If you know one thing about running a company, you know that it isn’t easy. That’s why half of all businesses fail within the first five years.
Unfortunately, there are too many reasons for that to name, as enterprises are all different and complicated in their own ways. However, there are some key pillars to keep in mind. Here are some tips on running a successful business in 2023!
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Write Down Your Goals
Every business needs a clear business plan, including the vision, mission statement, and goals. These need to be as clear and realistic as possible, following the SMART goal principles, meaning they are:
If your goals don’t fit these parameters, then it’s time to adjust them. Make sure you write them down, as you are 42% more likely to achieve the goals that you write down.
Also, don’t forget that your business plan isn’t set in stone. You can and should adapt your business plan every six months or so to track how your goals are coming along and what your new ones are.
Research, Research, Research
There is nothing more foundational to an enterprise than research. This includes researching:
- Your target audience (market research)
- Your competition
- Industry trends
- Product research and development
The list goes on. Understanding your target market with market research is essential for developing effective marketing strategies, products or services, and brand identities.
Moreover, competitor research and industry research will help you stay up to date, rather than fall behind. Most of the information you need is available online, so sign up for competitor newsletters, check their websites, and more.
Also, the core of your business is your products and/or services. Ask for feedback from customers and see what you can do to improve upon them over time.
Improve Your Sales and Marketing Channels
Diversifying your marketing channels is the first step to improving your marketing strategy. Remember, marketing and sales are the most foundational aspects of every business, so don’t limit yourself. You should include a mix of:
- Physical marketing (flyers, billboards, etc.)
- Search engine optimization (SEO)
- Digital advertisements
- Email marketing
- Social media marketing
There’s no shortage of options for businesses to market themselves, and many are free. Social media and most online business listings are entirely free, as is adding a blog to your website to rank higher on Google. Always focus on promoting quality content for a successful organic marketing strategy.
While these strategies take time to develop, once they do, you can continue earning from them indefinitely with minimal ongoing expenses.
To fill in the gaps, use paid ads to drive short-term revenue. After some initial market research, test different campaigns and strategies to see what works. From there, the sky is the limit.
Think of Customers First
Your enterprise has one thing in common with every other; it can’t exist without customers. Your customers are the most important aspect of your enterprise, and you should always think of how you can improve their experience with your brand. This will help build repeat business over time.
Building a loyal customer base will pay dividends for years to come. A 5% increase in customer retention can result in up to a 95% increase in profits. Getting customers is only half the battle, keeping them is the other half.
Automate Simple Tasks
Don’t worry, we aren’t trying to sell you the latest AI system. However, there are so many tools that most businesses simply don’t use. As you expand your enterprise, it makes no economic sense to continue hiring more and more employees to handle tasks that you could complete more accurately, more efficiently, and at a lower cost.
Again, we aren’t recommending any specific products. However, most workflow tasks can be entirely automated, including bookkeeping, data entry, email responses, and so much more. Embracing automation early on will ensure that you can scale your business with minimal costs over time.
However, there’s also a flip side to this. Don’t automate everything to the point that it hurts the customer experience. Rather, consider what technology will improve your end products.
Hire the Right Team
Your company is only as strong as its employees. You can be the greatest leader of all time, but it won’t matter if your team isn’t ready to be led.
Therefore, you need a team that compliments your strengths and weaknesses so you can depend on them. For example, do you struggle with organization? Hire an assistant with stellar organizational skills.
Of course, there are plenty of other examples, but you get the point. If you aren’t used to recruiting quality talent, that’s okay. Contact an executive recruiter here to help bring the right talent into your enterprise.
Don’t Take on Everything Yourself
Delegating tasks effectively is one of the many challenges of leadership, but don’t underestimate its value. You are not solely responsible for every detail and task in your business, nor should you be, even as a sole proprietor. There’s a difference between liable and responsible.
In this context, we mean that you, as a business leader, should not overload yourself. Instead, learn the strengths and weaknesses of your team and try to delegate tasks based on those. If you try to take on everything yourself, everybody will be worse off for it, and it will hurt your company.
Start Running a Successful Business Today
Now that you know some helpful tips for running a successful business, use them to your advantage today. While there’s no one “right way” to run a business, there are commonalities that every enterprise shares. Working to improve these on an ongoing basis is the best path forward.
Set your business up for success today, and stay up to date with our latest business tips!
Last Updated on March 30, 2023