Establishing and running a successful business, is no easy matter in today’s time. If done wrong, it can be a time and resource-consuming project. But with these Tips from SIXT business, you can achieve your goals of running a successful and growing business.
Only half of all business startups survive the first 5 years, says Tom Eisenmann, a Harvard Business School Professor. Eisenmann states that the business Keys to success are not only good planning and organisation but as well analytic thinking, awareness of the competition, preparedness for sacrifices and being ready for the tasks ahead.
Keys to success
1. Analyse the competition
As the quote goes Your enemy can be your best teacher, this saying goes as well for businesses. If you look into the work of your competitors, learn from their projects, work and failures. You don’t have to copy their enterprise that will only hurt your own business and reputation.
But learning from your competition, and how they resolved issues and made their business flourish can be business Keys to success.
Depending on the type of business you are running you can look into the competition to see how they work. What audience do they target, how do they approach them and how do they manage to meet their goals.
2. Understand the Risk, Challenges and the Outcome
Further when you study your competition and the branch your business works you understand more in-depth the risk, challenges and rewards this branch of business offers. If you get enough inside knowledge, you can ask yourself what the downside of certain risks is. And you can calculate the risk and rewards better. So to manage a successful and flourishing business you need need to collect experience, first hand or second hand.
3. Stay focused on the goal
Creating a flourishing business can be a challenging task, especially when things are just starting it takes a while for the business to fully start making revenue. Staying focused on the task and not getting frustrated and unfocused are business Keys to success. As Rome was not built in one day, so is your business either. It takes time to get the ball rolling, to get customers and earn a certain reputation in the field. While your business starts, aim for the long term goal even if it feels like the stone seems to be stuck, it’s maybe just a rough patch at the beginning before it sets its course. So, keep working on the goals, be persistent and try to work through rough patches.
4. Provide the best service
That said, it’s also important at the beginning and even when your business is running well and flourishing that you provide the best service for your customers. Keeping customers satisfied are stepping stones for long term cooperations and also earning a reputation in the field, are business Keys to success. A lack of good service may push your customers to the competition. So keep your completions close but your clients even closer and provide them with the best service.
After all your business depends upon your customers, and having a good reputation is good for new clients.
5. Stay on the ball
The business Keys to success is consistency. As the quote goes Consistency is the key to success, if you keep working on your goals and make a habit out of it you’ll be rewarded in the future. Even if it seems dull to keep every day what is necessary it’s one of the main principles of growth and success. For the long-term goal of anything, it’s important to build a habit of consistent work. Finding and consistently working on these habits to create revenue is one of the most important components of any enterprise.
6. Keep an eye on the market
Despite your effort and your work, you have to keep an eye open for the market and its demands. As with globalisation, it’s important to see how to shape your business to current demands and stop working on projects from which you cannot gain revenue. As seen with current changes in the economy the demands are quickly changing, and the businesses that can adapt quickly to them survive and flourish. While businesses that are clinging to past strategies and are stiff in their work, seem to vanish in the changing economy.
The SIXT TIPP:
If you keep a look at the current market demands, you can shift your products to the current demands and adapt your products to the market. The start of the 2019 pandemic provided some businesses with an opportunity to adapt their products to the current demand. For example, if you own a restaurant, you can switch to food delivery. Or if you sell electronics and software, you can switch your products to remote working and learning. The business Keys to success is to be creative and flexible.
7. Be innovative, creative, and flexible
To keep up with the market, and the new technology and to grow as a business you need to be innovative and creative. Flexibility is key in fulfilling the demand of the customers and the market and adapting your products and service accordingly. There is no use in working on tasks that worked in the past if there’s no demand in the current market. So, try to stay flexible with your work and business, try to be creative and think outside the box. Find new ways to speak to your customers, for example, social media platforms are perfect to acquire new customers and attract their attention.
8. Keep track of your business performance
One of the challenging parts for start-ups is to keep track of their own progress. To learn from mistakes and follow the past of success, businesses need to keep track of their work history. Analyse what worked, why it worked or what didn’t work and why it didn’t work. Keeping track and analysing your business helps to stay focused on the goal and make the right decision for a flourishing business.
The business Keys to success in the most successful businesses is their ability to learn from past mistakes and establish new and creative ways to overcome obstacles.
9. Be aware of potential sacrifices you need to make
As an entrepreneur, you also need to be aware of sacrifices. Putting up more work than planned, working overtime, and spending less time with your family or friends can be necessary at the beginning to start the business. Working on weekends or working late to resolve issues or meet the deadline for the customers, is a sacrifice you need to be aware to make. As well for yourself and your employees, be upfront about possible sacrifices they need to make so that they are prepared for that
10. Get Feedback from your customers
And the last important tip is to keep in touch with your customers. Ask for feedback ask for their opinions and work together with them.
As your business depends on your customers and your reputation it’s important to keep in touch with your customers. In this high-competitive business world, keeping in touch with customers and providing good service is the key and deciding factor of a flourishing company.
Overall, to establish and keep a flourishing business, which doesn’t fail in the first 5 years it’s important to learn from past businesses and the competition, to create a successful business in the future. Be consistent in your work and keep in touch with your customers while also keeping an eye on the current demands of the markets. Stay flexible, creative, and hardworking on your longterm-goals and if you keep these 10 tips in mind, you will be in the 50% of business that keeps on flourishing.