Four Immutable Strategies That Ensure Business Success
Did you know that approximately 20% of businesses don’t make it past the first-year mark? Did you also know that 50% don’t even make it to the five-year mark? These aren’t just numbers, but stats from the BSL!
We’re living in the age of science and technology. As a result, customers are more tech-savvy, business costs are going down significantly, and competition in the digital landscape increases. In short, it would be safe to say that technology has broken the barriers of where a business can reach. The sky is no longer the limit. Yet, many business owners fail to make it big despite these opportunities and having the right tools at their disposal. Why is that?
The answer is simple- not aligning themselves with a few basic strategies to successfully run a business. And this goes beyond the usual competitor research because that’s pretty much a no-brainer. With that said, listed below are four immutable strategies you must follow if you want your business to grow in terms of profits and market share.
Create a robust communication strategy
Your brilliant business idea for a startup is useless if you cannot successfully pitch it to potential investors or your target market. If nobody can understand your business vision and message, it will be challenging for you to gather any monetary support to kick-start your venture. Even then, let’s say that you secure the required investment to start. How will you make it work if you cannot correctly advertise it to potential consumers of your product/service?
A proper communication strategy is critical. This includes everything from idea pitches, content creation, how you’ll design your marketing campaign, and how you’re going to inform your customers. Effective communication design entails good content creation, sound design, and using the proper channels to reach the target audience. Therefore, ensure that you have all the necessary creative resources and assets at your disposal to develop a 360-degree plan that ensures success in the realm of digital marketing. Fortunately, the internet can be a handy instrument in overcoming an area you lack. You can use free resources or op for an online master of communication program to add another essential skill under your belt. The latter comes with several obvious long-term benefits, such as increased know-how and personal and professional development.
After stressing so much about the art of “talking,” it is also necessary to “listen.” Communication is a two-way process. You’ll tell your customers and other business stakeholders the value your products/services offer, and they’ll give you their feedback in return. Whatever you do, there will always be people critical of your work. If you want your business to succeed, you need to listen to those who are critical of your ideas and plans.
Consumers experience your service/product first-hand, and their feedback can be crucial to your growth, provided you listen. Not only that, you need to be willing to incorporate it into your business model to improve your offerings. Take feedback from your customers on how you can improve what you’re selling and offer more value. Use their input when planning any marketing campaign for your products rather than just following what’s trending. Listen to other people from your company and mentors to make your business processes more efficient. Without ample feedback, you’ll struggle to identify where it is that you might be going wrong in case your profits start heading down south.
Set realistic goals
Whether you’re starting up or are a few years in, setting business goals helps to establish a sense of direction. However, the trouble starts when these goals are not just realistically unachievable but are also overambitious. Setting unrealistic goals exposes businesses and companies to substantial risk. Business owners spend all their resources without proper planning and management. Misallocation of financial and human resources leads to poor business management, reduced performance, and completely missing the bullseye on business objectives. Therefore it is imperative to set realistic goals in order to achieve them successfully. If your company has limited capital, do not aim for business expansion in a seemingly short amount of time.
Setting SMART goals is always a safe option. Whether they’re related to employee performance, sales KPIs, or projections for market expansion, your goals must always be specific, measurable, achievable, realistic, and timely. This way, you’ll ensure that you’re tracking the right metrics to measure the success of a campaign. It will also help you utilize your Business’s human and financial capital more efficiently. And in the long run, you’ll be able to track the return on your investments.
Develop strong business ethics and values
By value, we don’t just mean how your products/services will improve your customers’ lives. But the ethics and principles our business stands for. Unfortunately, in this day and age of social media and mass reach, the wrong practices and values can land your entire business in hot waters and hamper its success.
Your clients expect sincerity. Be honest in your trade; lay it all out on the table and be transparent. In this way, you are more likely to attract and retain more customers and build long-lasting relationships. If there is some mistake from your end, accept it. Similarly, work towards creating a green business model. The modern customer is more eco-conscious than before. Reducing your carbon footprint and harmful impact on the environment can significantly increase your business’s popularity and reputational capital. Be fair to your employees and do not exploit them.
Running a business successfully in a highly competitive landscape can be extremely tricky. And sometimes, seeking a competitive edge may not be the only solution to succeed. This article listed four timeless business strategies that prove fruitful in the short and long run if appropriately executed. These include developing a robust 360-degree communication strategy, relying on feedback to improve your business model, setting SMART goals, and developing strong business values. By incorporating these into your strategic framework, you’ll be able to maximize ROI, build long-lasting relations with your customers, and ensure your business thrives.