Everyone starting a business always wishes to see his/her business grow into a profitable empire but unfortunately, more than 50 percent of small businesses do not survive the first five years. Starting a business may be easy but without proper plans and focus, sustaining it becomes. Other than financial constraints, poor management is usually a key factor killing most small businesses. In this article, we bring you some of the best business advice that will guarantee your business success.
Research and know what you are getting into
For starters, it is good to start a business you have idea of. Mostly, many aspiring entrepreneurs will copy what others do without knowing the hurdles involved. Several attempts of this kind have ended up in the wind. It is good to start a business you have passion and knowledge in otherwise, you too will join the list of failures.
Make appropriate plans before kick-off
Have a business plan of how you are going to run your business. Draw a financial, marketing and sales plan and stick to it. Any deviations from the plan should be responsive to the business climate and for purposes of improving the business. Find out about all the logistics involved and have them in place.
Have clear strategies about the 5Ps
The 5Ps are product, place, pricing, people and promotion. These are critical marketing strategies that will either build your business or destroy it. Know your product attributes and specifications and your target customers. Come up with a proper and competitive pricing strategy and possible promotion plans in case it is necessary. But importantly, your business location will also play a big role in your business success. Somewhere strategic and accessible will expose you to as many customers as possible.
Make an effort to set an online presence
No matter how small your business is, an online presence will help it grow faster and reach as many potential customers as possible. Today, most people prefer to locate preferred businesses or products at the comfort of their living rooms. If your business has grown larger than a kiosk, going digital will help you expand even bigger. You can found out about free web-hosting services where you can operate a free website.
Adhere to the rules and regulations of the game
Knowing the rules and regulations is one thing but adhering to them is another. Successful businessmen know and follow the rules and regulations in their area of operation. Legal requirements such as tax compliance and health concerns have serious repercussions on businesses.
Any business big or small cannot move an inch without proper financial discipline. Remember, growth happens when you plough back the gains from the same business. All withdrawals from the business should be accounted for. Do not suck the business dry.
Hire an expert to help you
Some businesses fail because of lack of ideas or skill to push it forward. Most businessmen do not have the right management skills while some rely on the services of close friends and relatives in order to cut costs. Once your business has reached the level of employing extra persons, it is best to look for people with the right skills to help you out.
Be patient while minimizing costs
This is especially for new businesses. Any starting business will continue to incur costs and perhaps not realize profits for some time. During this period, most people tend to lose patience and as a result, they close down. It is normal for starting businesses to make loses therefore only patience and cost reduction strategies will help you maintain in this industry.
Well, whether you are starting a business or managing an empire, the above business advice is important for your business survival and success. Even big businesses collapse. Each day comes with new businesses thus making competition stiffer. It is therefore imperative not to ignore any advice that can put you heads and shoulders above the rest.