2016 set a new record for small business startups in the United Kingdom, with over 80 new businesses being registered per hour. The attractions of running your own business are obvious, from setting your own schedule, to being your own boss, but in order to grow your business into a success and keep it thriving you need to pay close attention to your business strategies. There are many different schools of thought on how best to run a business, but there are five general strategies that every successful business needs to have.
A Business Plan
Many new entrepreneurs fall into the trap of simply starting a new business and then being surprised when things don't go quite the way they envisioned. Having a strong, carefully thought out business plan will allow you to establish overall goals for your business as well as interim goals designed to help you manage your growth and evaluate your progress.
A Marketing Strategy
Marketing is one of the most important aspects of a successful business - after all, how are you going to do any business if no customer has ever heard of you? To put together a marketing plan, you'll need to first determine who your ideal customer is and who your direct competition is. Once you've established those aspects, you can decide how and where to position your company to maximise your visibility, whether it's through traditional media advertising or more cutting-edge digital marketing efforts.
A Customer Policy
Customers and clients are the entire reason your business stays afloat. Ensuring that you have a solid and consistent approach to handling customer interactions will ensure that they keep coming back to you. Every decision you make from the types of products and services you offer to the way you accept payments should be handled with customer satisfaction as the number one priority.
A Money Management System
Business live and die by their cash flow, which makes it no surprise that cash flow issues are the number one cause of businesses closing down. Knowing that you make a certain amount over the course of a year is useful, but it's far more important to know exactly when you're going to receive and spend money. Your suppliers and employees need to be paid on time for the business to run smoothly, so implementing a system for tracking cash flow is essential to ensure you can meet your obligations.
A Future-forward Vision
While it can be dangerous to simply assume that your business is going to succeed, it's also irresponsible not to plan for the future. Staying abreast of the latest developments in technology, business methods and other internal processes can make all the difference when it comes to keeping your business competitive. If you plan far enough ahead and build in the potential for future growth from the very beginning, you'll have a much better chance of creating a sustainable business that will last for decades to come.
A Business Plan
Many new entrepreneurs fall into the trap of simply starting a new business and then being surprised when things don't go quite the way they envisioned. Having a strong, carefully thought out business plan will allow you to establish overall goals for your business as well as interim goals designed to help you manage your growth and evaluate your progress.
A Marketing Strategy
Marketing is one of the most important aspects of a successful business - after all, how are you going to do any business if no customer has ever heard of you? To put together a marketing plan, you'll need to first determine who your ideal customer is and who your direct competition is. Once you've established those aspects, you can decide how and where to position your company to maximise your visibility, whether it's through traditional media advertising or more cutting-edge digital marketing efforts.
A Customer Policy
Customers and clients are the entire reason your business stays afloat. Ensuring that you have a solid and consistent approach to handling customer interactions will ensure that they keep coming back to you. Every decision you make from the types of products and services you offer to the way you accept payments should be handled with customer satisfaction as the number one priority.
A Money Management System
Business live and die by their cash flow, which makes it no surprise that cash flow issues are the number one cause of businesses closing down. Knowing that you make a certain amount over the course of a year is useful, but it's far more important to know exactly when you're going to receive and spend money. Your suppliers and employees need to be paid on time for the business to run smoothly, so implementing a system for tracking cash flow is essential to ensure you can meet your obligations.
A Future-forward Vision
While it can be dangerous to simply assume that your business is going to succeed, it's also irresponsible not to plan for the future. Staying abreast of the latest developments in technology, business methods and other internal processes can make all the difference when it comes to keeping your business competitive. If you plan far enough ahead and build in the potential for future growth from the very beginning, you'll have a much better chance of creating a sustainable business that will last for decades to come.
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