If you’re a new business owner, you may be interested in knowing your odds of success. According to the U.S. Bureau of Labor Statistics, 2021 statistics revealed that 65% of new companies will fail during the first ten years. The same statistics cited 45% of the businesses cited had to involuntarily end operations during the first five years, while 20% were forced to close in their first two years. Here are some things business experts recommend you should do to even the odds of your company’s success.
1. Consider the Big Picture
While it may sometimes seem everyday stresses predominate your mind and direct your actions, you’ll be more motivated if you keep your company’s long-term goals in mind. Decide on an overall goal for your business. Whether you want to make enough to support a family, or if your business is a second source of income, what will it take to make the business meet that goal? By keeping your goal in mind, you can evaluate each business opportunity in light of whether it will help you get closer to your overall goal.
2. Evaluate your Financial Status
The most significant part of your business’s financial picture is your operational expenses. First, you should see if there are regular expenses that could be streamlined. Review any debt the company is currently carrying, and do some research into available interest rates for those loans. If there are better interest rates available, it makes sense for you to switch lenders.
3 Keep Your Employees Safe
All businesses have a responsibility to keep their employees safe, and that includes a fire protection system. According to the NFPA25 Code, visual inspections and functional testing of your fire protection are required to ensure the system is current and functional. Business managers should expect the fire protection inspections and testing to be scheduled monthly, quarterly, semi-annually, and annually. Once those system tests have been completed, they must be repeated at five and ten-year intervals.
4. Make Your Mark With Marketing
Your business will not reach its highest potential without growing your customer base. One of the most essential ways to promote your business is online – through your company’s website or through your social media presence. However, you should keep in mind you must also attract new local clients. Statistics show more than a third of customers discover local businesses when they see that business’s sign while they’re driving by.
5. Check In With Your Team Every Day
When you work with a team to accomplish a business goal, it can help you bond closely together. Each member of your team works with you for a reason, and you need to depend on them to accomplish their assigned role. By having a daily staff meeting – including a Zoom meeting for any remote employees, you can review each team member’s progress and any concerns they may have. When your team is able to work together harmoniously, your production activities can’t help but benefit from that togetherness.
6. Focus Your Efforts on Customer Service
Using exceptional customer service efforts can help your company stand out as a top contender in your industry. When you get an inquiry from either new or existing customers, answer the inquiry as quickly as possible. Customers may appreciate the quality of your products or services, but without an excellent customer support program, you won’t keep your customers for long. Whether you offer a loyalty program for repeat customers or offer a category of products available only to those repeat customers, your treatment of your customers can become part of your online corporate brand.
As a new business owner, you have an obligation to your customers, and to your coworkers. Producing quality products is just the beginning of your path to success. When you follow the guidelines above, you will find that success follows you as closely as your shadow.
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