More than 60% of small businesses in Australia close within the first 3 years.
Here’s how you can avoid being a statistic.
It’s not all doom and gloom, being in business is hard and requires you to be agile, organised and strategic. With careful planning and adopting the tips below, you’ll soon be driving your business to success.
The first step on the road to success is to be organised, create a daily to-do list and check each item off your list. As a business owner, there will always be an interruption or another task to focus on so keeping a list ensures you will keep track of what’s important.
One of our favourite ways to keep track of tasks and to-do lists is using Microsoft Planner, it’s free with Office 365 and with a mobile APP and reminders you’ll never miss a task again!
Study the Competition
In business you will always have a competitor, competition is good for you and your business and it’s not time to draw your weapon and fight to the death like an arch rival in a medieval movie. If you are in the restaurant business then you will always have a competitor on your doorstep but it is how you use it to your advantage that counts.
Remember, dining options bring people to your area so if you provide the best meals, the best service and the best atmosphere and you’ve got a winning combo!
Don’t be afraid to study and learn from your competitors, they may just be doing something right that you can adopt in your business.
Being in business is risky but it is how you assess the risks that make you successful. Taking a calculated risk to help your business grow can bring many rewards so ask yourself, what are the pros and cons and what is the worst-case scenario.
If you can answer these questions then you are best placed to make an educated well-informed decision.
Always look for ways to make your business stand out from the rest, these days it is all social media and online presence but this doesn’t have to be scary. Be quirky, be adventurous and be clear with your message and most importantly, test and learn.
Stay Focused and Goal Set
“Open the doors and they will come,” said no business owner ever! It takes time to let customers know who you are and what you are about.
Set short-term goals and stay focused to achieve them, be sure to celebrate the milestones along the way.
Prepare to Make Sacrifices
Be aware that growing a business requires sacrifice, it’s hard work and you will need to put in more time than you would be working for someone else. But just like our tip to stay focused there will be a reward for your sacrifice in due course and it’s all YOURS!
Provide Outstanding Service
Do you want raving fans? The best kind of customers just want excellent service, that’s what keeps them returning, not the discounts or promos. Remember the iconic TV show Cheers, where everyone knows your name? That’s what we all want, to be remembered, acknowledged and made to feel just that little bit special.
Consistency is key, from the very beginning put systems and processes in place to ensure you have a consistent path to follow. Document each process within your business, this not only provides structure for you and your employees but ensures your customers will have a consistent experience each and every time they visit you.
Join the local chamber of commerce, sit on community boards and join networking groups! It is definitely a case of not what you know but who you know in business so it is your job to know EVERYONE!
If you are a restaurant business go and visit the other businesses in the area, introduce yourself, drop off menus to local office buildings. The possibilities are endless in this area and will only lead to business growth and success.
Play to your Strengths
You don’t have to be a superstar at everything, knowing your strengths and weaknesses is key to growing your business. Delegate where possible to ensure that you have the right person for the right job at all times.
If bookkeeping and payroll make you want to scream and compliance scares the heck out of you then give it to the professionals. It is, after all, our job to ease your financial pressure and give you the most accurate picture of your business performance so you have the time to grow it. Why not get in touch with us today.
Whatever your business, using these 10 tips will start you on the road to business growth and success. Good luck!