Every entrepreneur wants their business to succeed. While different people have different ideas of what success looks like, the methods and tools used to get there are the same. Whether you want to grow your business quickly and make a lot of money or are content to get by and enjoy working for no one but yourself, we offer 7 ways help pave the way for success.
Start with an Original Idea
This may sound like a no-brainer, but it is surprising how many entrepreneurs forget this simple business principle. A recent report discovered that on average, 660,000 new companies are established in the UK every year, but 60 per cent of those will close within three years. And in one year, 20 per cent of these new companies will go under. New companies close for a variety of reasons, but most of them shutter due to a lack of innovation in bringing their product or service to the market.
Be sure that your product or service has a unique quality to avoid it being easily replaced or replicated by threats from competitors outsourcing to cheaper production, more advanced in technology or better online marketing.
Manage it Well
Apart from a lack of an innovative approach, poor management causes many businesses to fail. As the owner, you must be both bold and humble. Bold in the sense that you have a vision for the company
and know which direction to take it, but humble enough to listen to the advice of others if the direction you’re heading isn’t working. Even when your business is growing, maintain a sense of accountability.
Know your Competition
Savvy business owners keep an eye on their competition. You should always know who the rivals are in your category, and why people would choose their products or services over yours. Check their social media channels and how they handle customer complaints or objections. Sometimes, the best teacher isn’t experience, but your closest rival.
Have a Website
These days, this may seem like an old-school kind of practice, but a website is essential for any business. Despite the rise of social media sites like Facebook and Instagram, your customers still look up products and services on websites. Your website is where you introduce sales-generating content. Examples include technical information, contact details and purchase sites; keep your information fresh with blog posts; note that long-form blog posts give you nine times more sales leads than shorter blog posts.
Use Social Media
A website and social media assets complement each other. In the case of the UK, social media is part of Britons’ daily life, with 66 per cent of them being active social media users on tablets and desktops, and 57 per cent accessing their social media via their smartphones. Of the total population, 67 per cent of UK citizens are active social media users, and that number will increase over the coming years. Your online presence should, at the very least consist of a website, and supplementary social media sites like Facebook and YouTube, which are the first and second most-viewed social media sites respectively in the UK. Social media offers the low-hanging fruit of a large potential customer base that’s easy to reach; if you don’t take advantage of it, your competitors certainly will.
Cut Down on Costs
This strategy is essential, especially for small businesses and startups. Business sense means that everyone, from the self-employed to the billionaire tries to keep costs down and not toss money away on unsound expenses. If you’re starting your business, invest in the fundamentals like a fast internet connection, impenetrable cyber-security and hire the best talent. Don’t pay to own whatever you can outsource, lease or rent.
Know When to Quit
Despite your best efforts and the best laid-out plans, sometimes your business will falter or fail due to factors beyond your control. One of the biggest challenges as a business owner is to let go of an idea that’s not working. If this happens, learn by your mistakes and know when to make the needed adjustments to keep the business going. Should this not be enough, it might be best to quit, cut your losses and start anew.
While it’s good to strive for success, it’s more advisable to strive for survival in the first year of operation; this is especially true if you’re new to entrepreneurship. By focusing on survival as your short-term objective, success becomes a more realistic goal in the long term.
About Kassy Kassy Pajarillo, is the chief encourager of The After Six Club and an international, independent LinkedIn trainer whom have taught and shared masterclasses in Mongolia, Malaysia and Philippines. She’s a frequent speaker on Personal Branding, LinkedIn Power Profile and Optimization, Employee Ambassadorship and Digital Responsibility amongst few. She made use of her talents and skills to pursue her advocacy – help you drive your ambition and pursuing your dreams through transformative and progressive education.
Today, she makes use of her influence on reminding you to embrace lifelong learning, writes in digital and traditional media, curates events and hosts corporate events.