For many entrepreneurs when they begin a business they expect to succeed. However, this is not true for most startups.
Only about twenty percent of startups will complete one year of business. This means that only one percent of those who succeed in completing one year of business will fail within five years of business.
These are grim statistics that might deter even the most savvy entrepreneur. This article will discuss ten ways to grow your business so that you succeed. The article will also discuss cash flow.
What are the ten business strategies needed for success?
There are habits every new business can develop that will strengthen their chance for success. These are differentiated yourself from competitors, explore new markets, offer a new product or service, diversity or go the other way, acquire or merge, do not forget about yourself, create a vision, communicate, take immediate corrective action, do not get distracted by shiny new things. We will now discuss each one in more detail below.
1) Differentiate yourself from competitors
Chances are excellent you will not have a product or service that is new or unique. This means you will undoubtedly have competition somewhere. When you have competition it means you are vying for the same customers as that competition. This can be tricky. In order, to get the most out of your business you will need to step outside the box and get yourself and your business apart from all the rest in your niche.
2) Explore new markets
Chances are good that where you are trying to market your products or services on the market is saturated. You should be scared to explore new markets. To do so, you will want to partner with some excellent distributors in the areas where you want to begin marketing your products or services.
3) Offer a new product or service
This is a great idea if you already have a product or service that is doing well. You should be scared to offer a new product or service that compliments the product or service you already offer.
4) Diversify or go the other way
This should be made to offer more products and services that are not alike. If you offer a product or service, you will want to expand on this and give more products and services to offer. This way if the main product or service does not do well you always have the other products and services to draw on.
5) Acquire or merge
When companies have grown all they possibly can it might be time to acquire or merge with another company. There is a saying that states two heads are better that one. This is valid for two companies that are run under one organization title. The two companies can diversify what they offer and compliment the fresh one's products and services.
6) Do not forget about yourself and employee wellbeing
What good will all the hard work and effort you threw into the company to get it off the ground be if you are in poor health. You will need to take exceptional care of your mind, body, and soul. This means eating well, get a nice rest, and go to some sort of religious activities. Same goes for employees working hard to help your company grow. You can organize events and entertainment shows by inviting organizers like corporate game shows.
7) Create a vision
This is the main aspect of any business. Every startup should have a vision of where the entrepreneur who started the company wants to look at it go. There are numerous ways to create a vision. But once it is created you should stick with the vision and implement a plan to turn it happens.
Communication is critical to success. This is to say that you should communicate with the consumers of your products and services. It is an excellent habit to begin communicating with your employees on the day your doors open. You should communicate with the distributors and partners. Always remember it is not the right the best practice to stop communicating. This is an important roll in the success of any modern business.
9) Take immediate corrective action
If a plan is not going well. You have strayed off the course of the beaten path and now you are not communicating or your vision is getting lost in the shuffle you will want to make an urgent corrective action plan for this. Get back on track. Do not let it linger too long. If you let it linger too long you might as well say I lost and close up shop. For if a company does not take corrective measures quickly enough with the ease of social media today they will lose customers quickly.
10) Do not get distracted by shiny things
This means that not all that glitters is gold. You should stay clear of the shiny things from your company. If it comes easy it is not worth having. If we lose sight of the fact what we are going for the actual vision of our company we can lose our business altogether. It is the best practice to keep your eyes on the prize at all times and not being distracted by sparkly things will help.
What is cash flow?
Cash flow is a record of all money coming in and going out of a business. There are some businesses that handle the cash flow better than other business. The businesses that handle cash flow test will have an edge on their competitors. It is important in order to pay all debts on time. To be just a few days late with a payment could mean that you are paying several thousand dollars more in interest.
In conclusion, this article discussed ten habits that a company can partake in to succeed and grow their business. All entrepreneurs have a vision for their company. They must communicate this vision with their staff. This article then spoke of cash flow and what it means to a business. A business that pays debts on time can save thousands of dollars in interest payments throughout the life of the loan.
About the Author: Helen Cartwright
Helen is a passionate blogger, who excels in the Digital Marketing and Technology niche. When not wired in marketing strategies she ghost-write for a variety of authors who have their work published on leading online media channels such as The Huffington Post and Entrepreneur.com