Starting a new business is daunting. While an estimated 80% of new businesses survive the first year, only about half make it past the five-year mark.
The problem is that no matter how good your idea is, your business is like a machine. It’s only as good as each of its moving parts.
How can you make sure that you’re part of the 50% that do stay in business after the five-year mark? You’ve come to the right place.
Read on to learn what makes a business successful with these four tips that will help you stay on every moving part of your business.
1. Create a Positive Company Culture
In order to run a successful business, you’re going to need to hire and maintain a solid bunch of employees. Your goal is to create incentives that encourage employees to stay on for the longhaul, but in the early days, you may not have the resources to offer fancy perks and bonuses.
One thing that is always at your disposal and doesn’t cost a dime is the company culture. Set a good example by maintaining a positive example, treating your employees fairly, and holding everyone accountable for their actions.
2. Master Your Product or Service
You may want to develop an expansive line of products or expand upon your existing services, but don’t jump the gun. Remember that the first thing you need to do is generate customer satisfaction, and you can only do that if the products or services you provide are topnotch. Master what you’re already offering before you invest in new things.
3. Focus on Marketing
Chances are, people aren’t going to show with you if they’re unfamiliar with your brand. Building brand recognition is a proven way to increase the trust consumers have for your business. Marketing is the best way to get your name and your branding out there.
Make sure you understand who your target audience is before you start investing in your marketing campaign and find out where that target audience tends to hang out. Are they more likely to scroll through Facebook or Instagram? Do they subscribe to the local newspaper or other print media?
Once you know where to advertise, invest as much as you can afford to in things like graphic design and social media management. If necessary, outsource this work to professionals.
4. Prioritize People
Don’t forget that the number one factor keeping you in business are the people who buy your products or services. Prioritize their needs and pay close attention to customer feedback. Make sure that you’re goal is retaining customers you already have, not just finding new ones.
Make Sure You’re Always Asking What Makes a Business Successful?
If you want to make sure that you’re part of the 50% of businesses that make it past that five-year mark then it’s important to remember that there’s always something new to learn. Keep asking, “What makes a business successful?” no matter how well your business is doing.
Looking for more ways to fuel your business? Take a look at more of our content to find out everything there is to know about being an entrepreneur.
