Have you ever wondered why do some businesses taste success while others have to pull down the shutters? Approximately 20% of new businesses shut down during the first two years while a whopping 45% fail during the first five years. As these statistics make it quite clear, keeping a company afloat is the most difficult part of starting and running a business. Running a company goes beyond your one-time unique business idea. Even if an out-of-the-box idea can commercialize your start-up, fuelling it, in the long run, can be quite the task. That said, tasting success in the short as well as long run isn’t something unattainable. If you have a few things in place to build a solid foundation for your start-up, you will eventually drive success.
As an owner, you have invested a lot – both financially and mentally – into the business. If you do not want to join the niche of entrepreneurs who couldn’t make it, I have a guide for you. With the 7 quintessential business elements, reaping the sweet fruit of success will no longer pose a hurdle. Read along to explore the elements that will help you keep your head above the water even when the tides spell misfortune:
1. Create a Proper Business Plan
You cannot figure it all in your head. And NO, your journal scribbles don’t count as well. Having a business plan will help you set goals according to how you have envisioned your business. Without definite objectives, you will not know how to go about. In the plan, map out everything – even beyond the pricing and funding matters.
Chalk out how you will be taking orders and how you plan to deliver them – EVERYTHING. The plan will act as a guiding star and remind you of what you had wanted to achieve in the long run. It will also help you tackle contingencies without letting them take a toll on your business.
2. Design ROI-Focused Marketing Strategies
Considering the rat race out there, your business will not be able to survive the dive in the sea without a proper marketing strategy. However, we have the horns of dilemma right there. Marketing itself is a tricky affair. If you do not know how to handle a marketing campaign in the initial stages of your business, things can go downhill real fast.
3. Seek Good Talent and Hire Them
Your company is only as good as the employees you have. Always remember, without your employees, your ideas won’t achieve fruition and eventually, the business can come crashing down. Now, while the right kind of employees can bring in profitability, the wrong ones can spell doom.
4. Pay Attention to Accounting
While money isn’t the only thing you need to run a business, it certainly is ONE of the absolute essentials that you will need in abundance. You may not have the required money to operate business comfortably. Or, you may have all the money you need to operate but end up wasting it frivolously. In both cases, proper accounting practices can bail you out.
When starting out, you may feel the cost of the accounting department pinching your pockets. But, trust me, it will be worth every penny you spend. But there is another option. Now, if you ask me how did I do my financial economics
and checks without spending a lot, the answer will be online software and tools.
5. Establish the Right Technology Solutions
Since your business is bound to have a digital presence, you must have the right technological systems in place that will help it operate in this tech age. You must identify the type of solutions your company needs. And that isn’t enough. You must also ensure that each of your employees knows how to use them.
To maintain your online presence, having a responsive website and social media accounts is a must. Add to that will be the necessary tech tools like automated data mining, accepting online payments, etc. Apart from knowing the tech solutions like the back of their hand, you should also have IT personnel who can identify issues and deal with technical crashes.
6. Offer Solution to a Problem
Best price and quality aren’t the only things that your customers want from you TODAY. They are visiting your website for solutions. The day your business offerings do not solve someone’s problem is the day your start-up starts going downhill. You will not be able to survive in the market if you deliver the same solutions that everyone else is providing.
So, you need to read into the lines of what your customers want. Stay updated with their altering and evolving issues. Accordingly, come up with a solution that can solve those issues. In this matter, tracking KPIs can prove to be useful. Read Also-MBA Assignment
7. Maintain Brand Value
The key to evergreen success lies in the authority your brand has in the market. Unless your customers feel that you can be trusted, your chances of shooting to the stars will not come true. To build trust, you need to establish a personal connection with your customers. Only then will you be able to retain more customers alongside attracting new ones.
The customer experience that you offer will complete the full circle only when your business practises transparently, authentically, and ethically to keep brand promises. Make sure to communicate the right messages to your users and always keep a two-way channel open. Here to establish a personal bond with your customers.
When it comes to taking a business to the zenith, there is no secret formula that can guarantee success. It is mostly great ideas, a lot of hard work and pragmatism that can save the day. With these 7 things in place, you will be able to ensure that you on the right path toward success.
If you were about to quit and let go of your dream of being a successful business owner, do not give up just yet. Keep up the hope and patience. Good things are about to come your way!