Starting your own business can be quite daunting. Research indicates that as many as 8 out of 10 businesses can fail in the first 18 months. WeDo have explored some top tips to help keep you ahead of the game.
Culture
Culture is at the core of every business. Sometimes it only exists in the mind of the director, but we all start with a goal and a purpose. Strategizing this idea can support your business to be successful from the outset. This also allows new staff to understand what they are working towards. Establish your business mission statement, values, persona, and atmosphere. Satisfied staff are up to 12% more productive, people want to invest in their own career.
Hire the Right People
Looking at a CV can tell you whether someone is qualified to do a job, but does it tell you what their character is like? In most cases you can teach someone how to do a job, but character traits developed over a long time can be harder to work around. A few key qualities to look out for are:
- Work ethic
- Communication skills
- Social intelligence
- Dependability
- Adaptability
- Motivation
- Positivity
- Team Player
Delegate
Delegation links to hiring the right people! As a business owner, you often take on many different roles but, you can only do so much!
Delegating allows you to focus your time on what you do best. If you hire the right people, then you can trust them to lighten the load. If you show you trust your employee, they will trust you, thus increasing productivity.
Sharing your knowledge makes you an effective leader and your business will become more efficient. It’s a win, win situation!
Excellent Customer Service is the Key to Success
You must put your clients at the centre of all you do. Not just for strong brand reputation but also because, keeping hold of customers is more cost effective than winning new customers. If you treat your customers well, they want to work with you again, they will also be your best advocate. Word of mouth is the strongest tool we have at our disposal.
Being a client centric business needs to be built into the company culture and all staff empowered to deal with complaints swiftly.
Marketing
Marketing can feel overwhelming to some small businesses. Try to break it down into the key areas and find what works for your business. We all must extend our reach to more potential clients.
- Know your competitors. How does your brand stand out?
- Get into the mindset of your customers. It is important to imagine their persona, lifestyle and why they need your business.
- Put your brand out there! This can be through websites, social media, direct mail…. The list is endless, but you need to find a way that works for you to draw in new business.
- A go to market plan with a solid idea of your product, the pricing and promotion.
Cashflow
Create a business plan and a set budget to stick to that covers all your expenses, wages, rent and any other overheads.
Keep on top of your invoices, this can mean using professional billing software, chasing payments, and creating realistic credit terms so that you always have cash flowing through your business.
WeDo are here to support you. We have experts in developing company culture, hiring, cashflow and how to build a successful business.
Give WeDo a buzz and see how we can get your business off the ground and buzzing: 0330 900 5000
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