Running a business is very challenging. There’s so much to think about, from priorities, consequences, profits, and economic recessions and depression. These challenges will cause detours to your success as an entrepreneur.
The U.S. Bureau of Labor Statistics asserted that approximately 50% of all businesses survive for only five years or more. In fact, only one-third of businesses last for over a decade. Therefore, about half of firms failed due to a weak customer base, business model, and cash reserves.
It’s a sad story, but as an entrepreneur, you have to maximize every opportunity, good or bad, to succeed and make your business dynamic for years. The world of business is tough. The competition rises day by day. As years pass by, instead of making it your asset, it can be a liability to the future holder of the business.
If you are not prepared to take leverage with every means then it can be a problem for you. Anytime you could lose it. To prevent future losses and challenges, a smart businessperson must always find a chance to enhance business tactics during hard times.
What must be the secret of successful business firms? Here are the ways to keep your business running for years as you make an asset not a liability over it.
Capitalize business potentials
It is critical for a marketer to be smart and wise in capitalizing business potentials to prevent the business from failing. Technological advancements are there for a reason. Don’t waste possibilities. Despite your good company offers, if the promotion is not good, you can never attract clients. You have to remember that customers keep the business alive too.
Whether it’s print, digital or video advertising, keep attention to business functions that can use the best out of your money. Spending your money on automation software or cloud-based apps is not a bad idea. You can utilize the advantage of graphic designs to create an impact on clients.
According to John Maeda, a design partner at Kleiner Perkins Caufield & Byers, becoming a design-led company is the solution to a business problem. Investing in good graphics is a good way to keep business dynamic. It will make your brand unforgettable.
Use internet advantage
The modern world can be very advantageous in growing entrepreneurship. If you want an exposure of your business, the Internet can help. Modern-day entrepreneurs also focus on the opportunities that this avenue offers.
The Internet can help you simplify administrative functions, grow marketing labors, and promote selling policies. Online marketing efforts such as search engine optimization, e-marketing, and keywords can help your business or brand to be known.
If you want to promote your printing business on the web, you can use content strategy. Just like for example, you can stuff keyword like ‘order cheap business cards’ on a blog post, where readership is highest. Given a chance, many people will recognize your business. You can also improve the business presence through social media.
To support this idea, according to Content Marketing Institute, B2B marketers set aside 28% of their marketing budget for this technique because of its capability to attract customers.
Value Your Customers
As a marketer, you have to appreciate your customer. Think of them as they are the water to a river that you owned. It’s like water that keeps the river from flowing. Without them, business is not rolling. Clients also undergo tough situation, so valuing them is a must.
Executing measures like customer loyalty card, referral incentives, or one-time price reduction will give you a chance to channel your appreciation for them. You may think that it can be costly but keeping it within the advertising budget is an option. At the very least, it must be valuable to clients in compromising your budget.
Regularly evaluate strategy
Business strategies are sometimes not effective. If you find a tactic ineffective, then it’s time to make a proper step to switch to another. It is a waste of resources if you keep on dwelling on things that don’t give the best result. If your strategy is attracting clients through business cards, you have to ensure that it gives an impression. Otherwise, it will not give you deliberate effect.
According to a survey conducted by www.statisticbrain.com, 72% of the respondents judge a person by the quality of business cards that he or she gives. A business card doesn’t need to be expensive just to create lasting impact. You can still print cheap business cards without sacrificing the quality.
In the marketing context, you have to be familiar with what works best and what does not. Knowing this fact can help you adjust your strategy and make it better.
Amplify customer base
When you capitalize your business potentials and make use of Internet, you can already develop and amplify a customer base. Rather than banking on the traditional ways all the time, you can use unorthodox opportunities to attract clients.
You can scrutinize the new methods to gain a population of customers. Defy the reachable and grasp the lifestyle interest and income group that can use your service or product. If you start doing this, you can boost client base and have great success in the key market.
One of the reasons why a business fails is because of poor financial management. Being in the business industry means you have to be careful in handling revenues. It is vital to be economical in launching projects. At the same time, you have to be aware of everything while operating the expenses.
Let’s take this as an example. In your printing business, the materials used are of high quality, but you are not taking good care of it. In a short period, you replaced another one which is more expensive thinking that it will be better. But in the end, you bought something less for a handful of a price.
Handling it requires great consideration. Every expense you spend needs intensive care and wise decision. Keeping track of expenditure and supervising the inventories are very helpful in this aspect.
Establish staffing method
At a stage of the recession, a company tends to suspend workers as their choice of keeping the business forward. But there are other options to try. You can reduce working hours and bring the motivational appeal to your staff members. With this, dwindle expenses while continuing to generate your business.
If you create a good staffing plan, you will not worry during rough times because you already covered the labor needs.
Enhance distribution and customer service
Keeping the company active in this element will build a stronger connection with clients. If you also concentrate on giving excellent customer service and enhancing distribution, it will increase sales for the betterment of the company. Market strategists use the cross-selling system to assist their sale force.
By employing procedures, customer service goes over and further. You can also build allocation procedures so you can circulate the services and products. Richard Branson, the founder of the Virgin Group, stated that “Once you’ve established a loyal base of users, your business will soar.”
As much as possible, exceed your client’s expectations. When you do this, you can now build trust that will transform customers into real-life brand ambassadors. They will share their experience with the product and services offered to others. Testimony from a fellow client is a sure-fire way to gain more and more customer.
Modify pricing strategies
There are a lot of factors that can influence the revenue potential of the business, but pricing strategy is one of the most important. Companies modify their pricing strategy to flourish stable financial system. Depending on your business’s fiscal position, you also need to work on pricing policies at which you can maximize profits from product and service sales.
But setting prices is not an easy task. You need to study the wide range of factors like production and distribution cost, customer base, competitors, and positioning tactics.
Focus on the business limelight
Some businesses with divided areas have a hard time focusing during downfalls. If you have a hard time figuring out on what you need to do with your diverse business, maybe it’s the time to reorganize the business structure. During the crisis, companies concentrate on the center of their business.
If you are still a starting entrepreneur, you have to determine what functions well and what is not. Put more effort into the business core where you started. As for the other division, you can start working with them if everything is stable. Keeping business dynamic for years is hard to do. But you must be ready to grab the chances or sacrifice for what is best.
Integrate business systems
Doing business means you have to assess business affairs that are favorable for you. Evaluate and study areas wherein you can prearrange to minimize expenses. You can share resources using payroll or managerial work with other business entrepreneurs.
The intention is only to streamline operations wherein you can still offer parameter of services and products. With this, you create business partnerships while reducing operating cost and gaining more profit.
Business is never easy. From start to finish, downfall and triumph come together. Failure can be very daunting which makes you want to stop chasing success. But knowing these business strategies will make a difference. You can carry out business successfully despite the harsh competition.
Apply what is useful and conquer boundaries. Be smart and use the advantage of technology.
You will start falling but rising is the only option. Winston Churchill said that “Success is walking from failure to failure with no loss of enthusiasm.” A business must be an asset, not a liability. Face any diversity. Be resilient and flourish through the years.