Growing Your Business
I read on Linkedin today about a guy celebrating himself as the worker of the month in his own company as the only employee and it dawn on me that growing your business demands your own strategy and what works for you.
Every small business needs to adopt its own strategies that work with limited available resources, from figuring out how to find and develop new talent to discussing how to expand the business’s reach. Small business entrepreneurs have to think creatively about solutions they can implement to improve operations, increase productivity and ultimately grow the business.
According to research (2019 data from the U.S. Bureau of Labor Statistics), approximately 20% of small businesses fail during the first two years, 45% during the first five years, and 65% during the first ten years. Only 25% of new businesses make it to fifteen years or more.
Running a successful business requires analytical thinking, determined organization, and strategic execution plan.
These tips are meant to serve as guide to help you grow a successful business
1. Get Organized
To achieve business success you need to be organized. It will help you complete tasks and stay on top of things to be done. A good way to be organized is to create a to-do list each day. Dependent on what works for you, prioritize the difficult task first and move on to the easier tasks or the other way round. As you complete each item, check it off your list. This will ensure that you’re not forgetting anything and completing all the tasks that are essential to the survival of your business.
2. Keep Detailed Records
All successful businesses keep detailed records. These records could be vendors list, clients list, sales records and so on. By doing so, you’ll have an understanding of where the business stands financially, opportunities in the market place and what potential challenges you could be facing. This also allows you the time to create strategies to overcome challenges.
3. Analyze Your Competition
Competition breeds the best results. To be successful, you can’t be afraid to understudy and learn from your competitors. After all, they may be doing something right that you can implement to grow and improve your business.
4. Understand the Risks and Rewards
The key to being successful is taking calculated and measured risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of risks that can generate tremendous rewards.
5. Be Creative
Always be looking for ways to improve your business and make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and different approaches to your business.
6. Stay Focused
The old saying “Rome wasn’t built in a day” applies here. Just because you start a business doesn’t mean you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.
7. Prepare to Make Sacrifices
The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases you have to put in more time than you would if you were working for someone else, which may mean spending less time with family and friends to be successful.
8. Provide A Great Service
There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come to you the next time they need something instead of going to your competition. Your customers become your champion and grow your business through referrals and word of mouth marketing.
9. Be Consistent
Consistency is a key component to making money in business. You have to keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.
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