In the US alone, there are tens of millions of businesses. Do you know that most businesses fail in their infant stages? Check out Everything You Need to Know Before Making Your First Investment. If you want to start or grow your existing business and lead it into profitability, there are a few things you should do. There is little difference between businesses that succeed and those that fail. Here are 10 things all successful new businesses have in common.
Whatever the goods and or services a business is providing, the customers’ interest should be at the forefront. A study conducted by the American Express Survey indicated that 78% of clients backtracked from transactions because of poor customer service.
From the get-go, endeavor to provide the highest level possible of customer service and uphold it throughout the years.
2. Focus on Marketing
Customers won’t appear out of the blues. You have to make a deliberate effort to reach out to your targeted clients. New methods of marketing have emerged over the years and some that were popular have become irrelevant.
For example, content marketing has gained traction and most businesses that aren’t taking advantage of it have been left behind by their competitors.
You don’t have to spend thousands of dollars to market your goods and or services. You just have to identify the marketing strategy that works best for your company and invest in it. Take advantage of the resources around you to market your business.
61% of internet users first turn to the internet to search for goods and services online. If you use internet marketing, you’ll capture a large audience from all over the globe.
3. A process for hiring the best talent
It’s easy to find employees but if you want your business to succeed, you must invest in acquiring the best talent. Take time to interview each and every client you shortlist instead of hiring the first “top” talent you interview. Here are the 7s of hiring you should follow according to Forbes:
By following the 7’s of hiring, you will acquire the best talent possible and give your company the best chance to succeed.
4. Positive corporate culture
If workers are motivated to complete their tasks daily, they’ll give not only accomplish more but will do quality work as well.
While it may not be possible for small businesses to provide a full benefits package in the first years, there are other incentives companies can motivate their employees such as recognizing an outstanding worker in front of their colleagues.
You don’t have to spend a lot of money to provide a benefits package. Invest more in treating your workers with the respect they deserve and make them feel that they matter. You can also provide learning opportunities for employees to grow within the company.
5. Singular Vision
It’s easy to lose your focus, especially when expanding your business. Remember to keep the focus on your primary product or service. One characteristic of entrepreneurs is that they aren’t afraid of failure. Instead of being a jack of all trades, identify something you’re good at and run with it.
A positive attitude should start with the business owner and he/she should accept the results of the business at all times. When you assume responsibility, then it will be possible to change the course of the business and lead it to success.
When you achieve success, you should recognize the workers for the effort they put in which will increase the motivation.
7. Business strategy
Contrary to popular belief, a business strategy doesn’t have to be long. A well-crafted short business plan by far beats a long one that isn’t fully implemented.
A good business plan should comprehensively outline how all the activities within the organization should be conducted. A business without a strategy is like a dog without a leash which can’t be controlled and will eventually fail.
Some of the things that should be included in a sound strategy should include financial plans, marketing strategies, and employee retention programs.
8. Financial road map
Creating a budget and sticking to it is an effective way of controlling how money is used within the company. Create a budget and stick to it. It also creates a way to measure progress and areas for improvement.
9. Business processes
This is another characteristic of successful businesses . Simply put, a business process is how tasks are done within a business. There are some processes that are clearly outlined while others are implicit. The trick here is to reduce wastage and increase productivity. As a business streamlines its processes, it should endeavor to uphold the highest level of customer service.
10. New Businesses should Increase Sales
Most small businesses are content with making sales through referrals. Other businesses want to sell more and thus, launch aggressive marketing campaigns.
A selling approach is going to be determined by the marketing plan. Sales is a business process that can be measured and improved by employing the right strategies.
If you don’t know where to start, you can employ sales trainers to create a customized sales process.
Also check out 5 Ways to Start Your Own E-Commerce Business