Succeeding in business is no easy task, and if you have never run a business before, you may be clueless about how to get started and ensure your business stays afloat. One of the biggest misconceptions is that running a business is simple and straightforward. However, it can take years to ensure the relevant steps are in place to achieve success. Whatever business you wish to start either now or in the near future, this guide will provide you with some useful tips and tricks on how to run a successful business.
Take a look at the useful pointers below:
1. Get a degree
While it’s not essential to get a degree in business, it will certainly help you understand the key theories and skills that are needed to succeed in the business world. You can get an Aston DBA (Doctor of Business Administration) degree, for example, which is designed for professionals and teaches vital skills on how to solve complex business problems. It gives you a better chance of succeeding when the time comes to start and grow your own business.
2. Focus on ‘word of mouth’
While it’s important to nail down some key marketing strategies for your business, most of the trade you receive will be from ‘word of mouth.’ Why? Simply because customers are likely to trust another customer’s verdict rather than what the business suggests about their own company. With this in mind, it’s important to focus on ‘word of mouth’ marketing as a priority within your marketing strategy. The only way to achieve this is to build a positive reputation for your business and gain consumers naturally.
3. Build your online presence
In a world of technology, customers now browse online to search for products and services they are interested in from certain businesses. Creating a professionally designed website should be high on the priority list as this becomes a foundation for potential customers to find you. Your website should describe exactly what you do and have your contact details clearly displayed, as well as the following:
- A recognizable logo
- Your address and additional contact details
- Customer testimonials
- High-quality images
Aside from a website, social media is another valuable platform to get your brand noticed by an audience. Depending on your target audience, you should also consider creating social media accounts on the likes of Facebook, Twitter, and Instagram to gain recognition for your brand.
4. Find and retain the right employees
Having the right staff on board is part and parcel of running a successful business. A good team helps establish structure and strategy within your company to keep it ticking like clockwork. It’s important to have employees on board that are completely suited to the job roles you’re hiring for so that tasks are completed accurately and productively.
Training your employees in good customer service is also a must if you wish to run a successful business. Ultimately, employees become the face of your brand, so if they treat customers with respect and efficiency, they are much more likely to return in the future.
5. Cut your business costs
In the early days of starting a business, you must be able to keep costs to a minimum to prevent the company from suffering from financial difficulty. Business costs can range from an array of tools, such as machinery, materials, and energy bills, to name just a few. It would be in your best interests to track your expenses to ensure you’re not overspending. However, this can become time-consuming, so it may be wise to hire a bookkeeper to manage this aspect of the business on your behalf.
To be on the safe side, you should aim to carry out annual reviews to oversee where money is being spent and if any cuts should be made. Making this part of your company culture will ensure you’re not spending money unnecessarily and hopefully ensure your business stays afloat in the future.
6. Take calculated risks
No successful business has ever grown without taking a certain amount of calculated risks. Before taking any risk, one of the questions you need to ask yourself is, ‘what is the danger of doing this?’ Until you can understand what the negative implications may be, you should never jump into any risk in case it puts your business in jeopardy. Identifying the risks could lead to rewards is highly dependent on the state of the economy at any given time. For example, the coronavirus pandemic has caused a great deal of uncertainty for businesses across the world, which may mean that you need to make decisions based on the current climate.
