Approximately 30% of Canadian businesses fail within the first five years. While this is not good to hear, the plus side is that a whopping 70% will make it to five years.
If you are looking to go into entrepreneurship, it’s essential to understand what successful business people do to ensure longevity and profitability.
Here are four pointers to help you start and scale your business successfully.
Visibility speaks to the extent to which consumers can recall or recognize a brand. When done correctly, customers will think about your brand every time they need a product or service in your line of work.
For this to happen, you need to have numerous touchpoints with prospective customers. One way to do this is to build a website that attracts traffic and allows multiple customer interactions.
A good website agency can help you build a high-performance, optimized site that converts prospects into customers.
Follow the Money
Business finances and how they are managed can make or break a business. You need money to settle utilities, inventory, and day-by-day operations as well.
If you lose sight of your cash flow, you will find yourself operating from a dry kitty that can quickly paralyze business. You can also find yourself unable to meet your financial obligations, which places your business in a precarious situation.
Regardless of your business size, pay attention to your money and where each coin goes. This is the only way to measure your business’s financial health and take corrective measures in good time.
Make Good Hiring Decisions
Employees are a central part of your business. Qualifications aside, you need to look for people that will fit into your organizational culture, give their best, and have a positive can-do attitude.
If you are looking to build your business on a ‘customer-focused’ approach, you need employees who believe in this. With your employees being front and center in handling your customers, it makes sense that they happily embody the values you wish to put forward.
Dare to Be Different
Whichever business you are in, it’s unlikely that you are the only player in that field, regardless of how specialized your niche is.
With businesses in your field offering standardized services, it helps to differentiate your products and services to attract new customers and retain old ones.
Think about pricing, after-sales services, customer experiences, responsiveness, and so on. Anything that gives you an edge over your competition supports profitability.
While entrepreneurship comes with a level of unpredictability, these tips will help you manage operations better, have an excellent support team, and retain and acquire a significant market base.