Data from the Bureau of Labour Statistics show 20% of businesses fail in their first two years of operations. Meanwhile, 45% of businesses shut down by the fifth year.
What this data shows is that starting and scaling a business is anything but easy.
However, there are still a good number of companies that remain operational. For instance, the BLS data shows that around 25% of businesses make it beyond 15 years. It’s not a huge percentage, but it is enough to prove that scaling a business is possible.
In this review, we’ll share five hacks that can guide your businesses to growth and success.
Let’s get started:
1. Be Organized
You simply cannot run a successful firm if you have poor organization skills. Tasks will overwhelm you, and you’ll soon see all your investment crumbling before your eyes.
The good news is you can improve your organizational skills.
There are plenty of courses designed to help business owners get organized. The online space is also full of great tools like Trello that can streamline the day-to-day operations of your business.
Speaking of operations, it’s critical that you maintain accurate records of everything happening in your business. In fact, you should have a suitable record-keeping system in place before your even start running your business.
Accurate records will help you monitor the progress of your businesses. They also make it easy to pinpoint potential problems and resolve them before they crash your startup.
2. Hire The Right Personnel
It’s impossible to grow your business alone. At some point, you’ll need employees and even business partners to help you reach your goals.
The problem here is that employees and partners can also weigh you down. This is especially the case when you’re careful about the people you’re bringing on board.
To avoid this issue, you need to set up a thorough recruitment process. Vet all your candidates carefully.
Once you’ve secured the right talents, take them through a comprehensive training program.
Finally, make sure your employees have the support they need to get the job done. This means making all essential tools available. Even more important, create an open line of communication between everyone in the team.
You should know that building a great team that can scale your business is not cheap. You’ll probably need to spend more than you’re comfortable with. However, if you make wise recruitments, the investment will be worth it because you’ll get a decent ROI.
3. Cut Your Risks
You can’t avoid business risks altogether, but there’s so much you can do to minimize them.
For instance, taking an insurance policy is a great way of protecting your assets. Insurance will help you recover from serious issues like theft, fire, etc., which are pretty common among most companies.
So, look at your businesses and the industry you operate in, then find the perfect policy for your biggest threats.
Something else you shouldn’t overlook is customers’ data. This is particularly important for every business that collects lots of customers’ information.
Data breaches affect brand image and reputation. They can also leave a business exposed to expensive lawsuits.
Therefore, set up a water-tight security system to minimize the risk of data loss.
4. Learn To Adapt
Businesses operate in a constantly changing landscape. Techniques that used to work a decade ago are nowhere near good enough for today’s market.
You need to be very flexible to grow your business successfully. Monitor the market trends and adapt accordingly to ensure your services and products remain relevant. This is the only to stand the test of time.
Certain tools can also help you with this process. As the review on infinitefba.com/helium-10-vs-jungle-scout shows, some tools can give you valuable information on new products and opportunities. This can help you refine your business plan to serve your clients better. They can even give you the extra edge over your competition.
So, whether you’re an amazon merchant or a brick-and-mortar business owner, do your research and identify the tools that will help your startup grow.
5. Don’t Ignore Customer Experience
Here is the thing, unless you’ve come up with an exceptionally unique idea, chances are you’ll be competing with other businesses. This is a problem for you, but customers love it when they have multiple options to choose from.
For customers, more businesses mean less tolerance to below-average services.
Therefore, you must deliver the best customer experience possible. That’s the only way the clients will keep coming back.
The best part? Great customer experience creates free brand ambassadors out of your clients.
The message of your excellent services will spread out there, and this will attract even more clients.
The above list is nowhere near complete. However, the five points we shared are absolutely critical. Put them into practice and constantly keep yourself informed on new trends that can affect your business.