With current statistics touting that as much as 80% of businesses fail within their first 18 months, starting a business can be a gamble. However, you can help sustain your business into its maturity by following these ten tips to help you succeed at business.
- Succeeding at Business Means Doing What You Love
People who love what they do thrive in business. Don’t follow money, follow your heart.
- Business Success Takes Thorough Planning
You can work out some barriers to business success in your head. What will you offer? What format will you use? This kind of planning up front can lead to a lot fewer last-minute changes and frustrating surprises later on.
- Persistence Helps Your Business Persevere
You have to have the will to forge ahead when you make a mistake or things don’t go exactly as planned. Sometimes people have only reached their current level of success because they failed over and over and refused to stop striving to succeed.
- Hiring to Your Vulnerabilities Encourages a Strong Business
Don’t try to be solely responsible for each aspect of your business (accounting, research and development, legal, quality control, human resources, etc.). Hire employees, invite board members, and recruit volunteers who specialize in doing things you don’t excel at.
- Succeeding at Business Means Giving People What They Want
Make sure your product or service is something that is in at least moderate demand. Research trends in your market to get a sense of how you can turn your passion into something that makes people’s lives easier (i.e., by healing broken spirits, helping people make more money, helping people sleep better, etc.).
- Tooting Your Unique Horn Nurtures Business Success
Stress to customers how your business is different from 100 other similar companies. Do you offer something cheaper, faster, at a higher quality, in increased quantity, or in an easier-to-digest format?
- Delegating Responsibilities Paves the Way for Success
You should never be afraid to delegate tasks so that you have time to spend on leading the business. Don’t forget that time away from the business is critical, too. As wonderful as your new venture is, you can always start another business, but you don’t get another lifetime with the ones you love.
- Listening to Customer Feedback Creates a Stronger Business
From the day you first launch your new business (maybe even before) you should be taking in data from consumers about your products and services. Listening to this feedback will help you keep your customers satisfied and your sales up.
- Succeeding at Business Means Changing with the Market
Evolve with your industry. Imagine if Disney had refused to start making 3D films or if Citigroup refused to offer any forms of online banking. At worst, they wouldn’t still be in business. At best, they wouldn’t be leaders in their industries.
10. Assessing Progress Helps a Business Grow
If you don’t assess progress, you can’t know what works and what doesn’t for your specific company. Ask employees what they thought of your presentation at a meeting, measure how much delivery time decreased when you used a new shipping service. Take note of the things you do and how that has helped, or hurt, your business.
