Growing a successful business needs more than just a great product or service. There are lots of great business ideas; however, few ever make it commercially. Even when some companies do start off well, they fail to keep it going. There are many examples of well-known brands that got off the ground, did okay for a while, but then flopped.
In what many believe is the sector that’s hard to fail in i.e. the technology sector there are many technical failures.
All businesses need someone at the helm with the business acumen, and experience to manage the pains associated with all facets of the industry, including staffing, accounting and finance, marketing, and sales.
Entrepreneurs know to mix with like minded-people and leverage their networks to use best practices rather than go it alone and reinvent the wheel.
In this blog article, we go over four areas worth improving in your business.
Find Your Best Niche and Explore Your Audience
Trying to please everyone will end in failure. Are you taking on too many audiences at once? Are you trying to please everyone?
Consider using the Pareto principle, i.e. the 80/20 rule and find your target audience that will contribute to eighty per cent of your sales and revenue.
Small businesses fearful of falling into the trap of having all ‘their eggs in one basket’ may switch to focusing on diversifying their business with a new audience or product and it can be a great strategy, however successful business owners warn that you have to consolidate your existing market position first.
Look after the audience, that contributes most revenue while also identifying where you can take your product or service next.
Analyse your sales, and find similarities in the customers who purchased your items with those of your competitor items, so your marketing and sales teams know where next to market your business to secure new customers. Growing your market share takes timing and discipline.
Make sure your existing clients and target market are well looked after before investing too much in growth in broader markets or product and service diversity.
Work On The Business
Make time to work on the business. If you’re just working in it operationally, you’ve failed to plan where it’s heading and what’s required to take the company to the next level.
New small business owners try to wear too many hats and get bogged down in detail however, without a plan to succeed the business is more likely to fail. Companies don’t plan to fail; they fail to plan. When you know how to work on the business you’ve got its path forward worked out and how to execute it. Plus you’ll know which obstacles to avoid to keep the business financially healthy and in a strong position.
External Business Systems
Business owners can also take better care of their business by investing in external online tools and systems that improve operational efficiency. There are online apps for just about every facet of the business.
Using technology to streamline operational processes, including accounting, marketing, and inventory management just makes sense. Being competitive in business is vital, and online tools or apps make it easier to run your business as well as work on the business.
Mentioned earlier in this article, working ‘on the business’ creates the path of least resistance for your company. Meeting tax obligations without surprises is a core object of business owners, so many use online tax tools to help them prepare for and if necessary defend their position when audited. These tools also provide access to online tax advisors.
With so much at stake surprises that can bring a business to its knees must be managed so using external business systems to not only run your business but also work on it puts the control back in the hands of the business and its management.
Delegate More Often
Even with all the online systems at your disposal, you may think that you can do it all, but experienced business owners know that you need to delegate tasks to free up time for driving the business in the right direction. When the owner or management teams are bogged down with minutiae, they’re not working efficiently and nor is the business.
Hire the right staff, train and provide continuing education so to make their jobs rewarding all the while freeing up time to ensure the business is forging ahead in the right direction.