Success in business is anything but guaranteed. Research shows that 20% of new businesses fail within the first two years, and 65% within the first ten years. As a new business owner, you need all the help you can get. Here are eight tips for living by if you wish to survive and thrive.
Have a Plan and Clear Goals
Where do you picture your business five years from now, and where would you like to see it in your golden years? Jack Ma had a clear vision for his multi-billion dollar business empire, and so did Jeff Bezos.
Both men started small, but they now control two of the world’s largest online commerce platforms. Have a vision and a plan to back it up. Additionally, be sure to set up goals and set the bar higher and higher as you outgrow yourself.
Know Your Customers
There are two ways to perceive business: a money-making enterprise, or a money-making enterprise out to meet its customers’ needs. Your customers have an underlying desire, want, or need that they expect your products/services to fulfill.
Try to understand what your customers need and tailor your products/services to fit in perfectly with their needs. You will nurture trust with your customers and get insights on how to improve your business – the money-making part of the deal is also guaranteed.
Use High-Impact Marketing
Marketing is an integral part of every business. However, marketing doesn’t always guarantee the desired results. The truth is that it can be a big waste of money if approached in the wrong way.
As such, make every dollar spent on marketing count by adopting a high-impact marketing strategy. This primarily involves targeting your most likely customers in your ads to avoid wastage and maximize leads and returns on investment. Digital marketing has refined high-impact advertising.
Don’t Ignore Cybersecurity Threats
Millions of cyber-attacks are launched against businesses every day. Most business owners ignore this threat until it befalls them. When this happens, the results are always bad: lost or compromised data, hefty ransoms to uphold the privacy of your sensitive data, expensive downtimes running into thousands of dollars per hour, and more! This is a pity considering that implementing the necessary cybersecurity measures is easy and relatively cheap, considering the alternative.
Delegate Whenever Necessary
Your business is like your baby, but you need to understand that you cannot do it all – you will burn yourself out trying to take everything on and end up closing.
As such, get some help and delegate whenever necessary. Go for the best support you can get by hiring talented, ambitious, and self-driven employees. It would be best if you also considered outsourcing some of your work to specialists as you will save big on overhead costs and get top-quality work.
Make Use of Funding Opportunities
Maintaining healthy cash flow is one of the most challenging aspects of running a business, especially when it is still new and growing. This is why most companies rely on external sources of funding, mostly in the form of loans and investments. As such, make use of funding opportunities, including merchant cash advance, whenever necessary.
P.S. Seek external funding only when necessary and have a good plan for using loans to maximize impact on every dollar. A loan can be either beneficial or a waste depending on how you use the money and when or not it generates more than it costs you.
Don’t Be Afraid to Take Risks
As mentioned, 65% of businesses flop within the first ten years. This high number just goes to show how much of a risk running a business is. This is why you should never be afraid to take risks whose reward is worth it. Your business will not be any safer if you don’t take chances. Instead, it will likely fizzle out and die trying to survive the unavoidable madness that brings lots of lucrative opportunities.
Always Try to Find a Better Way
The business world is so dynamic today that things are changing at break-neck speed. Humanity is working towards efficiency, and businesses should be at the forefront of realizing this dream – your customers expect this much. Always work on finding a better and efficient way to run your operations and refine the quality of your products/services.