5 Essential Insights To Ensure The Success Of Your New Business

If you’re making your first foray into business, then be prepared to put everything that you have into it. Getting a brand new enterprise up and running is a challenging task in and of itself, but it’s making it last into the future that will be most difficult. 

However, with perseverance, time, and a big enough investment, there’s no reason that you can’t thrive like some of the country’s most famous startups from recent years. These include big hitters such as Judo Bank and Canva

1. Build on solid foundations 

If you want to create a business that is durable, adaptable, and has potential for solid long-term growth, then you need to make sure you put down strong roots first. Never forget that it’s impossible to build a skyscraper without first laying a foundation, and the same principle applies to starting up a business. 

Building from the ground up is never easy. So, it’s important that you give yourself a fighting chance. One way you can do that is by writing an in-depth business plan, with any financial and operational targets you would like to reach, details on how you expect to reach them, and a timeline. 

With a good enough business plan, it will be far easier for you to follow a successful trajectory and keep yourself on track. 

2. Build to last 

If you want to buck the trend and be one of the few startups that stays standing after a decade, you’ll also need to build your business to last. As such, it’s important that you aren’t tempted to hop onto a trend and hope that it pulls you to the top. 

A lot of trends fizzle out after a while, and many more simply cease to be fashionable without warning. Plan for the future by setting up your business in a niche that will serve you far into the future, and ensure that no one does what you do better than you. 

3. Put your customers first 

You’ve probably heard the old adage that the customer is king. And, while that is definitely a good ethos to have, it’s important that you put it into practice. It’s no good saying that your customers are your priority if you actually offer customer service that is anything less than stellar. 

Offering exceptional customer service is mutually beneficial, too. Happy customers are far more likely to stay loyal and to refer friends to your services, which can be a real boon for your new business. Not to mention the fact that an impressive 67% of customers say they are willing to spend more money with companies that can offer them a top-notch experience. Get creative with the ways you interact with your customers, such as videos, audio content, and providing useful information. 

4. Create a positive culture 

As well as your customers, anyone that you employ should be happy and passionate about your business, too. One of the biggest reasons is that a love of the work will show in the output of the business. If your employees are tired of coming to work every day, your business will suffer. But with a happy workforce, the product or services that you and your employees deliver are far more likely to be of a higher quality. 

This isn’t just conjecture. In fact, one study found that companies that have a more positive employee culture enjoy 72% higher employee engagement ratings than companies that don’t. Clearly, then, to get the best out of your team and do the best work possible, choosing the right people and being good to the people you hire is a must. 

That rings true for your employee’s safety, too. Marc J Shuman of Shuman Legal told us that creating a positive work environment can help your employees stay safer and avoid workers’ compensation issues. He says, “When the workplace is a positive and uplifting one, employees feel more comfortable reporting workplace safety issues and taking the time and necessary steps to perform their jobs in a safe manner. As issues and accidents are more common among new starters, a positive working environment should translate to lower employee turnover and therefore less potential accidents and upsets in the workplace.”

5. Try, try, and try again 

Running a business is far from easy. Even if you do everything right, you’re still going to face myriad obstacles along the way. Some days, you might feel like throwing in the towel. But, even the most successful entrepreneurs in the world faced hardships at some point on their journey. In their case and in yours, perseverance proves to be essential.   

And, just remember that, if things do get bad, you have options. If, for example, your company is facing insolvency, has had a difficult trading period, or simply needs a freeze on creditors, then considering something like voluntary administration could give you the help you need to hold onto your business.

About The Author

Denise Langenegger is part of the team at Instasize – a content creating tool kit for anyone editing photos and online content on mobile.

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