Entrepreneur success is something everyone is looking for but not all can reach it. Today we are going to talk about some points I hope will be useful for you, even if you came here because you have business problems or like me you are starting one. business
In my country it’s really common when the new entrepreneurs fail, depending on the sector of the business the life expectancy is between 6 and 9 years, this on consolidated medium business, but the expectancy for micro and small businesses it’s even shorter, the common point of these business was the lack of administrative skills.
As I’m starting an entrepreneurship on my own,I don’t want this to happen to me. I’ve been searching for some information and i want to share important points with you.
Business plan: This point is one of the basics to start a business, it helps you to clarify your ideas of what is your business main purpose, your goals at small or large periods and how you will reach them. Even if you already start a business, take your time to do one, it doesn’t have to be big to help you to keep in line the direction of your company .
Marketing research: who are your customers?What do they want from you?Who are your direct competitors?Why would they prefer me than the competitors?These are just some of the questions you have to look for an answer. If you know what happens around you, you will know what to do and where to move.
Client fidelity: Depending on the turn of your business, you should look for a strategy to convert your one-time customers into recurring customers.
Constantly evaluate the important points of your business: known as kpi or key performance indicator, is a strategy of evaluation of the main metrics of your business,this way you can analyze if the action of your business is going as planned or if they are not. Apply the evaluations constantly and you will know what you need to improve.
Evaluate your finances: The finances are an important thing that let you keep on working, if you don’t have good finances or if you don’t even know how they are, take you time to talk with an accountant.
Benchmarking: If the problem is done in your company, apply an internal benchmarking, it will help to detect problems inside the business. In the case you are planning to grow, the external benchmarking is for you.
Don’t take unnecessary risks: “Don’t open that second store yet”,” you don’t need a new loan you can’t pay”, these are my example advices for you, before you take a high risk for you business think if you really can afford that or if you business can afford it, this does not apply only in money, also in the processes, sometimes you need to focus that your business is working well.
Save money for rainy days: I have words two for this “economic recession”, as i know this may be exaggerated, i remember 3 big ones of the last 20 years, if you don’t know them i’ll give a clue- .com, banks, covid(this is easy)-. My advice here is, if you have the opportunity of saving money for rainy days do it, because as in your business or your personal finances, saving some money is always a good decision.
Take advantage of government support: I Don’t know if this apply for all the countries and i assume it doesn’t, but if your country does have a government support program for any size of business you can look up getting in touch with the economy department of your country (commonly they know this kind of things but it could be other department)
Request professional help: Take out of your head that you don’t need help, if something isn’t going good then you need it, also if you want your business to grow and don’t know how to, ask for professional consulting too. In health and in business it’s always a good idea request for help, remember you are not an expert in everything — yet.
These points are all for now, i hope in some way they helped you. Before i go i want to remind you, the point of view you have seen here are a combination of personal thoughts of myself and information i researched, if you have any comments or thoughts about the post, let me know below in the comments box.