14 Jun Successful Business Strategies To Help Your Business Thrive
In today’s global marketplace, there is a seemingly endless number of businesses to meet virtually every need imaginable, ranging from executive business coaching for multi-million dollar corporations all the way down to pencils and pens for small, family owned businesses. While there are many profitable organizations worldwide, many others start out struggling and fizzle out quickly. Despite extensive planning, incredible passion and the most grandiose dreams of business ownership, most businesses simply do not survive the competition.
According to Forbes, 90% of startups fail and a study by Bloomberg revealed that 80% of new businesses do so in the first 18 months! Not much time to watch your dream finally realized, then quickly fade away into oblivion. So, what do the minority of successful business owners know that others don’t?
Something sets them apart from the rest, but what exactly is that “something”? Those are interesting questions, and the answers are crucial for anyone with the vision and goal to get to the top. In this article we will name some strategic business practices that will help make your business profitable and keep it afloat.
Have a Crystal Clear Vision
Have a vision, a solid business strategy, of where you want your company to be in 1 month, 1 year, and several years down the road. While that is a start, simply having a vision is not enough, no matter how awesome you think it may be. If your vision is crystal clear to you, but foggy to your potential customers, you have accomplished little, if anything. Everyone from employees and partners all the way down to customers must see the same vision. Make it simple. Everyone who “touches” your business need to know what you stand for, why you are different, and why they should choose you above the competition.
In addition, many successful companies tie their vision to tactical goals. Once achieved, they give rewards, recognition and additional compensation to employees, which, of course, strengthens their commitment to the organization, as well as their desire to help their company succeed, which strengthens the company from within.
Develop Structural Solutions to Common Problems
Next, it is vital to have a clear structure within your organization. While this may sound obvious, you may be surprised at how many companies are slacking in this fundamental building block to success. Be proactive, so when a problem arises you will have already have thought thru a strategy to solve it. Systematically attacking reoccurring errors and finding probable solutions will help in two ways: your employees will know how to work through the system and thus be and more satisfied with their work, and when problems get solved quicker it leaves more time for actual work.
Make it Visual
Another tip to get to that top level is to take advantage of the many aspects of the human brain. Don’t just write a boring document, paint a picture to explain key issues; change numbers into graphics and other engaging visuals. This will not only help in envisioning errors, and troubleshooting potential solutions, it will demonstrate the areas in which you are already doing well. It is much easier to see a pattern or trend – whether positive or negative- when you set out data in a graph or line, or even a picture, so having visual aid can help in spotting a problem or failure within your organization before it is too late.
Empower Your Employees and They Will Empower You
Your greatest asset is your human capital, or put more simply, your employees. Train them well. Treat them with dignity, respect and appreciation and they are likely to give the same to you (and your business). Motivate them, acknowledge their successes and tactfully address their shortcomings and you will create a powerful workforce that is committed to your success. Your employees can make you or break you. They can sing the praises of your business or slander it. They know your business, so they are the ideal people to come up with new and improved workflow processes, address innovative ways to address customer complaints and strengthen your brand. Above all else, value your human capital and work alongside them to realize the success you seek.