There are many different formulas that make up a strong business; if you’ve been contemplating the key ingredients that make a business successful, you’re in the right place. Whether you’re just starting a business or are already established, there are a number of things you can do to heighten your chances of success.
There are countless routes you can go down, from business coaching or mentoring services to utilise industry experts’ 1st hand experience, to offering staff development opportunities. All of our tips have been formulated based on the success of businesses prior and the insights of our team of business mentors & coaches.
Ultimately, running a successful business requires a mixture of aptitude & strategy, so if you’ve found that your business isn’t where you want it to be, read on…
What exactly makes a business successful?
Plan to the nth degree
When it comes to your business plan, leave no stone unturned. It is best to start from the bottom and work your way up, covering all bases, so that you’re prepared for all outcomes.
Fail to prepare – prepare to fail as the saying goes (and goes without saying). Consider both short and long term goals to ensure you have a detailed plan which includes fallback options and best results.
If you already have plans in place, review their effectiveness to date, considering how bulletproof they are. There is no harm in creating multiple fallback options and alternative outcomes, so you’re prepared for all scenarios.
Take calculated risks & aim to innovate
Risks should never be confused with a lack of planning. A calculated risk actually involves lots of well-measured steps that should hopefully elevate your business. Aim to step outside of the box with your risks. Strong and forward-thinking business operations can help to grow your business, triggering paradigm shifts.
Numerous studies have found that taking calculated risks can make the difference between an ordinary business and an extraordinary business, with most successful entrepreneurs frequently taking risks.
In fact, some of the most successful companies branched out to take risks, innovating their field for the better. Examples of successful companies that famously took calculated risks that paid off include Twitter, Microsoft & Google. Think about how Uber came onto the scene with a completely new model for hiring taxis, their operational style has since gone on to pave the way for all other more traditional firms.
Review & monitor your competitors
Ensuring you stay up to date with competitors’ actions will help you to remain at the top of your game as a business. In order to stand out, your product, service or price should provide your customers with something that rivals (or is better) than your competitors.
Offering the same high-quality service and innovative products will ensure that your business stays in equal stance as your main competitors. It is fair game to monitor your competitor’s movements to ensure you are able to offer the same service, so do not be afraid to keep tabs.
Consider undertaking a monthly review of competitors and laying out a strategic plan for the month ahead.
Look after your talent
As one of your biggest assets, looking after your talent should be a top priority. As well as helping you get to where you want to be in the long term, your teams are also the ones taking you from A to B in the short term.
Prioritising your people not only makes happier teams but also helps to create a thriving culture, which can aid in attracting new talent. Investing in your talent will also strengthen your team’s skills, which will go a long way towards improving company performance.
Strong and supportive company cultures go hand in hand with successful companies. Business owners should consider how well staff are looked after and whether they are given development opportunities.
Offer your staff opportunities for support and growth and you will be one step closer to running a successful business.
Stay on the ball with current trends & topics
Keeping an eye on current affairs & industry news can be crucial steps toward running a successful business.
Ensuring you’re up to date and aware of current trends will help your business to remain agile and in tune with your customers, which will add to the overall business experience and customer service that your users experience.
This can be especially useful for running your social accounts, for example, you may be able to chime in on viral internet moments, which will help to elevate your business and public persona if your content resonates.
Following current trends will also assist with content creation so that you have a constant stream of exciting and fresh ideas to feature.
Staying on the ball has many benefits for your business!
Work with a business coach or mentor
You’ve probably heard already that some of the most successful people in business have had mentors to help them get to where they are today. We’ve even written a blog on famous people and their mentors, which can be read here.
A business mentor or coach acts as a sounding board throughout your mentoring sessions, giving you the opportunity to discuss your concerns and plans and to receive feedback.
By utilising someone with 1st hand experience, who has not only been there themselves but has also helped countless other businesses, you give yourself the best chance of success.
Depending on your business type & current position, you may wish to work with an expert who specializes in scaling businesses. Alternatively, there are business coaches & mentors who can help struggling businesses navigate change. The possibilities are endless!
Find a business mentor or coach today! Start your journey by talking to a business expert, click here to get started.