More than half of new businesses fail within the first two years of existence. Reasons include unqualified people in management, wrong business decisions, and sometimes even bad luck.
But like all things, these numbers are a matter of perspective, a half-full versus half-empty approach. If 50 percent of new companies go bankrupt, this means that the other 50 percent do not. Instead of folding, they thrive regardless of environment or industry, flourish over time, and establish themselves as stable, profitable enterprises. There are thousands of examples of this in all countries across the globe.
The lesson that comes from this is that they must be doing something right. And not only that but, there must indeed be a blueprint to follow.
With that in mind, let us look at three great pointers for business growth and corporate affluence.
Putting Yourself out There
If people cannot find you, they will not buy from you. No matter how great a product or service you are offering is, if it is not visible for potential customers to see, your business will go nowhere. Oftentimes, the enterprises that do succeed are not those providing something unique, cutting-edge, or unexpected, but those with the best promotional and marketing strategies.
This shouldn’t come as a surprise to you, especially in the digital age in which we live, an age where any self-respecting firm will not only have a quality website but also at least two or three social media business accounts to engage in two-way communication with its clientele.
Yet this is not enough. If you truly want to put yourself out there, you should also create valuable content that provides readers with relevant product or service advice as well as insight into the industry as a whole. To do this, your best bet is to work with an agency with expertise in corporate SEO. They will not only guide you on the right promotional strategy to follow but also help you put it in place.
There are many types of employees. Three of the most common ones are part-timers, full-time workers, and freelancers. All work under different conditions and are entitled to different benefits in terms of salary, health insurance, retirement, and others. If you want your business to succeed, you should be flexible on whom you hire and when.
Let us look at an example. For instance, imagine that your company has seasonal peaks and valleys. In simple terms, what this means is that some months are busier than others and while in June, July, December, and January you might have to work 15 hours a day, the rest of the year, you only need to spend seven to eight hours at the office.
In this case, why would you need the same number of employees at all times during the year? A better solution would be to hire temporary workers, freelancers, and per-project staff when you are most occupied and keep a skeletal workforce in times of little movement. Aside from providing higher levels of convenience, it will also save your organization valuable financial resources to be used in other things.
Knowing Yourself and Your Business
Nobody can be all things to all people. While it is true that human beings can perfect a long list of different skills, there is a limit to what we can handle and many times having too much on our plates comes at the expense of quality. After all, a day only has 24 hours.
Of course, the fundamental purpose of a business is to make money, and the more customers you have, the more profitable your enterprise will be. However, one of the worst things you can do is trying to sell to everyone, especially if you want to differentiate yourself from the competition. If your product is high-end, sophisticated, and luxurious, you should promote it to a high-end, sophisticated, and wealthy audience. Likewise, if what you are selling is baby powder or milk, that is where your focus should be.
Another vital element to consider is yourself. One of the many reasons people quit their jobs and decide to become entrepreneurs is because they want to do something they like. If you are not passionate about what you are doing or find yourself engaged in something you deem tedious, boring, or unproductive, you will more than likely not give it your best. And when you don’t give it your best, obviously things don’t go as expected.
Three of the most effective ways to achieve entrepreneurial success are effective promotional and advertising campaigns, flexibility in the people you hire, and a clear understanding of who you are and what you represent. If anything, they will allow your business to start on the right foot and stay on the path of prosperity.