In the United States roughly 1 in every 12 businesses both new and old close each year. On the flip side, more than 4 million were opened in 2020 alone which is the biggest surge the US Census has reported in over a decade.
According to the U.S. Census Bureau, the overall number of business applications dropped in early 2020 as the Coronavirus pandemic emerged, then sharply increased in mid-2020 and continued to rise through Q1 of 2021.
To succeed in business today, all it takes is to be flexible and have good planning and organizational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought.
BELOW ARE A FEW TIPS
Be Creative
Always be looking for ways to improve the business and make it stand out from the competition. Recognize that nobody knows everything so be open to new ideas and different approaches to the business.
Keep Things Organized
This point cannot be stressed enough. From a physical filing cabinet to an organized digital folder structure in the computer, access to information quickly and effectively will make a massive difference in the daily operations of a small business.
Find and Keep the Right Employees
Attracting and retaining the right employees is one of the most important things to do with the business. While hiring and training employees every other week might be business as usual for a fast-food restaurant, most successful businesses rely on hiring quality staff and keeping them for the long term.
Keep Focus & Have Patience
When starting a new business venture, maintaining sight of a set goal is imperative to measure success. Owners must determine the overall goal and set smaller milestones that will ladder up along the way. A highly recommended practice is to draft a “to-do list” every night before going to bed and tackle it starting first thing in the morning to help you stick to a plan and avoid distractions.
Focus on Customer Service
According to a study by NewVoiceMedia, 51% of customers will not repeat business with a company after a bad service experience. Other studies have shown that it takes several positive customer experiences to make up for one negative one.
Set revenue and profitability goals.
For a business to be successful, it has to make enough money to sustain operations and turn a profit that can be re-invested for future growth.
Focus on social media.
Another method to grow your business is to create profiles on all of the major social media platforms (Instagram, Facebook, Twitter, etc.). An active profile allows you to better market your business and interacts with far more potential customers.
Protect your cash flow.
According to findings from “In Search of Solid Ground: Understanding the Financial Vulnerabilities of Micro-business Owners,” the real secret to small business success is “the owners’ discipline in managing their personal finances and business cash flow.
Host local events.
While attending events is a great way to grow your network, hosting your own events within your community is even more beneficial – whether it’s running a fundraiser, offering exclusive deals on a holiday, or sponsoring a local sports team. Creating a unique experience for your customers will foster more personal relationships with them.
Put your employees first.
“Your employees are important because it is their skills that keep your machine running,” says Gary Vaynerchuk. By putting employee happiness and well-being before anything, Vaynerchuk has been able to scale up his businesses and “build committed teams as we continue to innovate.”
We have always emphasized the importance of having a good website for your company because it can act as your best tool for marketing and sales. A poorly designed website can repulse people from your business and can cause you to lose customers before you even have them. Get in touch with HyperEffects to work on creating, enhancing, and making the website of your company more user-friendly.