What does it take to achieve business success? This is a question every young entrepreneur asks themselves every day. It is one thing to have a great idea and dream of turning it into a sustainable, successful business and another to actually turn it into a reality.
Even with the most precise business plan and sufficient funding to start out with, that is not a guarantee your business will take off. Getting your business to success will require time, patience and effort. A lot of it.
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I’ll let you in on a few secrets that can turn your startup into a successful business. These secrets are more like tips really because they’re not hidden or unknown, business owners just lose sight of them sometimes.
If you focus on utilizing these points the best way possible, there is nothing to stop your business from becoming the next big thing.
The 5 juicy secrets to business success are…
1. Surround yourself with the right people
You cannot be a jack of all trades, no matter how hard you try to be. Many small businesses fall into the mistake of trying to “save money” by hiring fresh grads or inefficient people to handle major positions.
They assume that getting someone less qualified and paying them less beats hiring experienced people from the start.
This may seem like easy money saved at first but it will negatively impact your business in the long run because your business won’t amount to much in the end.
If you have big goals for your business, you need tenacious, hardworking people to help you reach that goal. I get it; you’re on a tight budget to find out what you’re not good at and hire people that are good at this.
For example, you’re not good at marketing so find someone who knows the market and can easily market your products or you’re bad with numbers, get someone that has billing experience and can handle invoices and do your business’s accounting.
You need to compose a team, even if it’s just a small team, of experts in what they do. With the right team, you’d be able to trust them with important tasks and guarantee efficiency.
2. Stay up-to-date with the latest technology.
Technology is there for a reason, so use it! Every day new tools and solutions are discovered to make your day easier and facilitate your business operations.
Even if you don’t run a paperless office, it’s about time you started taking active steps towards this approach. There is a tool for almost everything, from handling your mail and creating invoices to managing sales and tracking work hours.
The more you integrate technology into your workflow, the faster and more accurately things will get done.
For example, with a virtual mailroom, you can get all your business postal mail delivered to you online. You’ll be able to download important mail, forward any packages, and shred any critical documents, all in just a few minutes!
You could use Google Hangouts or Skype for meetings, download a free CRM (Customer Relationship Management software) to track sales and organize your customer interactions, or take advantage of Google Docs and edit and share internal or external documents.
3. Happy customers make a happy business.
Many businesses focus on the number of sales and profit they’ve earned and forget about a very important factor, customer satisfaction.
Yes, money matters but to keep that money flowing and to grow your business, you need a happy customer base that is loyal to you.
You can start by doing the simplest thing, asking your customers for their feedback or asking if they’re happy with your product or service. The smallest comment can be used to enhance your product into something better or improve your customer service.
Another trick is giving your customers something special that they can’t find with your competitors, like coming up with a loyalty program or reward points.
Customer satisfaction is the core of any successful business, so don’t neglect it.
4. Do your market research.
Another point emphasizing uniqueness is making your product/ service stand out. In order for your idea to be a success, you need to do your homework. Find out what makes your product different from your competitor. Does it fill in a gap in the market?
Does it offer something better? Your product needs to serve a purpose to actually sell! When Uber was invented, it was to offer convenience and ease to consumers that needed a ride. You no longer need to hail a cab or wait for the bus when in a hurry and so Uber served its purpose.
Analyze your competitor; understand what they’re offering and how you can do it differently. Only when you fully understand your product’s value and purpose will you be able to sell it easily.
5. Always be prepared.
Rome wasn’t built in a day! It will take time, patience, and hard work to get your business to success. It is normal for startups to stumble on a few bumps in the beginning and you’ll spend a lot of money before you start earning anything.
What matters most is for you to always be prepared and ready for a change. You need to forecast hiccups before they happen and have a plan on how to take action.
And most importantly, learn from your mistakes. Stop doing what didn’t work before and start focusing on what did, consistency in doing this will be a winning streak.
You can even take a page from your competitor’s playbook, do your research, and find out what worked for them. Implement this in your business and if it works, evolve it and do it better!
There are no secrets for a successful business. It can take one factor or a hundred to make or break your business. These are a few important pointers neglected by many startups, and so, they don’t make it past the first few years.
There is no easy road to success but by using these secrets in your best interest, you can quickly turn your idea into a successful business.