As the economy begins to stabilise, now more than ever small businesses are beginning to rise from the earth. Being a new business owner, it’s important to be resourceful and take advice and example from every success story. In the first two years, a whopping 80% of businesses fail, here are some of the best tips to ensure that your business is successful…
Keep track of everything
Every single number, letter and email needs to be accounted for in your business. Create written systems for everything and you will most certainly see the benefit. Organisation is the key to any successful business. This is a great way to retain consistency and should be the procedure you follow to train up your employees. Make your daily decisions based on the numbers you are presented with – mark your success based on your numbers. This may seem like a really obvious thing to do, but it is easy to let your focus shift onto other matters in your business. Before you start your business, draw up a realistic budget and account for all of the potential costs that may arise. Don’t get ahead of yourself and try to start without the cash on hand, this can be disastrous.
Your employees make your business, so don’t allow anybody through the door who does not share the same passion as you. Making a quick hire may seem like a good idea at the time, but you run the risk of hiring incompetent employees who will not make your business successful. When you are hiring someone, make sure to run rigorous interview processes where you can really get a feel for their wants, needs and goals. This process may be time consuming, but it is beneficial in the long run.
A manager’s job is to delegate tasks to their employees and to inspect the progress of the company. If you recognise the strengths of your employees and delegate effectively, then then success will follow. Don’t fall into the trap of micromanagement as this can de-motivate your employees and distract you from other tasks within the business. Use incentive-based reward systems to motivate and inspire your employees and ensure that you have proper training procedures in place to get maximum results.
Use the internet
The internet is the greatest tool that a company can have at their disposal. It cannot be stressed enough that the internet will be the making or the undoing of your business. Invest some time into doing research on marketing techniques such as SEO (search engine optimization), paid social media and PPC (pay per click), as these techniques will get your business in front of the right people at the right time. The internet is a great way to create a personal brand and make sure that you are presenting yourself in the best possible way – your competitors are doing it, so you should too!
Protect your business
Whatever industry you fit within, it’s imperative to conduct risk assessments to minimalize internal and external risks. This will help you to gain a better understanding of what you need to protect yourself against – i.e. if you store a lot of company data on your computer, then it’s important to make sure that you have in place rigorous security measures. Cyber hacking is becoming one of the most important threats to businesses, so make sure that you protect your data and install numerous data protection add-ons. Physical threats are equally as prevalent, so it’s important to also ensure that you are vigilant, and dependent on your industry or business, seek to invest in security guards or eve K9 protection units, to deter and prevent any unwanted attention.
Don’t be stubborn:
Finally, it’s important not to marry yourself to your business plan. If something isn’t working, then make allowances for any changes to be made. Don’t let your ego get in the way of your company’s success, a great business owner is versatile and attuned to change with the times. If your business isn’t working, then take a step back to explore other avenues that you can go down. Every day is a learning experience for you to take from and build upon.