It’s a frightening statistic, but it’s one you need to know if you’re thinking of starting a business: up to 90% of startups fail, with 70% of them shutting their doors before making it to five years.
If this is enough for you to rethink your dream, then don’t quit just yet. The fact is, you just need to be smart about your business strategies. But of course, that’s easier said than done.
Fortunately, we’re here with some advice. Read on for four ways to ensure success in a business.
1. Focus on Your Customers
This sounds painfully obvious, but you’d be surprised at how many business owners lose sight of things. They often don’t have a long-term vision and only focus on maximizing profits and minimizing losses and costs. As a result, they drive away loyal customers and fail to attract new ones too.
Put an emphasis on the customer experience, and you’ll see it pay off. Not only will consumers return and avoid shopping with your competitors, but they’ll also recommend you to their friends and family.
You can encourage loyalty and retention by starting a loyalty program, having a referral program, and hosting exclusive events.
2. Don’t Cut Out Marketing and Advertising
When money gets tight, or when business owners feel comfortable, they’ll often pull funding for marketing and advertising to cut down costs. However, if you take a look around, you’ll notice that even big brands like McDonald’s and Coke still run ads and advertise their products.
If anything, you should increase marketing and advertising. The more brand awareness there is, the more chances of consumers finding you.
3. Invest in Your Staff
Chances are, you’re not running your company solo. The people you hire represent your brand, so they need to be the best and the brightest.
To ensure you have excellent staff, take the time to create quality job postings and have a thorough hiring process. Then, provide them with extensive training.
To make sure they have the same dedication to growth that you do, you should pay them outstanding wages and offer them opportunities to move up in the business. This will encourage company loyalty, and you’ll end up with fantastic workers.
4. Be Flexible and Adaptable
No matter what industry you’re in, change is inevitable. You can either stick your head in the sand to ignore it and be left behind, or you can accept it and get ahead of your competition.
Understanding the economic factors affecting business and other things that can fluctuate will give you a growth mindset. Adapting to change in innovative ways will have your brand shining like a star!
Success in a Business Is Attainable
Success in a business can be difficult to obtain, and many people fail. But if you stay customer-centric, keep marketing and advertising, invest in your stay, and remain flexible, it’ll be easier to stay afloat.
With these tips in mind, perhaps you’ve realized that you can actually make your dream a reality. It’s about time you strike out as an entrepreneur!
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