Did your start-up turn out as you had expected? The answer to that question, for most people, is “no.” However, do keep in mind that 90% of the most prominent entrepreneurs in the world today will probably provide the same answer.
The primary reason is the uncertainty that revolves around running a business. There is so much that you can’t control nor plan for. And this reality has genuinely manifested itself during 2020, as none of us expected our businesses to get hijacked by a pandemic.
However, where there is a will, there is a way. Determination to grow your business is the first thing you need for success, but there are other things you could do that will improve your chances of surviving and thriving in the business world. Here are some of the easiest as recommended by many successful entrepreneurs.
Create SMART Goals
Specific. Measurable. Achievable. Relevant. Time-based. Your goals define the trajectory that your business is going to follow. If your goals are very general, you are not going anywhere. What is it in your business you want to grow? You should be able to measure it and have specific numbers and targets to reach, such as 50% more sales than last quarter.
But your goals should be realistic. If you achieved a 2% increase in revenue last month, can you achieve a 20% increase this month? Goals should be relevant. If you are a charity organization, and your vision is to help feed needy people in your town, your goals should be focused on that. Goals should be time-based. You do want to achieve something but within how much time? A day? Within a month? A quarter? Be sure to create SMART goals.
A business environment is very dynamic, and things won’t always happen according to your expectations. The best thing to do in that scenario is not to be disappointed and lose hope.
Growth is a steady process, and business runs a full cycle. It builds slowly before becoming steady. If you are not making a profit yet, you will start too soon.
Understand Your Customers
The secret to success, according to Dave Thomas, the founder of Wendy’s, is understanding your customer and their needs. You are not selling to robots or dummies; you are selling to real people, with feelings, interests, and hobbies. You have to tap into the psychology of how your product or service helps them. Understand what do you know about your customers? which problem does your product/service solve? How does the problem or the solution tie-up with their emotions?
A better understanding of this will help you create a better message to convey to your clients.
Build a Strong Team
Entrepreneurship is not a one-man show. It requires the support of a team to make things operate smoothly. It is essential to have a good relationship with your team and aspire them to have good relationships among themselves.
How? Have training sessions, do team building activities, take your team on trips, give them tasks that encourage cooperation and being decisive.
These acts build trust within your organization, and the people work better together to deliver superior service. It also promotes a culture of problem-solving and correcting mistakes on the spot.
Learn from Your Mistakes
Sumner Redstone said, “Great success is built on failure, frustration, even catastrophe.” 90% of entrepreneurs who quit their business owe it to only one thing, i.e., they don’t assess and change what they did wrong. ;
When doing business, you might have charted a plan which proved to be faulty later. Do not be stubborn. Change your course when you think your original plan needs improvement. Change is the only constant thing in the world, and it’s the same for business.
Make Time for Yourself
Never work yourself into burnout. It would be best if you had time for yourself too. If you quit on yourself, the universe starts to quit on you.
Enroll in activities to de-stress yourself. Join the gym, enroll in a yoga class, or hire a guitar instructor to teach you how to play or paint your heart out on that canvas. Chances are, it’ll keep your mind fresh and ready to solve business problems.
Entrepreneurship is Hard, but Success is Achievable
The bottom line, entrepreneurship is not easy. It requires blood and sweat. It requires determination and long hours. The key is to be patient and keep striving. And this is what will eventually lead you to get on the road to success and generate profits, meet your goals, and ultimately grow your business.