With 50% of businesses failing in the first 5 years, it is important to be aware of how you can succeed. After all, you want to avoid becoming part of this statistic. What works for one business may not work for another. However, there are a few key ways that you can improve your small business and become a success story.
Adaptability determines how you respond to change, and is the lifeblood of a small business staying competitive. One of the key perks of owning a small business is that you can change to meet your customer’s needs. So, take in their feedback and provide them with exactly what they want. Small businesses also mean less risk, so you can test out new strategies and products without the risks a large company faces. By staying curious and being aware of the current climate and gaps in your industry, you will be able to adapt your business strategy to stay competitive and responsive to any challenges that may arise.
Once you hire new employees, you need to make sure you keep them. Currently, 45% of employers are facing recruitment difficulties with hard-to-fill vacancies. And, 74% are planning to take on new staff by the end of the summer. Implementing a great employee experience can reduce the risk of your staff looking elsewhere for vacancies. One way to do this could be by investing in human resource management systems to develop, retain and empower your employees. Research has shown a strong correlation between employee retention and employee recognition. Making your employees feel valued is key to stopping them from looking for vacancies elsewhere. From acknowledging birthdays and key life events to prioritizing mental health. Small businesses should find out what their employees want and need to make the workplace a positive place to be.
With over 58% of people now using social media, moving parts of your small business online is a great way to connect with your customers. It also allows you to easily gain new ones. From LinkedIn to Twitter and Instagram, you can use social media for everything. From marketing, sales, and customer service, to your recruiting and hiring process. In fact, 57.5% of people are more likely to buy from a business that they follow on social media. Consumers also note that responsiveness, promotions, and providing educational content are the top 3 brand actions that prompt them to purchase on social media. Thus, making it clear that heading over to social media to improve your business is key.
The digital age has made it easier than ever to begin a new business. However, this also means that competition is unprecedented. One key way to improve your small business is by researching your competitors. See what they are doing and what you’re not doing. Competitive research is the act of gathering and analyzing industry information to help you understand your competitors’ strengths and weaknesses and how they can translate to your business. Alongside market research, reviewing competitor products is a great way to understand what your customers want. You can then see if the product that you are offering has what it takes to succeed.