Growing a business is much easier said than done. If it were easy, there wouldn’t be so many small business start-ups struggling to get off the ground and maintain their profitability. Plus, the global pandemic has hit all aspects of the economy, and companies that are in the early stages might also struggle to secure funds and keep themselves afloat.
But don’t throw in the towel just yet. According to statistics from the Small Business Administration, around half of small businesses survive for 5 years or more and 1/3 survive for 10 years or more. Despite a turbulent environment right now, there are many great business tools and resources that can help entrepreneurs grow their business – especially in the age of the Internet.
Here are 4 tips you can utilise to improve your small business start-up success.
1. Set S.M.A.R.T goals
S.M.A.R.T stands for Specific, Measurable, Achievable, Relevant, and Timely.
Your business goals can either be broad or specific, but it should be written down. This way, you will be able to see and decide for yourself which goals are worth prioritising over others, and which ones are more urgent. It is important to note that you should always have both long-term and short-term goals in mind.
This is where speaking to a firm that offers professional account services,ensures that you have the financial capabilities to set these goals. Not only do we provide tax accounting services to help you save funds, taxes and expenses, we also come up with financial statistics, records and risks to ensure that your business can stay afloat and continue moving in the right direction. Our professional team of accountants can advise you on the best decision to take, ensuring that your company remains financially viable moving forward.
2. Find ways to implement your strategies
Having goals is one thing. Seeing them come to fruition is another. To achieve your goals, you need to have a strategic approach on how you are going to meet said goals.
The ideal strategy includes having a specific and realistic time frame, the necessary actions needed, assigning people who are responsible and accountable, having a list of essential and available resources, and how you can reach the desired outcome. By following these steps, you can ensure that you are able to succeed by implementing your strategies.
3. Measure results
Not every strategy will work, and every strategy can always be improved, no matter how successful it might be.
However, to know how well a strategy is working or failing, you will need to measure the results of your efforts. The larger the goal, the more complicated the measurement process becomes. But the point remains that you will need to find a way to measure the success of your plans so that you will know if it is on the right track.
We can help you to calculate these results, through financial records, statistics, risk analysis, and more. Our professional team ensures that you have the right corporate accounting services to hit your targeted results financially, and seek out areas where profits are not growing. We can help you put your business back on the right track, and make sure that you have the information you need to succeed.
4. Customer service over everything
What your customer has to say plays a massive role in the success of your start-up. The lifetime value of satisfied and recurring customers cannot be measured by numbers alone, which is why it is recommended that you do everything you can to ensure that your customers are satisfied and happy. That means even if the customer is wrong.
You should take their input into account as much as you can, listen to what they say and improve your start-up. Most importantly, by thinking of customer service first, you are constantly asking yourself how you can satisfy both current and potential customers. This naturally leads to positive plans that could provide a dramatic boost to your business’ success rate.
There is no sure-fire way to make any business succeed. However, there are ways to boost your chances. By incorporating these tips into your small business strategy plans, you can position your business to be successful while increasing your profit margin and establish a lasting presence in your industry.