5 Tips for Having a Successful Business
Every business exists to have at least one key bottom line, a profit. Whether youâre a marketing manager, a small-business owner, or a veteran entrepreneur, at the end of the day you need your business to make a profit. The question is, how many of us fail to achieve our monthly targets â or fail to establish a consistent stream of returns? Yes, I know, the recession is looming due to COVID-19, but thereâs certainly a couple of things you can do to ensure your running a successful business.
There are multiple angles you can explore to make your entity stand out from the competition and in this post, weâll dive into key ones.
Key tactics for a successful business to not overlook
The following are some primary factors to consider.
1. Donât underestimate the power of social media
Weâre in the age of the Internet, where social media dictates the growth of our businesses. I mean, show me a successful business, and Iâll show you their thriving social media pages.
The thing is, when leads first get wind of your business, they flock to Facebook, Twitter, Instagram, and LinkedIn just to get a glimpse of who you really are.
Obviously, you might have your site up and running already, but people want to see how youâre interacting with people. Folks want a clear picture of how much of an influence you are, and if youâre even worth the hype.
People are only human. You want to give them what they want or are looking for the most.
2. Have a written business success plan
Do you have things written down? Letâs face it; if we donât put our plans (or even thoughts) in the writing, we could easily forget one or two things over time, and perhaps look back and realize we are missing something important.
So, if you havenât done it yet, get a screen, pen, and paper, or whatever works for you and jot down your companyâs mission statement.
Write down specific goals, revenue streams, and your marketing plans. You want a clear direction of where your company is not only coming from but also headed to.
3. Delegate to employees
Truth be told, youâll likely burn out if youâre going to have to manage your business solo. Why is that? Thereâs inventory to keep in check, finances to keep an eye on, and customers to be served. Thereâs a website (and probably a blog) to run.
Heck, you have your social media pages to monitor and update accordingly.
Honestly, doing all of these single-handedly can take a toll on your health, affecting your productivity, eventually.
Iâve said it (and Iâll say it again) that youâre only human. You need time to eat well, work out, spend time with friends and family, and even go on holiday.
You canât achieve that if you donât have a couple of employees to look after your business while youâre away.
4. Keep track of everything
From inventory to cash flow, you want to keep track of what is coming in and going out. Thatâs if, in fact, youâre looking to realize a profit.
Have written systems at hand for when things seem to be going wrong. These come in handy, especially if youâve got a boatload of employees under your sleeve.
You definitely want to know whatâs going in the marketing area, and to do that you need a plan and to evaluate against that plan. Get an idea of what your finance officer is up to with financial reports on sales, profit and loss, and aging invoices. Donât overlook the activities of the procurement area, either.
Understand that this is your business. You want to be ready for that uninvited auditor by keeping track of everything, so you arenât caught up in âa situation!â
5. Listen to advisors
Positive criticism has got its role in business; you donât want to take it personally. Feedback (whether positive or negative) is often geared toward your business, not you.
While youâre probably committed to your (organizationâs) core values, you should give room to what advisors have to say about your company. Things could be headed south without your knowledge. Or, maybe, you could be missing on something crucial â something that might help turn your business around.
The point is, give your ego a second glance when advisors want to inspect your organization. Rethink your arrogance when reliable sources are pointing fingers at your business.
Over to you
The above tips should help catapult your business several notches higher. Youâve got what it takes to run a successful business. Itâs likely youâve just been overlooking things or sitting on key ideas.
In order to rise above, youâve got to come out of your comfort zone by going an extra mile for your company. Success doesnât come to you on a silver platter!
Looking for help? Tired and believing there has got to be a better way?
Letâs talk about your business. With over a decade of experience leading companies and transforming lives, and a Masterâs degree in Org. Development and Leadership, Mike can help you find the best way forward!