7 Things You Need to Do To Improve Your Business

Did you know that according to research, 20% of new businesses fail within the first two years of operation? Here are 5 key things to do this year to improve your business:

Did you know that according to research, 20% of new businesses fail within the first two years of operation, 45% fail within the first five years, and 65% fail within the first ten years? Alarming, but it should not be. Making it to the 25% who survive for 15 years or more takes a lot of work, and if you’re willing to put in the work, your chances of success are very high. Here are 6 key things to do this year to improve your business:

1). Get Organized

The bigger a company or business becomes, the more cluttered it becomes. The number of employees increases, the revenue increases, possibly business locations increase, and so much more. What does that mean for an entrepreneur? More paperwork, more records, and so much documentation to look at!

It can get confusing fast, which is why this is the first point. You need to organize your processes and workspace otherwise you’ll be caught off-guard and thrown off balance by the sheer volume of information. To make it easier for you, review your technology and streamline it with straightforward digital services. 

Bonus Note!

You don’t have to be a computer whiz to benefit from automation; it is something that every business owner can do. Start off by saving attachments to a drive and emailing a new subscriber a welcome note! From here, keep learning and make sure you evaluate your progress as you learn from your mistakes. Keep looking at processes that work for you (this may not look similar to others), and adjust your business approach.

2). Review Your Finances

Business is all about money. You need to invest right, borrow right, market right and do everything right with your money, otherwise, you’ll keep losing money that would otherwise boost your business. That said, you need to evaluate everything from cash flow to the credit rating of your company so you’re completely aware of the situation at hand. And rightfully so, because research shows that 46% of small businesses fail because of unpredictable cash flows.

Bonus Note!

Reexamine your accounts to find any potential areas of excessive expenditure. Pay particular attention to accuracy in the figures-pay attention to the last detail! Where do you spend money that you ought to be saving? Knowing your numbers is the only way you can spot financial improvements.

3). Community Engagement

Remember how you ferociously sought out clients in the beginning? Now that they have become loyal customers, do you still treasure them as you did when you started? You need to rekindle that spark if it has faded. This can be done by keeping in touch with your community. 

Reconnecting with your community is an important and rewarding way to grow your business. In fact, 86% of devoted customers will recommend a company to others, strengthening the brand community. As such, develop a relationship with your audience to create a community for your brand. Talk to them personally, build a relationship. 

Here are 4 proven ways to engage with your community:

  • Farmer’s market booths to draw local customers
  • Virtual meetups with devoted clients
  • Live social media videos, competitions, QnAs, or entertaining material
  • Monthly emails to update your customers
  • Hoarding boards with advertisements for your business

Bonus Note!

Involve the local business community and seek out other business owners in your niche as well. These connections may be both professional—sending you referrals—and personal—serving as a sounding board for fresh concepts.

4). Logistics

The best way to improve your business is to use expedited freight carriers. These carriers have the latest technology and infrastructure to move your goods quickly and efficiently. From pickup to delivery, your shipments are monitored using advanced tracking systems, ensuring their arrivals are always on time.

Bonus Note!

A reliable expedited freight carrier offers flexible scheduling options, so, you can choose the best delivery time for your customers. By partnering with a reliable expedited freight carrier, your business will be more efficient, more satisfied with its customers, and more profitable. So, if you want to stay ahead of the competition and meet your customers’ needs, use expedited freight carriers.

5). Quickly Solve Technological Mishaps

There aren’t that many businesses nowadays which don’t rely on the use of one or many computers, and having your system be down or your computers not working properly can result in a costly expense for you, from the repair services as well as the time lost which your employees could not use to work. Because of this it is always best to have an IT team ready to fix any kind of issue whether big or small, so you should start to use managed IT solutions which can be outsourced to another company. This will allow your company to run smoothly and solve any IT issues you may encounter as quickly as possible. Implementing a successful managed IT company into your business will bring with it numerous benefits that will help the business grow, but it will also bring alternative methods of use as well. You can use managed IT to support you while making the most of cloud hosting services. Cloud hosting allows website and application operators the option to add or remove resources when necessary, and is also known for its availability at a reasonable cost. 

6). Look Within

A business is the sum of its parts. Unfortunately, while key attention is given to customers, employees barely get any. This point is therefore about the people running the show behind the curtains, your staff. 

You need to communicate with your staff to keep them motivated. Communication can also foster a favorable work atmosphere for them. 

Bonus Note!

Offering enticing incentives, including remote or hybrid workplaces, is a key component of attracting top personnel. 

7). Evolve

The only constant thing in life, and business is change. You need to look around you and get inspired. Market research technology has changed, so you should adopt new marketing ideas and fresh content, broaden your product offerings and new business models, and so much more.

The market is rife with ideas and enlightening information, such as a new specialty, trend, or competitors. You could even come across a failing company that might be available for a buyout, providing a chance to gain access to a new clientele. Be on the lookout for what’s new, and jump on the bandwagon!

With these 5 tips, no matter the niche or size of your business, you’re bound to succeed!

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