When it comes to owning a business you need to get everything right from the start. It is thought that around 90% of new businesses will fail to make it through their first five years of trading. If you don’t want to join that statistic then check out the article below to see what you can do to give your business the best chance.
Ensure You’re Hiring The Correct Help
One thing you need to get right when it comes to your business is your employees. Without the right help, your business could come crashing down. It might seem fairly easy to get the help you need, however, it can be harder than it looks.
It isn’t just about hiring the first people you come across. It takes a lot of time and effort, this is why you need to get it right from the start. If you have a lot of employees coming and going then this could result in a high employee churn rate. This can be detrimental for businesses as you need to take time and money out of your company to hire new employees.
When it comes to hiring employees you need to be checking their resumes and references. A lot of people can tell lies on their resume so if you ring around previous employers then you will know that they are competent and can do the job they are being hired for.
If you are not sure about going through the interview and hiring process then it might be helpful to use a recruitment agency. They will do all the legwork for you and provide you with top quality staff who have been through rigorous checks.
Technology Is Your Best Friend
It’s important to understand that tech is one of the most important parts of any business in this digital age. Without tech, you are not going to be able to launch and maintain a successful business, as you will always be behind the other players on the market.
There have been companies that have tried to do this in the past, but they ended up losing their business, or purchasing tech as they should have in the first place.
We understand that using technology is not always straightforward, but it was designed to make life easier and that’s exactly what it does. You just have to take the time to get your head around using it, and ensure that your employees know what they are doing also.
Trust us when we say, your efficiency will go through the roof when you choose to invest in technology, even if your bank account takes a small hit. In the long-run though, it will pay for itself.
Social Media Marketing Is The Way Forward
Another thing to consider is how well you are using your marketing budget. This is the area that will take the most of your money. That is how it is meant to be as the money you spend now will get customers and clients through the door. There are many marketing techniques out there, new ones including email marketing and more old school ones such as leafleting.
However, one of the most effective methods of marketing you can use in your business is social media. A lot of businesses and people don’t associate social media with marketing and this is where they go wrong.
There are plenty of online social media platforms that you can utilize, it is all about finding the one that matches your target audience. For example, if you are trying to appeal to the younger generation then Instagram is the one to use and if you want the older demographic then try Facebook. Using a social media manager will help your business excel and make you far more sales.
Ask Your Customers For Feedback Regularly
It is well-known that around 80% of customers and clients check reviews of companies and businesses before they use them. If you don’t want a bad reputation to damage your business then it is essential you communicate with your customers. It is easy for them to take their custom elsewhere if you don’t give them what they want. If your customers and clients have been leaving reviews for you then try and reply to these. That means all reviews, the positive and the negative ones.
Replying to reviews gives your customers the impression that you actually care about what they have to say. It also shows that you want to help them if you are replying to the negative ones. Doing everything you can to rectify the issues means that existing customers who aren’t happy are more likely to continue using your products and services.
Use Software To Make Life Easier
Finally, there will always be some form of technology, app, or software to help make your life and job easier. If for instance you need to type documents then there is something that can help you with templates for this. There really is something for everyone out there, if you need to change PDF text editing then there is guidance online about this. Some people may not know how to do everything so it is useful to clue yourself up so you can help them.
These types of softwares have been created to help businesses work far more efficiently. If they didn’t exist it could take weeks or months to finish one task or project. With the help of apps and tech these can now be done in just a few days. Be sure to speak to your clients and give them a rough estimate of timing when it comes to your product or services.
We hope you found this article helpful and that it gave you some ideas on how to give your business the best chance at survival. Remember, there will always be road blocks standing in your way. It is down to you as a business owner to overcome these rather than letting them impact anything.