Running a business isn’t that easy. Yet, at the same time, many people wish that they had their businesses to run. Still, the unfortunate truth is that most people do not have the skills, determination, decision-making power, and resources to start and sustain their businesses.
The few people, who do have the ability to start their business, most of them also seem to struggle in taking their businesses towards a successful future. According to a recent research report, the results might shock you; almost 40% of business organizations tend to fail in their first year. According to the same report, around 65% of businesses fail within their first years. Similarly, the report also shows that about 90% of the business organizations fail to sustain and survive for ten years.
So, technically, if you are looking at 100 business organizations today, then only ten of them will survive by the end of the next ten years. With these stats in mind, understanding what and how to make things work in your business startups is something that can be quite a challenge. Another way to look at these reports is to learn from the mistake of 90% of business organizations and learn why and how they failed. This will help you avoid all the mistakes that these business organizations made, and the chances of your business organization to grow and expand will increase. Well, now, this takes us to the tips that can help you take your business organizations to newer heights of success.
One of the most important things you must understand about taking your business organizations towards a successful future is conducting comprehensive research. This research has two different aspects to it, which you need to consider to make your business successful.
The first aspect or side of research, which you need to get a strong grip on, is to do your homework on your customers. See, no matter what business you are in, the only way you will make it successful is by attracting, delighting, and satisfying your customers. But, of course, this can only happen if you have a product or a service that offers value to your customers. But, see, this is information you can only get from your target customers. Therefore, you will first need to figure out who your target customers are, and then you will need to figure out their problems so that you can fulfill their needs and solve their problems through your product.
The second and equally important aspect of your research is knowing what your competitors are up to. See, it is highly likely that you are operating in an industry with thousands of competitors. Now, with so much competition, you need to make sure that if you are not better than your competition, you are at least able to keep pace with them. Again, this will require you to find out about the tools, technologies, and strategies your competitors are using in their business operations.
For example, suppose you are running an import/export business, where you are looking for international buyers who can buy in bulk quantities from you. In that case, you will have to find out about the different ways in which your competitors are looking for buyers and sellers in the international market. If your competition is using b2b platforms to search for buyers and sellers, you must also start using these platforms. Furthermore, find out that your competitors prefer using one b2b platform over others, such as eWorldTrade or Alibaba. Therefore, you must also start using them and benefit from using these platforms.
Sometimes, when operating in a certain industry, you need to stay consistent. See, if you are new in the industry and have a better product than your competitors, but because you are new. Your business organization doesn’t have the brand image like your competitors have. All you need to do is stay consistent and keep offering and delivering the better product to every customer who chooses to come your way.
Now, what most business organizations fail to understand and the most usual mistake they make is that they lose the will to carry on in these times. Instead, you need to understand that these are times when you are making credibility and reputation of your business organization or brand in the eyes of your customers. While it may take time if you are consistent, you will soon create a customer base for your product.
Moreover, another very important aspect of consistency is that you need to keep offering a consistent quality to your target customers. See, there is nothing worse than ruining the quality of your product. Whether it’s in the name of cost-cutting or changing the product altogether, ruining the quality of your product or service is going to ruin your business.
Focus More on Responsiveness
See, by responsiveness, it means that you need to make sure that your products or services are reaching your customers or clients at the right time when they need it. Now, in the early years of your business, it is your rate of responsiveness that will determine whether your business organization will get the customers or not. See, most business organizations fail to realize that trying to grab or capture the customers is like a race, and in a race, the early bird catches the worm. Now, if you are more concerned about cutting down the costs of the bird’s flight rather than reaching the worm on time, then it is highly likely that some other bird will fly away with the worm that should have been yours.
Yes, cost-cutting is necessary, and you must make sure that your costs are not exceeding a certain level. However, you must also ensure that you are not sacrificing your customers to save a few bucks. You can always survive by keeping a lower profit margin while you acquire a large customer base, but you cannot survive with a low-cost product that won’t sell because you were late to the party. Does that make sense?
Quality Help Matters
One of the most significant things about any business organization that makes sure that your business organization is on the way towards a successful future is the organization’s employees. See, no matter how much money you have invested as capital, no matter how amazing technology and tools you are using or how exceptional your product is, nothing can replace high-quality employees who are loyal to your organization.
See, the business world has now understood the importance of high-quality human resources after tons of research in the field. And an easier way of understanding this is by picking up any of the fortune 500 companies or any other big corporation and looking at the kind of employees the company has hired to do its work.
Umair Sami is an SEO and Digital Marketer who knows how to excel in every domain. He is currently working as a marketing expert in eWorldTrade, which combines his academic degree and his passion for Search Engine Optimization. He worked his way through many internships as an SEO in the early stages of his career and now works as a manager in the company.