For any business or enterprise, the challenge lies more in keeping things afloat and the business constantly on the top of the game. The birthing pains are nothing compared to the ultimate challenge of making sure that the business succeeds, that it’s turning in a good profit and the investment doesn’t go to waste.
When was the last time you took a good long look at your business to say that it’s going where you want it headed or that it’s doing what you set out for it to do? How do you transform your business from bleh to wow? More importantly, how do you infuse innovation into your business so that it doesn’t go stale like obscure products still on display?
Anthony Turner of Transform Your Business expounds on the 5 key steps to turn businesses – big or small – into a success in the open meeting sponsored by the Manningham Business Network.
He points out that businesses generally fail because of two reasons. One factor is the lack of direction or business goal, and the other is the lack of knowledge and information about the business. Given these, here are the five steps that can turn a business into a rocking success:
- Know where you are. Ignorance is never an excuse and if there’s anyone who ought to know better how his business runs and how it’s going, it should be the owner. Know how your business works and be on the lookout for the cracks so that you’d also know how to go about solving them.
- Know where you are going. Vision, in any endeavour, is important. Set a number of goals for your business that you want to achieve and break them down into segments and time frames, such as immediate or “now” goals or half-goals that lead to bigger aspirations in the future.
- Decide your income and resources. A business, in order to achieve, requires constant input, including financial resources. A wise businessman knows and understands the operational expenses of his business and where to get the money for these expenses. At the same time, while saving the profit matters, it’s good to set aside at least 20% of it for business improvements such as investment in an online website or even a fresh coat of paint for your store.
- Tell the world. The aim of your marketing should go beyond just making your presence known, but turning in a good, loyal following that will do the marketing for you by spreading the word about your business to their network. While advertising works, 80% of business success can be attributed to trusted recommendations and testimonials from satisfied customers.
- Manage to succeed. No business succeeds simply by just staying the same and offering the same thing for long periods of time. Don’t be complacent. Regularly take stock of the things that are working for your business versus those that aren’t. From the gap, identify the things you need to do to revitalize, innovate and transform your business.