The economy is beginning to stabilise and gain traction after the crash in 2007. Now, more than ever, people are trying their luck and becoming a new business owner. The market is becoming saturated with various different industries, but the first two years separate the strong from the weak and it’s during this period that a whopping 80% of new businesses fail. Here are some little sure-fire pointers to get you on your way to business success…
Every good business owner knows that the employees make the business, so it’s important to make sure that they share the same passion as you.
During the hiring process, it can be tempting to make a quick hire, but it’s important to take the time to get to know the person you are considering for a position, what are their hopes and aspirations, what are their business goals, what can then bring to the company?
If you hire somebody without going through a thorough process, then this could be extremely damaging to your company in the long run, the person could hurt your branding and be hazardous to the operation. Patience is the key, it’s important to make sure that they are the best fit.
Related: 4 Hiring Tips For Your Startup
2.Keep Track of Everything
Every single number, receipt, account and decimal point needs to be accounted for in a business. The key to success is to be organised, create logical and easy to use systems for everything so that you can keep track of what is going on in your company.
These processes and organisation strategies can be adopted by your employees to ensure consistency and best practice. It is important to account for every single number, account, client, employee and any other vital piece of information, as in the event of an emergency you have a point of reference to fall back on to.
Make your daily decisions based on the figures you are presented with, rather than on a hunch or notion, numbers never lie. It may seem like an obvious task to do, but as a new business owner, you will have so many different things going on, that it’s so easy for your focus to get shifted.
Micromanaging is never a good way to run your business. It’s important to delegate jobs to your employees and to mark and reward progress. Recognise where your employee’s strengths lie, delegate effectively and most importantly, trust their abilities.
Micromanaging will not only distract you from all of the other tasks you have to focus on and complete, but it will also make your employees feel undervalued and under-appreciates, and this contempt will poison the whole office’s atmosphere.
You must complete risk assessments regardless of what industry you’re in, whether it’s an office environment, a bank, a restaurant or a construction site. You have to cover yourself and protect your employees and business from potential threats.
In the modern age cyber hacking is becoming one of the most dominant threats to businesses, so make sure that you protect your data and install numerous data protection add-ons.
Physical threats are still just as prevalent, robberies and break ins happen every day, so it’s important to also ensure that you are vigilant. Invest in security guards or even protection dogs, to deter and prevent any unwanted attention.
5.Use the Internet
The internet is the greatest tool that you have at your disposal. With the right marketing your business will be in front of the right people at the right time.
Invest some time into doing research on marketing techniques such as SEO (search engine optimization), paid social media and PPC (pay per click), as these techniques are a sure-fire route to success.
The internet is a great way to create a personal brand and make sure that you are presenting yourself in the best possible way – your competitors are doing it, so you should too!
6.Check Your Ego
Your business plant should not be gospel, it should be versatile and as a business owner, you should be open to changes. In the saturated markets, it’s important to be able to develop and grow into something that customers want to invest in.
Don’t let your ego get in the way of your businesses success, be willing to take advice and make bold decisions. If your business plan isn’t working, take a step back and explore over options and avenues that you can go down.
Take every day as a new learning opportunity and put your wisdom into practice.
Alice Porter is an avid writer who is passionate about sharing her knowledge with business owners and like-minded professionals.