Ali Habib Mayar is a prominent entrepreneur with an impressive track record. He is the Chief Executive Officer of Platinum Rapid Funding Group, a prominent Merchant Cash Advance company. Mayar formulated the innovative concept and he continues to share valuable success tips aimed at aspiring entrepreneurs. Here are his tips for small business success.

Ali Habib Mayar Small Business Success

1. Integrate the principle of A/B testing into business functions

Many experts believe that A/B testing is the basis of business agility. Although this concept was developed mainly in the context of digital marketing, it is applicable to different types of businesses. It involves testing, for example, two versions of a web page and then identifying the version that provides the best results.

This approach is applicable to many business functions, such as the recruitment process. Imagine that you currently have vacant posts spread over several business sites. The task of screening candidates will be handled through an internal process involving sorting of resumes and conducting recruitment interviews. At each of these stages, you can modify elements of the process from one candidate to another. Doing so allows you to identify the best approach that yields better results.

In addition, A/B testing can be used in many other functions, such as business prospecting, the display of products in your store, and more.

2. Create a winning team

Doing everything yourself is not an easy task. Instead, you must surround yourself with talented people who share your vision and ambition. Allow the team members to contribute to the formulation of strategies by sharing their knowledge. This should not be limited to end-of-year interviews. Also, make an effort to pay attention to your customers, suppliers, partners, and competitors.

3. Bolster skills base through freelancers

For small businesses, being agile can be difficult because some critical skills needed to advance quickly are not available internally. For instance, you may want to launch a video-driven marketing campaign but your team members lack the required skills. You can solve this problem cost-effectively by hiring freelancers with video production skills. The internet is filled with freelance marketplaces that provide access to thousands of suitably qualified professionals.

4. Adopt the lean startup methodology

The book, “Lean Startup” by Eric Ries is credited with helping many successful businesses reach their operational goals. The methodology enhances operational efficiency by allowing entities to deliver the desired product to consumers in the shortest time.

The Minimum Viable Product (MVP) concept allows businesses to test product ideas with minimum effort and expenses. This is aimed at learning about customer requirements using the minimum viable product, that is, with the least costly specifications. The underlying principle is that customers are best placed to determine if the product is useful, desirable, and well designed.

Hence, it is about measuring and analyzing customer feedback to identify viable product features and optimizing the product continuously. You can consider inviting feedback from customers via your company website after posting photos of the sample.

5. Believe in your idea

Your idea may seem empty or even crazy for some. It does not matter what others think if your answer to the following question is affirmative. Does my business idea meet a real need or solve a problem?

Get More Business and Funding Tips from Ali

To connect with Ali Habib Mayar and learn more about business, you can follow his Merchant Cash Advance blog. Ali Habib Mayar is committed to helping small business grow. By following a few of these tips, you can take your small business to the next level.