In today’s world business success is certainly possible, but it’s not something that you can accomplish in a few hours per day. It takes hard work and perseverance, patience and good decision making – and that’s just for starters.
Many people think that running a business is as easy as hanging an “Open” sign on the door. Thinking that way is not just unrealistic, it’s just not happening.
First, you need to get your company on solid ground – with a proper name, branding protection and all the legal boxes ticked. A business plan is a must-have, and it will keep you on point and help to sharpen your skills as an administrator and potentially as an employer.
Striving is a basic part of turning any idea into a real business, but in order to thrive, you’ll need to pursue a new set of “golden rules!”
Keeping track of your business records and development is basic to successful results. Make a list at the end of the day for what you need to achieve the next morning. Getting into this habit will ensure that no task is forgotten or neglected.
It’s also crucial to to keep detailed records for every item of business you transact, whether it’s with a manual ledger or online software. Don’t wait to update – stay current so that you can always see where you stand.
Be sure to notate where the obstacles popped up, and how you overcame them, in order to prevent them from recurring. If you’re looking for loans later, this is something a financier or investor will want to know as well.
Know Your Competition
It helps to keep track of what ‘the other guys’ are doing – both at “home” and online. You can see where they might not offer quite the same service as your business, which may give you tips on how to implement a solution for your own customers. Because you are in the same industry, you can also track what is working for them and formulate your own version to reach a level of thriving, rather than just making it.
Cash Flow Matters
Funding can be a vital part of any business launch or ultimate growth. Do your research. There are many different platforms available to new business owners in this very supportive startup environment we live in today. If you’re looking to generate a revenue stream, try online sources such as Go4Funding.com where they match angel investors with fellow entrepreneurs together.
If you are a sole trader, make it a solid point to get half of your payment for services up front. This way you can cover your costs and wait for the profit. Also, most people will not cancel work on a project they have already invested in.
It can be used for way more than just personal enjoyment and research. Make sure your business has its own website and social media accounts setup. Without these vital tools, your business is basically not heard (or seen).
When setting up the socials, try to use the same background, logo or picture to give them all a brand consistency. This way you will become easily recognisable to your customers, with very little effort.
Social Media Works
Social media also keeps your finger on the pulse of your clients. You will be more capable of maintaining valuable customer service and diffuse problems as they arise.
Many consumers use the Internet as their first line of defence when they are not pleased with a service. Phone calls to the business is a one-on-one experience that sometimes does not end well. If a customer does not like your service, they may feel that the public should be forewarned; and there goes a bad online review.
On the other hand, if they have a direct line of contact with your business by way of your social channels, it allows much more personal service which can avoid any bad press that might hinder your success.
Follow the 3-C’s of Business
For any business to striving to thrive, following these 3-C’s is essential:
- Consumer needs – What services does your consumer need and how can your business provide it in a unique way? Remember, you don’t want to be the cookie-cutter design of your competitor. Unique is always a good thing!
- Cost effectiveness – Are your prices fair to the consumer but also profitable for your success? You always want to have an attainable price for your client. Keep in mind that your business has a bottom line for revenue to strive as well.
- Convenience – Can consumers find your services without becoming a super sleuth? Always be a visible business whether that is through a website, social media or even networking.
Keeping this method in mind, the business plan example provided by Mark Walker, General Manager of Zipcar UK is a prime standard. “Zipcar UK realised that utilising the 3-C’s concept and maintaining agility for consumers was the best game plan for success.”
Another important part to the evolution of your business blueprint is listening to your clients and staff. This can play an important role in your success. As stated by Simon Prockter, CEO of Housebites, “Constant innovation is the key to your business thriving.”
Becoming an entrepreneur is a spirited adventure that many aspire to these days. But for some, the dream ends too soon due to poor planning, unrealistic ideals and poor business models. Having a few partners, each with their own talents and accountability, is often a good route to a thriving venture.