A high percentage of businesses fail within the first two to five years of their formation. The leading reason for this high rate of failure is poor management.
When starting a new business, it’s natural to feel overwhelmed. From budgeting to marketing and sales, and from procurement to customer service, everything might seem to be working against you. But don’t give up.
Here are the six tips you can use to run your business successfully.
1. Get Organized
Getting organized is necessary to stay on top of your daily tasks and responsibilities. One way of doing this is to create a to-do list at the end of the day for the tasks you want to accomplish the following day. And as you work, respect your to-do list, checking off each task as it gets completed.
Another way is to create a time series database to help you measure your achievements and discover areas that need improvement. Such databases can also help you with forecasting for the best-informed decision-making.
2. Delegate Tasks
Trying to do everything by yourself is one of the ways to set your business up for failure. You’ll not have time to do everything, and you may also lack the qualifications for some tasks. For example, even if you are a qualified accountant, you may not be an expert in sales and marketing.
For this reason, hire qualified personnel for each department and delegate duties to them. Doing so will boost your company’s productivity, service delivery, and bottom line.
3. Set Measurable and Attainable Goals
When starting a new business, you can get overexcited until you set unmeasurable and unachievable goals. When you fail to meet your targets, fatigue will set in because you’ll be overworking. That’s why you need to take time when setting goals.
You can start with short-term goals before moving to long-term goals. And as you set the goals, lay down practical strategies to achieve them. Also, develop measurable parameters you can use to monitor your progress towards achieving the goals.
4. Automate Some Tasks
Automation is the best way to reduce operational costs. This is because machines can do more than humans, so automation will help you reduce the number of employees you need. Machines are efficient, accurate, and never get fatigued.
To identify tasks in your company to automate, consider repetitive tasks, including:
- Email communication
- Budget management
- Inventory management
- And other daily tasks
Once you identify these tasks, decide on the best equipment, technology, or software to run them. You may as well partner with managed IT service provider so you benefit from all technology management and handling, updates, cyber security, and data protection. Automations like these increase productivity and efficiency.
5. Invest in Marketing
No business can survive without marketing. You have to create a strong marketing department and fund it well. Use different marketing channels, the first of which is to create a professional website that can answer most of the questions potential customers may have.
You should be able to identify which channels work best for you, including:
- Email marketing
- Social media ads
- PPC ads in search engines like Google
- Placing TV ads
- Content marketing
- Renting booths at festivals
If you are just starting, you can rely on free marketing channels.
6. Re-Train Your Employees
No matter your employees’ academic and professional qualifications, you’ll need to retrain them on your business operations, objectives, strategies, ethics, and culture. You may have to hire an expert to offer this training or rely on your senior employees.
Time to Get to Business — The Right Way
Applying the above six tips will set your business on the path to success. Do not be among the businesses that collapse within a few years of their formation. For your business to succeed, you must be diligent, disciplined, committed, and passionate. There’s no room for giving up.