Tips for Growing a Successful Business
Secrets of running a successful business: Why Business Fails, How to Manage a Business Decide what you want. Be a better leader. Build a Trustworthy Team. Set your roadmap.
Anyone can start a new business by filling out a few forms and obtaining the necessary permissions. However, successfully managing the business is another matter.
For example, 9% of businesses that are both newly opened and have been in the sector for years are closed every year. On the other hand, almost half of start-ups fail. 50% of them throw towels five years after opening.
It is not a very good statistic, but it shows that 50% of the newly opened businesses survive after the first five years. So this is about what side of the glass you see.
According to statistics, almost 80% of newly opened businesses successfully survive the first 12 months. This may surprise you, but it's definitely a much better statistic.
This number may vary depending on the sector. While the survival rate is higher in sectors such as healthcare and social assistance, it is lower in construction and transportation.
A) Why Businesses Fail
There are multiple reasons why a business might fail. According to a study, more common reasons are listed as follows:
No more need: If there is no need in the market, offering a good service or product is useless. Detailed analysis and market research are what you will do first.
Having no money: Setting up and opening a business is costly. You will need capital, investment, loans and / or income to get through tough times.
The wrong people: Most successful business owners and entrepreneurs know they have to hang out with people who are smarter than they are. You will need a strong team.
Too much competition: If the market is saturated and there are already enough suppliers, you will be fighting in a disadvantaged environment.
Prices: If your prices are too high, you are limiting your customer base. Even if your prices are very low, you may not earn enough income to survive. The line between these two is very thin.
Besides these; There are many factors that cause companies to fail, such as bad position, poor business plan, ineffective marketing, and rapid growth.
If you enter the business hoping for the best, you will most likely fail. A sad but true truth. For your business to be successful, you must constantly research, study, and be open to learning.
B) How Is Business Managed?
Decide what you want.
Write it down.
It becomes a better leader.
Build your team.
Set your roadmap.
Broadcast your message.
You have to start over. Think twice and say, as our ancestors said, and apply it not only to your work (eg, market research, professional goals, types of buyers, but also to your own life.
1. Decide what you want.
Do not underestimate the importance of doing a thorough and rigorous market research.
You will need tangible information about your ideal customers, current competition, expected growth and demand, market trends and more. This type of information is invaluable in making better decisions about your business.
You should also be clear about the product, price, advertisement and location. These four factors can guide you through your market research, marketing plan and types of customers, and serve as an incredible jumping-off point when you are unsure of where to start.
New ones are constantly being added to these four factors, and you can increase them to eight to keep up with today's marketing strategies. These include product, price, location, advertisement, people, process, physical evidence and performance.
While setting goals and researching your business, don't ignore what you want yourself. That's why when we get on the plane, he says, we need to put on our oxygen mask first before the officers can help others. We cannot help others if we don't take care of ourselves.
2. Write it down.
Whether it's your business plan, your professional goal, workflow, or anything else, you should write it down and share it with people.
This is easier than anything else in the digital age. Keeping a written document and sharing it with everyone not only brings consistency and cooperation, but also allows you to grow in the process. Changes can be made, saved and shared.
Do you need help? Do your research on the internet. You can find more guides, ready-made templates and frameworks than you would ever want.
However, the important thing here is to write everything down. Just setting goals is not enough. According to the researches, putting the ideas in our minds into writing allows us to remember them more and to realize them easily. We learn more when we create things than just read.
Make a plan. Set goals. Create workflows and write them down.
3. Become a better leader.
First of all, you must develop the leadership skills you will need to create your long-term vision for your business. Good leaders have the empathy, humility, vision, influence, and organizational management needed to bring ideas to life.
Even if you are a budding boss without employees, you are responsible for making your business successful. As you grow your business, others will join you.
Even if you don't have what a leader should have, you can improve them!
4. Build your team.
Many startups do not care much about their employees and ignore the fact that the corporate culture has been created since the start of the business.
So build a great team, not just an ordinary team.
As long as your budget allows, seek help, advice and feedback from experts on topics you are not experts in. Consult their opinions in decisions that affect them both directly and indirectly so that they can invest more in what you are building and make better decisions together. When you win, they also win.
But this is not everything. “It is vital to define a clear strategy and create a system to achieve employees and measurable results. Building systems allows you to expand your business and spend less time dealing with the inevitable loss of employees. "
The biggest mistake entrepreneurs make is trying to do too much. Do not try to do everything yourself. No matter what stage you are in, there are many affordable and accessible ways to get things done.
You can work with freelance experts from outside the company and pay per job. This way, you avoid the huge cost of hiring a new employee. In addition, this method reduces the burden of full-time employees while allowing you and your team to focus on more important tasks.
5. Set your roadmap.
The number of applications, products and SaaS solutions you can use is increasing day by day. Identify and actively use these tools that will make your job easier.
The cost of technology is falling every day, so even small businesses can instantly access the tools they need. However, choosing the right tools is a challenge. There are a few steps you should follow when deciding which tool is right:
Focus on what task you will use each tool you will use.
Observe whether each of these tools facilitates the process.
While it's fine to use an all-in-one tool, choose the best tool you can use for a specific task.
Measure how well that tool worked and how much time it took.
Choose tools that keep up with your business and seamlessly meet your changing demands.
6. Broadcast your message.
Your goal should be to deliver the right message to the right people at the right time.
