Master These 7 Business Strategies to Propel Your Venture to New Heights

Starting a business is just the beginning—staying afloat during the early months, achieving break-even, and moving into profitability is the real challenge. In partnership with UralSib Bank, we share essential tips to increase your young company's profits and exceed your financial goals.

1. Differentiate Yourself from Competitors

Identify what makes your business stand out in a crowded market. View your offerings through the eyes of your customers to craft a compelling Unique Selling Proposition (USP). Believe in your USP yourself, as it will be the foundation for attracting clients.

Even if your products or services mirror those of competitors, you can excel with superior customer service, engaging social media presence, 24/7 support, and more. Focus on your strengths and prioritize those that matter most to your customers.

Here are some USP ideas to inspire you:

• Offering the best solution to a specific customer problem: "Our tablets relieve headaches in just 5 minutes."
• Incentives with purchases: "Get a free beverage with every order over $15."
• Unique business features: "The only delivery service in your area with 25 couriers."
• Eliminating competitors’ drawbacks: "Our chocolate melts in your mouth, not your hands."
• Turning a perceived weakness into strength: "Our trainers push you harder for better results."

A strong USP is unique, clear, and simple. When crafted well, it can drive success for years.

2. Switch to a More Beneficial Bank

A good bank should be reliable and convenient, without forcing you to adjust your schedule or worry about excessive fees.

Consider what banking features are critical for your business. Many banks have limited operating hours—often closing by 4 PM—restricting your ability to perform transactions outside these times. Watch out for hidden fees, inconvenient mobile apps, slow customer support, and unnecessary charges during off-peak seasons.

Before choosing a bank, explore additional services and special offers such as lower loan rates, attractive business deposits, free business card issuance, payroll project setups, and payment processing solutions.

Especially at the start, having a business account is vital. It allows you to:

• Conduct cashless transactions with partners, who avoid paying income tax and insurance contributions on these amounts, making them more willing to collaborate.
• Accept electronic payments online and via terminals, opening new markets and enhancing your credibility.
• Sign contracts with legal entities exceeding $1,500, avoiding penalties linked to undeclared income.
• Participate in tenders and government procurement typically requiring larger contract amounts.
• Reduce taxes by proving business expenses, especially under standard and simplified tax regimes.
• Receive government payments such as social security reimbursements or tax overpayments, which cannot be credited to personal accounts.

Many sole proprietors accept payments through personal cards, which, while not illegal, can lead to blocked transactions and loss of clients. Additionally, it complicates tax reporting.

UralSib Bank offers a "Start from Zero" tariff with free account maintenance for the first year. This plan includes commission-free transfers up to $2,000 to personal accounts in any Russian bank and free transfers to other UralSib clients—saving you money and simplifying operations during your business launch.

3. Negotiate Discounts with Suppliers

Review your agreements and propose purchasing stable quantities at reduced prices. This benefits both parties: suppliers gain predictable sales, and you lower costs. Effective negotiation tips include:

• Engage with the person behind the supplier, considering their personality and openness.
• Develop a negotiation strategy while exploring alternative suppliers.
• Be open to compromise and counteroffers.
• Prepare contingency plans if talks stall.

4. Create Opportunities for Additional Sales

Recall the story of a man who went to buy sanitary pads and left with a boat, fishing gear, and an SUV—an example of expert salesmanship that connects products logically and addresses real customer needs.

You can replicate this by bundling related products, such as "shampoo + conditioner," and expanding from there. Understand why customers buy your services and what other items solve similar problems or complement the purchase.

Offer discounts on bundles and monitor sales. Successful combos indicate you’re on the right track; if not, keep experimenting.

5. Increase the Average Transaction Value

Customers categorize products as "too cheap," "too expensive," or "just right." Generally, they avoid very cheap items fearing low quality and steer clear of overly expensive ones. Your goal is to expand the "just right" category.

Even when a customer has made a choice, suggest higher-value options by explaining how they better meet their needs and the benefits they offer. Avoid pushing the priciest item immediately; moderation is key.

6. Prioritize Customer Care

Many entrepreneurs focus solely on profit and end up losing money. Instead, aim to solve your customers’ problems and ease their pain points. Subscription models or reminders work well—for example, if you sell cat food lasting two weeks, ask when the customer plans to reorder or calculate the approximate date and follow up with a timely offer or discounted annual subscription.

Treat customers warmly—like friends or trusted acquaintances. If you sell pet products, learn your customers’ pets’ names, breeds, and ages to recommend suitable items and show genuine care beyond just making a sale.

7. Collaborate with Other Businesses

Partnerships are easiest when businesses complement each other, like a coffee shop next to a bakery offering cross-discounts, boosting sales for both.

Even less obvious collaborations can be fruitful. For instance, a café offering half an hour of VR club playtime with large orders encourages longer visits and additional spending, which in turn brings customers back for more food and drinks.

Organize joint social media contests to merge audiences and participate in networking events to expand your partner network.

The "Start from Zero" tariff also includes a free business card and 7% cashback on purchases. Apply on the website, and a bank representative will contact you to arrange document signing.

Open an Account

UralSib Bank. General license from the Central Bank of Russia No. 30 issued on 09/10/2015.

Note: Meta Platforms Inc. and its social networks Facebook and Instagram are restricted in Russia.

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