You’ve probably come across a thousand articles on how easy it is to start a business. Sorry to break it to you, as easy as it may seem, setting up a business is not a piece of cake, and, surviving in a competitive market is tough. One small slip and you are gone for life.
In the US, for instance, around 9 percent of businesses, old or new close down every year with only 8 percent that stays running. More is being lost than gained since the statistics first came in with the crossover coinciding with the recession of 2007-2009. By late 2009, the business applications began to recover and have been going up for the past few years.
But wait, around half of the new business calls it quits after struggling for five years in the market. There is another ‘but’; this also means the rest of the 50 percent are surviving for more than five-year mark. As per data given by the Small Business Administration, approximately 80 percent of them make it through 12 months. All this happens mainly because of the massive competition.
However, the statistics also depends on the type of industry your business runs in. If your business belongs to the social-assistance or healthcare, you are good to go, whereas, for transportation or food industry, you might have to face a few obstacles.
We have listed down a few tips and tricks that can help you run your business successfully in a competitive market.
Strong business plan
Just as diving into a top-secret mission, you need a successful plan; similar is the case with business; you need to have a strong business plan to succeed. If you kickstart your business with the attitude of, ‘we’ll cross that bridge when we get there,’ then brace yourselves for the failure.
You need to prepare for every little detail beforehand, take this as a life lesson if you must. For you to play your best cards, you need to be prepared. Carry out extensive market research before you begin. This will help you keep you organized and focused on your goal towards success.
The Team Matters
Are you aware of the phrase, “If you want to go fast, go alone, if you want far, go with others”? To your surprise, this statement is proven to be 100% true without a flaw. For a business to establish, you need to build up an entire team to keep it running.
You should be able to designate each role accurately to the people you choose, learn about the CEO vs owner difference, and stay updated on the news about how they plan to manage your business. The success of your business relies on you and your team, therefore choose wisely.
Opinion Matters
It’s okay to consider the opinion of a third person; you don’t have to be offended. He/she may have a valid point that can help take your business to the next level. It’s always important to take feedback, especially from customers.
You can even consider the opinion given by your employees; they may have experienced or gone through something similar and may know a way out. Your former employees who are no longer working with you can be a huge help too as they had been working for you for quite some time and knows the ins and outs of your business. Therefore, it is important to maintain a good relationship with them, as well.
Treat customers like your family
Your business can only be successful if you have a huge reach of customers. They are the ones who decide if you stay in the industry or not. In this era of social media, it is very important to take steps carefully; a bad review from one customer could lead to losing ten others.
Make your customers feel at home; they should feel that they are being cared for by your business. To do this, a strong customer service team is needed at all times that make the customer realize that you are a safe bet.
The day you build trust for your business in the heart for your customer, that day is when you will be able to travel on the road towards success, it’s like paying a toll tax before you hit the road.
Check and balance
Just because you left everything in the hands of your employees does not mean that you are free to relax on the couch. YOU NEED TO KEEP AN EYE ON EVERYTHING HAPPENING. Here are some things that you need to go through.
- What happens in your business?
- What new product is being launched?
- What is your business market reach?
- What are your business’s monthly expenditures?
- Are your employees working as they should be?
Remember, this is your business, and no one can care about it as much as you would.
Loans
Try applying for loans if you plan on expanding your business but a loan that you can easily payback, or else you could end up bankrupt.
Applying for a business loan may be a lengthy process, but when you get the money in hand, it would be all worth it. You can add in new machinery that can help with the production process or maybe buy a new location in another area.
Conclusion
With the competition rising in the market, it is important to stick to your strong strategies to survive in the market. It’s no rocket science, all you need is patience and be spontaneous when handling out of the ordinary instances.