your company?
• What qualities do you want them to associate with your company?

Do your research. Learn the needs, habits, and desires of your current and prospective customers. And don't rely on what you think they think. Know what they think.
Because defining your brand and developing a brand strategy can be complex, consider leveraging the expertise of a nonprofit small-business advisory group or a small business development  Center.

I believe that some of the most basic building blocks of customer loyalty are honesty, transparency and timely communication.

It only takes one mishandled bad experience (notice the word mishandled) for a long time customer become a so long customer. One bad experience doesn't mean a good customer will leave, but how you handle that bad experience could drive them out the door. If user data was compromised send a communication, that explicitly lists what information, when it was accessed and how you resolved (or are resolving the situation). That is also a good time to offer a discount, special sale or complimentary identity theft protection.

Customers want to know you are also listening to their feedback. You should communicate your appreciation for their feedback and let them know when customer feedback has been implemented (even if it wasn't theirs). That will drive home the point that you are listening to your customers.

Actively involve your customers in what you are doing. Have a contest to let customers send in photos of them using your product or service then have your team (or your customers vote for the winner). Make your content easily shareable on social media and other outlets. You want your loyal customers to spread your message if they are passionate about it.

I am only scratching the surface here. Think about what you appreciate for companies and services you use yourself. Why do you like those brands so much? Brainstorm on those thoughts and start integrating those ideas into your business as they make sense. The last thing to keep in mind is be willing to continuously adapt. Your customers and business will change over time, so should your approach to your customers.

I have to respectfully disagree with Roland. Firstly, not turning a profit when the business reinvests to allow growth is the way many businesses secure their future. And, suggesting that Amazon (or Google, Facebook, Snapchat, Instagram, Tesla etc) was a hobby, or in any way wasn't a business until it turned a profit is incredibly naive. Any market changer, innovator, research company or business developing hardware will have a long period before turning a profit, while operating very much as a business.

To answer the question though, it depends on the type of business, its present financial position and the state of the market. I agree with Roland that the key is margin, but there is rather more to it. Revenue, and cashflow, is king - it is what allows a business the means to keep running. At the end of the day, there isn't much point making huge margin on each sale, if you have to lay off all your staff between projects.

If you are in a product business then marketshare is vital. Your revenue streams may be from customers other than those who are actually the end user of your product. This means you need marketshare, to be growing, and to be keeping your product current. It's actually the same for service businesses.

If you want your business to do more than sustain itself at its current level, you need to grow. The right time to do so will be when you have cashflow and resources within your team to invest in it - or if your business is just starting out, for as long as you can sustain the growth phase.

Businesses come in many shapes, sizes and make ups. If you want your business to grow and are able to invest your "margin" to do that in lieu of turning a profit then do so - you know your business, your customers, and what your team can do!

Customers, or users, are the new profit to many modern businesses. Strong market position means your business can face the future, and when it comes time to turn a profit it will likely be much bigger than focussing on taking whatever you can at the start.

Matthew,

Great question. I don't have all the information, but I can tell you that there are different levels of protection. The main thing is that "HTTP" is the protocol, "HTTPS" directs the URL toward the Secure Socket Layer (SSL).

There are several types of SSL, a self-signed certificate (which can be created essentially for free) and certificate an individual or business purchases (more reliable and secure - as well as usually verifiable).

There are different levels of security as well 128-bit encryption, 256-bit encryption (these two are perhaps the most common). However, they do go higher (512-bit, 1024-bit and possibly beyond). The higher the number the better the encryption (and hopefully security)

There is also PCI compliance (or Bank Level Security). There are several visual variations to the lock (there is a "black lock", a "green lock" and entire "green URL bar". These aren't necessarily indicators of more or less security but they levels of perceived security (usually you pay a lot for the entire green URL bar).

The important thing is do you trust the website and does it have the lock? You can usually click on the lock or an "info" icon next to it to get detailed information. You can also set your browser level security to help filter.

As always, if something seems off, leave the site immediately.

In order to expand your customer-base you need to give people a reason why they would want to potentially go out of their way to get to you instead of going to a cafe closer to home. As the others have mentioned, it’s difficult to give suggestions without knowing what you’ve already tried, but here are some ideas that will (hopefully) help you get more foot traffic in your cafe:

1. Corporate and event catering - catering not only opens up another way of doing business, but it can expose your cafe to a wider audience who may bear you in mind for future catering events 

2. Do weekly specials - doing a delicious weekly gets people excited and offers value-for-money

3. Host events - run comedy nights, open-mic, film nights, cork n’ canvas, etc

4. Try to nail one thing on your menu - we all have that one favourite dish that we would travel far and wide to get! Pick and master a household or local/national favourite that will get people talking 

5. Loyalty cards - loyalty cards are a great way to keep people coming back

6. Consider a suburb special coupon - give people in the nearby suburbs an exclusive discount
   
   Good luck :) 

Here is a list of tips to start your eCommerce Dropshipping business today!
1. Select a laser-focused niche
2. Do an extensive market and competition research
3. Diligently identify and communicate with potential suppliers
4. Strategize and build a dynamic and responsive eCommerce website
5. Attract customers through a customer acquisition plan
6. Analyze & optimize metrics responsible for your business growth
If you are looking for an eCommerce drop shipping company then my suggestion is Fortunesoft IT Innovations

Hi Luis,

It really depends on what your idea is and if it can even be protected. You best bet would be to speak to an IP (intellectual property) expert. I am sure their first consult will be complimentary - there may even be IP experts here on Savvy.

Entrepreneur.com puts it well....

"It's natural to fear that your idea might be stolen. But you can't turn your vision into reality without the help of others. Sooner or later, you're going to want to ask an industry expert to evaluate your product or service. You're going to need to collaborate with a manufacturer or distributor. But patents cost thousands of dollars and take years to be issued. You can't afford to wait that long to start bringing your product to market."

Consider other options as well like NDA (non disclosure agreements), high security in your work environment (physical protection of your idea), Non compete clauses with your employees etc.

As always in these matters it is best to speak to an experty.

Cheers, Lisa

Income tax can be a tricky field to navigate. While it's 100% possible to manage your taxes and lodge your own tax returns, you might miss out claiming tax deductions you didn't know you were eligible for and your tax return might not be as high as a result. Some business owners have a relatively simple tax scenario with one or two income streams, while others have multiple income streams, capital gains and perhaps a couple of investments here and there. The way it usually goes (for both business owners and individuals) is that the more complex your income, the more reason to hire a registered tax accountant. 

The most obvious benefit of hiring a personal tax accountant is their ability to help you get the best possible refund. There are many deductions available for small businesses, many of which you probably didn't know about! They can also help you stay on the right side of the law and comply with tax law and regulations to avoid any unwanted audits and penalties from the ATO (if you are audited, you're definitely going to want an accountant). In a nutshell, it's best to hire an accountant if you have any doubts or concerns about fulfilling your tax requirements as a small business. They can save you time, stress and often money in the long run. 
In many cases, the return you get from hiring a tax accountant far outweighs the investment.
 

According to this Yes Marketing study, The average cost of advertising for a 30-second radio slot on KIIS 101.1 in Melbourne is $400; however, that can change depending on the time and day your ad is set to air. This price is also subject to change over time.