People have written many books and articles to describe how to succeed in business. Thousands of them are on the web and people will write thousands of them tomorrow. Even with access to such knowledge in today’s digital world, the UK Office of National Statistics (ONS) reveals that 64% of all businesses in the UK fail within their first ten years. Additionally, a sweeping 85 % of large companies don’t make it to their 5th birthday.
However, there are some common themes across millions of business success books and articles. You will read about some human principles that most people think about but don’t strain hard enough to attain. Here are some decisions and ideas that you’ll discover among the stories of a few individuals who attained success in business.
1.Understanding Your Market Niche
You can’t undervalue the need for careful, comprehensive market research. Whether you have groceries, books, or software on sale, you need sufficient information and insights into factors that include:
- Market trends
- Ideal clients
- Growth projections
- The size of demand
- The current competition
When you understand the nature of your market, you can make better business decisions and set informed and achievable goals.
2.Formulating a Business Plan
Without a plan, your business idea is merely a dream. Planning ensures that the focus of the business remains on its objectives. A business plan sets objectives and describes the process of achieving them. By clearly defining business objectives, employees and management can work towards achieving these goals effectively and efficiently. They will know the part to play for the business to be successful.
Components of a good business plan include:
- The target market and the marketing strategy
- Identification and acquisition of the necessary resources to achieve business objectives
- Strategies on how to beat the competition
- Types of employees required
- Business projections
3.Reducing Your Ego
Good advisors are an essential component of your business success. You need someone to scrutinize your ideas, review your actions, and propel you to greater successes by ensuring you accomplish what you have committed to doing.
An excellent advisor will make you understand that it is not about you, it’s about your company. If you deal in women’s business attire, for example, have an experienced women’s fashion advisor to help you understand what the business entails. He/she will guide you through any difficult and challenging circumstances, but without allowing you to take things personally.
Excellent record-keeping is vital to your business for the following reasons:
- They indicate how the business has evolved. They can be a source of information necessary to avoid past mistakes.
- They show the past business models, which creates room for improvement
- They allow you to make comparisons in performance at different times. Such comparisons enable you to determine the nature of progress you are making in your business.
With proper record keeping, you can make effective decisions in your business thus improving the chances of its success.
5.Good Customer Service
Clients are the livelihood of your business. The success of your business depends on how well your products relate to what customers need. Good customer relations will result in a satisfied and loyal group of customers, leading to the success of your business.
A good way of ensuring your employees maintain strong customer relations is to motivate them. When undertaking financial planning, strategize on how you will meet the costs of motivating your staff. Have a budget for federal, state, and local business level motivational benefits.