In 2019, that means embracing the digital revolution in both your communications and marketing strategy. Where are your customers? On the Internet. What method do they prefer to communicate with businesses and others? Digital platforms.
The most common ways you can communicate with your prospective customers are:
Your company's website
Pay per click ads
If you want to attract the attention of your prospective customers and please your existing customers, you should use any communication channel in your marketing strategy.
You should use the various communication channels that customers use to provide them with a seamless experience.
They will want to search, contact, purchase, communicate and support you, for their own purposes and in their own way. If you don't give them this opportunity, they'll find someone else to offer.
Successful Business Management Tips:
Ready to take your business to the next level? Listen to these experts' advice.
1. Focus on the customer experience.
The customer experience will be much more important than the price or even the product itself in the years to come, if not now.
Customer experience is defined as the impact you leave on your customers. This impact will affect every page of your customer's story with your brand.
Customers want to have a good time with you from the moment they first arrive to your store until the moment they leave. While 86% of consumers are willing to pay extra for it, 73% see it as an important factor in their purchase and 65% are said to be more effective than a flawless marketing strategy.
Ready to deliver this experience? Do you offer more than expected in terms of customer experience?
2. Don't forget to listen.
People will talk about your brand whether you ask them or not. Are you listening and listening to what they say?
Listen to the market and your customers. Keep up and be flexible. Do not compromise on your core values, beliefs and goals.
You have a lot of choice when it comes to listening and getting feedback. Social listening, surveying, data gathering through a clear recommendation score are just some of the options. If you wish, you can get feedback from your customers by calling, e-mailing or simply asking questions.
3. Create a sense of trust.
The foundation of your business is based on the bond of trust between you and your customers. 91% of consumers say they prefer to shop from a brand they trust. To achieve this, your business must meet all expectations, large and small, build a loyal customer base, and deliver what your product promises.
4. Build your platform.
Successful businesses create a platform for sharing their messages with their target audience.
You can gain customers with Facebook, mail marketing, digital ads and search engines, but strong businesses build their strategies on their primary platform.
A new company's brand, design, and culture should match every stage of the marketing strategy and point to the newly created website. Having a website also allows you to advertise your content on your own channel. High quality, valuable content ensures more visits to your store and site.
As long as your content solves an existing problem or annoyance. “One way to see that people are looking for solutions to their problems is to search by keywords. You can find keywords your prospects are using using tools like Google Keyword Planner. Then you have to create content around the keywords you find. "
But your work doesn't stop there. “Content is also a valuable selling tool. Even if you need a strong sales team to close the sale, your customers learn everything they need to know about your brand thanks to digital content without coming to the sales issue. According to a research, 68% of the customers prefer the method "do not call us, we will call you". Your content strategy helps you in how to create and convey your content, while putting prospective customers on your sales team's radar.
An effective marketing strategy will allow you to stay one step ahead in the crowded online market. However, it is not easy to produce quality content on a regular basis. This is why successful businesses create their content for other companies.
5. Determine the process clearly.
Optimize your sales process and work with the right team and software to get more done with less.
Run your sales process through a single customer relationship management application and sales platform instead of using different platforms, spreadsheets and mail tools. By using the right sales tools, you can increase your sales by a few hours each week and increase your closing rate up to 28%.
The right tools allow you to meet customer expectations better and even exceed expectations. For example, if customers have a question about sales, 82% consider it very important to answer "immediately", while 90% expect an immediate response to a customer service question.
To meet these expectations, give your digital visitors the opportunity to contact you immediately by implementing applications such as CallPage. When you place this tool on your website, you can contact your prospective customers within 28 seconds, which positively affects both your customer acquisition and your sales rate. Live chat software can meet the need for immediate response.
6. Choose your Human Resources team well.
Businesses often overlook that corporate culture and employee engagement are at the forefront of everything from recruitment interviews to termination.
“A good Human Resources team with great tools can move your company to great places. Happy and job-loving employees do great work and this will keep the company growing. "
When companies invest in training and recruitment processes, they discover that their employees are ready to do great work and overcome any obstacles they may face.
Measuring and improving employee engagement and employee net recommendation score can increase productivity, improve employee sensitivity, and enable your employees to recommend your company to friends.
Monthly or quarterly performance evaluations ensure friendship within the team and positively affect the mental health of your employees. At the same time, these evaluations bring about the establishment of trust and therefore innovation.
Small businesses can attract candidates with a positive corporate culture and well-trained recruiters free of prejudices. A supportive corporate culture is the primary way to attract candidates who are best in their field. People who are the best in their field want to be respected not only within their own teams, but throughout the organization, and to work in companies that value their work. To recruit the best, managers need to emphasize a positive and supportive company culture and underline that their positions are the most important factor contributing to the company's growth.
A good Human Resources team with great tools can bring your company to great places. Happy and job-loving employees do great work, which keeps the company growing.
7. Distribute the tasks well
What tasks and activities can you do to another institution or delegate to others within the company without sacrificing quality?
In this way, you can focus on the 20% part that allows you to achieve 80% of your results. Focus on the workflow, not your business. If your business is built on repetitive activities, you can spend more time growing.
8. Get out of the office.
Almost everything we do now can be done over the internet, so it's easy to hide behind your computer screen. However, you should also go outside the office when necessary. Communicating with people face to face, participating in events and networking are indispensable for a successful business.