Business success can be different for every entrepreneur. Every business owner will have his strategy and outline of what success would look like for him and what factors to use as a measure that he has indeed achieved success in his own chosen industry.
Alas, business success these days is not an easy thing to achieve. UK Statistics show that the one-year survival rate for most businesses established in 2016 was only 91.5 per cent. London was also found to be the region with the lowest five-year survival rate among its business which is only at 39.3 per cent. These statistics reveal the fact that putting up a business and sustaining it for many years can be a real challenge. However, if you arm yourself with much patience and determination, success won’t be an impossible thing for you.
The following are some of the most important factors that your business should possess to help increase your chances of becoming successful:
Business Process Automation
Business process automation is important both for huge and small businesses. Proof of this is the fact that UK organisations are known to be leaders in terms of adopting business automation processes. Taking advantage of software applications that help you automate regular tasks that are so time-consuming will greatly increase the efficiency of how you run your business. For example, if your business requires you to create plenty of invoices on a daily basis, the invoice experts from FreshBooks UK highly suggest the use of an invoice template that will make the process of generating customised invoice such a breeze.
This will not only save you much time on customising invoices, but it will also allow you to save on financing costs that you regularly spend on purchasing materials for invoicing. It also largely helps you keep your sanity, especially when you are still starting to develop processes within your company. If your HR team is spending so much time on managing the attendance of your employees as well as their leave-counts, find a software that allows you to automate this process.
This way, your staff will be able to dedicate more time and energy on more crucial tasks within your company that also warrants greater human engagement.
Create a perfect team.
Finding the right team may be difficult in the beginning. But, once you find it, never skimp in terms of compensation because, in every company, its people will serve as its greatest asset. A well-compensated employee would be willing to invest his blood and sweat in order to help you achieve your business goals. It becomes easier for the team to spread their wings when they know they have great compensation as their own carrier.
In turn, you will no longer find yourself struggling to manage them. Know that for your business to be successful, finding the right team is so crucial. Your team has to be one that is capable of helping you propel your business to a strategic direction while ensuring that your plans are properly executed. It does not matter what products or services you sell. Your business will only be as good as the working team it keeps. So, better look for individuals who are not just competent but also have proven experience in their own fields that will complete your business team.
Customer loyalty refers to a certain measure or measures that your company implements which will determine how likely it is for your customers to repurchase your product or do repeat business with you. Keep in mind that repeat buyers will serve as your company’s most valuable customers. This is true even if these customers do not have a record of huge purchases. But, over a period of time, the revenue that your company receives from them will eventually turn out to be a significant amount.
If your business does not emphasise the importance of eliciting customer loyalty then it runs the risk of not being able to grow as it should since it will only be defeated by its competitors. Whatever it is that your company promises to its clients or customers it has to be delivered by hook or by crook.
The main reason why your business exists is to provide solutions to your customer’s unserved needs. So, better do it well or risk seeing your business slowly shutting down. Statistics reveal that 65 per cent of a company’s business is generated from existing or repeat customers.
Don’t just become too busy with finding more customers. But, instead focus more on how you can retain your customers because they will serve as your product influencers. Think about how many people these repeat customers will be told about how great your product or service is, and the person being told to will also buy from your company and will also tell other people about that experience they have when patronising your product. If this cycle goes on and will occur on a daily basis, you will find that your network of loyal customers will grow exponentially in no time.
Personal and Professional Network
Establishing your own personal network of like minded individuals are very crucial for every entrepreneur, and more so if you are just starting up.
This network of friends who completely understand what it’s like to build a business from the beginning will serve as your go-to individuals when you need sound advice. Besides, when you make friends with these people you will have an outlet that is separate from your business and this greatly prevents you from experiencing burnout. Besides, when you have a solid and diverse professional network, it will be able to embed you within a valuable network of people who are filled with knowledge, experience and resources that you may also need given the fact that your business is still in its early stages.
No matter how small or big your business is, you will certainly benefit a lot from having your own network of like minded individuals. Your ability to solve problems and come up with better business decisions will also develop as you spend more time with these people. This is why no matter how busy you can be with running your business, always see to it that you carve out time from your calendar of activities which you will dedicate solely on networking.
The road to business success can be tough and some people do fail to achieve it. However, if you have all the factors mentioned in this article you are surely one step ahead of your competitors.