It sounds obvious, but one of the main keys to business success you need is to be organised. Easier said than done! However, it will help you complete the essential tasks of the day and ensure you stay on top of things to be done. A good way to be organised is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you’re not forgetting anything and completing all the tasks that are essential to the survival of your business.
To have a successful business, it is essential that you keep detailed accounting records. Not only does this stop expenses being forgotten about, it will also let you know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges. A key point to remember when you are running a business is KNOW YOUR NUMBERS!
There is such a thing as healthy competition. We can learn from our competitors. To be successful, you can’t be afraid to study and learn from your them!. After all, they may be doing something right that you can implement in your business to make more money.
Another key to being successful in business is being willing to take calculated risks to help your business grow. This is much more painful as sometimes the risk will reap a reward and on other occasions you could lose out. However, without ever taking a risk your business will only tick over instead of thriving. Understanding risks and rewards includes being smart about the timing of starting your business. For example, has the severe economic dislocation caused by the coronavirus pandemic provided you with an opportunity (say, manufacturing and selling face masks) or an impediment (opening a new restaurant during a time of social distancing and limited seating allowed)?
Always be looking for ways to improve your business and make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and different approaches to your business.
The old saying “Rome wasn’t built in a day” applies here. Just because you open a business doesn’t mean you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.
The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases you have to put in more time than you would if you were working for someone else, which may mean spending less time with family and friends to be successful.
There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come to you the next time they need something instead of going to your competition.
Consistency is a key component to making money in business. You have to keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.
There are plenty of statistics out there that say that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more. If you want to be among that 25%, rigorous attention to these nine tips is the smart way to get there. FINALLY GOOD LUCK!
