When starting a business, you aim for its success and longevity. However, statistics indicate that 20% of businesses fail in the first year, while 45% and 65% close up after five and ten years, respectively.
Only 25% still thrive after fifteen years. These figures reveal that sustaining your business isn’t a walk in the park and require much work and dedication.
Fortunately, you can learn valuable lessons from successful businesses, as they all have similar elements that they pay attention to. Here are some aspects you can consider to ensure your business thrives for a long time.
Top-notch customer service
Your customers are why you established your business, offering products and services to meet their needs. Moreover, their perceptions of your brand can make or break your business. Research shows that approximately 90% of customers will review a business’s customer service before patronizing them.
This makes it essential to focus on your customer service. Clients will likely refer your business to others if they are pleased with how you treat them. They can also become repeat customers, encouraging potential customers to give you a chance. And more clients translate to more sales and profits.
Seeing these benefits, you want to boost your customer service if you haven’t already.
The first thing is to understand what your customers need from you. This way, you can come up with the best solutions. As a tip, encourage them to give frequent feedback regarding your products and services through surveys, reviews, and testimonials.
Phone calls, emails, and in-person meetings can also work, so feel free to consider these. You also want to treat them with respect at all times. Therefore, train your staff to be warm and polite when dealing with your clients.
Good listening and communication skills are a plus, so keep this in mind. Another way to wow your customers is by exceeding their expectations. For example, you can offer gifts on their anniversaries and special occasions.
Despite your products and services, you risk losing customers if your employees are unsatisfied. They may not do their best, compromising customer relations or product and service quality.
Furthermore, you risk recording high turnover rates, discouraging top talents from working for you. Your business credibility can also suffer, especially when you replace staff frequently. Therefore, you want to prioritize your employees to ensure your business’s success.
You can begin by improving your work environment to ensure their comfort. For instance, you can swap old furniture for more ergonomic options. Also, ensure enough natural and artificial lighting to prevent eye strain. You can also consider creating relaxation and meditation areas to help your staff unwind and destress.
Another way to promote employee loyalty is to encourage a healthy work-life balance. And you can do this by offering paid leaves and flexible working arrangements. Consequently, offer constructive feedback regarding their work, and avoid embarrassing them for mistakes.
Instead, praise their efforts, acknowledge their good work, and gently correct their errors. You can also make their work easier by setting clear goals and automating some tasks. Offering rewards and other incentives can contribute to employee satisfaction, so feel free to consider these.
Set clear business goals
You may be excited to start your business. However, you don’t want to do this without setting clear business goals. Indeed, goals help you envision how you want your business to be in the future, say, five or ten years.
Moreover, staying motivated and focused is easy when you have clear goals and milestones to meet. Additionally, you can carefully plan how to use your time and resources profitably. You can also make wise decisions to propel your business forward and set you apart from the competition. With clear goals, you can hire workers better aligned with your brand.
To get started, creating a SWOT analysis is essential to determine what areas you excel in and other areas that need more improvement. You can proceed to review your findings to come up with the right business goals.
As a tip, ensure they’re SMART to achieve the best results. Consequently, set up your key performance indicators (KPIs) to help you track your progress, and stick to good business habits to help you achieve your goals. While at it, you can also seek expert services such as Digital Twin Consulting among others, for insights into your business’s future before making any decisions.
Marketing is beneficial for your business for many reasons. It’s a great way to introduce your products and promote your brand to the general public. Furthermore, it increases sales and profits, so keep this in mind.
Fortunately, various marketing avenues are available, and you can choose those best suited to your business needs. You can leverage various digital marketing strategies, like social media, SEO, etc., to reach a larger client base. Likewise, you can use traditional media options like TV commercials and flyers to reach your local market.
However, knowing your audience is important to determine the right marketing channel. For instance, social media is more effective if your products target Gen Z consumers. Consequently, ensure that your social media platforms and website is user-friendly and offers valuable content to improve consumer lives.
Branding is creating a unique business identity that leaves a lasting impression in the minds of your customers and target audience. Your branding distinguishes your business from your competition while promoting customer loyalty.
You can also communicate your business values in a fun way with your branding. You should note that branding encompasses your logo, color palette, fonts, slogan, motto, imagery, positioning, and so on.
You can start by incorporating your logo into every business aspect. And this includes your office, packaging, etc. Consequently, research your competitors to understand how to create a unique brand for your business. You’ll also find incorporating your color scheme into your office design helpful, so feel free to consider this.
Achieving business success and longevity is possible with the right steps. Hopefully, you’ll focus on these areas to get the best results.