As more former employees become entrepreneurs and business owners, the landscape of nearly every industry is changing. Though plenty of those changes are positive ones, it can be tough to keep up — especially if you’re new to running a startup. But with support from Summit Success — plus these tips —you’ll be off to an excellent start.
Immerse Yourself in Business
When you’re building a brand from the ground up, it might seem like every other business is your competition. But the truth is there are more than enough clients — and work — to go around. Instead of viewing other companies as your competitors, start connecting and see what you can learn from them.
Consider attending business events, joining your local chamber of commerce, and participating in online groups for your niche. You never know who you’ll meet or where an opportunity may lead, and you’ll soon find that your professional network is an invaluable business tool.
Continue Building Skills
Growth is the key to success in any industry. When you’re the boss of your own business, your personal growth matters even more. Whether you’re already an expert with a brand following or are working toward establishing yourself as a thought leader in your niche, skill-building is a must.
From autobiographies of famous corporate leaders to formal college courses on business management, find an educational path that works for you. Make learning a priority, and you’re bound to be inspired by the things you pick up. An online class or self-help book could open your eyes to new paths and possibilities.
Keep a Clear Perspective on Your Finances
What-ifs can either bring you down or pump you up so much that you wind up with regrets. Maintaining a clear and realistic perspective of your business and its future is vital. For one thing, keeping a healthy eye on your finances is instrumental toward successful growth.
You can use a balance sheet for quick and easy financial checkups. Plus, keeping everything online or in a comprehensive software package forces you to stay organized. Downloading and using a balance sheet template will help you better stay on top of your cash flow, income, and more, so you make sound financial decisions and gain insights on how you can grow your business. Easy reporting come tax time is a plus, as well.
Embrace Technology
Even if your organization is an old-school, brick-and-mortar model, you shouldn’t skip modern technological advances. That means launching a website for your local store, exploring SEO strategies for attracting consumers, and navigating social media ads and marketing solutions to widen your audience.
The truth is, tons of folks hop online with money in their digital wallets — and whether you offer a service as an entrepreneur or a suite of products as a small business, online customers could be your bread and butter. In fact, e-commerce is expected to make up nearly 20 percent of total retail sales by 2024, per Statista.
The future is online, and no matter your business model, service offering, or product, you can find ways to make the web work for you.
Actively Pursue Clients — 24/7
Clients are what makes your business go ’round, which means their satisfaction is your priority. But beyond making current customers into loyal ones, actively pursuing new clients is the absolute best business move you can make. Earning great customers is different from pitching your product or service to every anonymous shopper who’s online or in-store.
Whatever your industry, zeroing in on your target customer and their pain points is essential. From there, you can devise solutions to your consumers’ challenges and start marketing them (successfully). Creating a target client profile helps with this step, but once you dial in a method that works, automating the system can free up your time without sacrificing client satisfaction.
There’s no comprehensive one-stop guide for running a thriving business. But these best practices can help you set off — or start growing — on the right foot. Need more support while growing your company? Consult Summit Success for your 1:1 business coaching.
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ABOUT THE AUTHOR:
Gloria Martinez loves sharing her business expertise and hopes to inspire other women to start their own businesses and seek promotions in the workplace. Her brainchild, Women Led, is an avenue for her vision to help women advance in the workplace and celebrate their achievements.