Your Business Deserves to Succeed and Here’s How

If success is your goal, and it should be, then you need a plan that helps you get there. For some people, they get lucky and success comes to them without a lot of planning on their part. Unfortunately, for most of us, these people are the exception that proves the rule. For the rest of us, hard work and careful planning are the ways to help your business succeed. In this article, we’re going to take a look at how to give your business its best shot to succeed. Keep reading if you would like to find out more.

how to succeed
Photo by Gerd Altmann: on Pexels

How to help your business succeed

Most startups fail within the first ten years, and many others never achieve the success envisioned by their founders. Planning is a big key to ensuring your business has the best chance to succeed. Planning should include a thorough review of current conditions, such as economic conditions, consumer culture, competitive environment, and legal issues, based on external data from reliable sources, as well as forecasts of future conditions related to these areas.

Using this review and analysis of data, a company should form realistic goals for the future to guide plans and actions. We recommend using SMART goals as the basis for planning.

You should start with a five-year plan that focuses on achieving your SMART goals. The first year should contain sufficient detail to allow those charged with implementing the plan to complete their tasks. Each year, you should expand your planning horizon by one year and make any adjustments necessary to the other four years based on data from your accomplishments in year 1.

To give your business the best chance to succeed, you might consider the following elements to include in the planning process.

Outsource certain tasks to professionals

No matter the size of the company or its resources, there’s never enough money to accomplish everything the executives might like to accomplish. You can stretch your resources by leveraging your money and time resources.

Leveraging refers to using other resources rather than your own. Leveraging may involve borrowing money, which comes with its own set of problems, including the high cost associated with repaying the debt and potentially giving up some control of the business. But, leveraging can also involve outsourcing tasks to professionals and companies that specialize in technical activities, ones requiring a significant investment, and/or those where expertise is required to accomplish the tasks effectively. Examples of the types of activities commonly used in this type of leveraging, often referred to as outsourcing include payroll, HR, logistics, IT, and marketing. In practice, any task that isn’t part of the core business can be outsourced. For instance, Nike only engages in design and marketing functions while outsourcing logistics and manufacturing to companies that specialize in these activities.

leveragingOutsourcing certain tasks takes a lot of pressure off of your plate. Having to hire full-time employees when you don’t have sufficient work to keep them engaged is a waste of resources, Similarly, some tasks require specialize equipment or skills. Making do with equipment that doesn’t do a job efficiently or hiring less skilled workers because they’re cheaper or can perform multiple tasks results in an operation that costs more to run and doesn’t run smoothly. You might also find yourself outcompeted by other firms that operate more efficiently or can provide higher customer satisfaction from skilled workers or the right tools.

As we said, it takes a little bit off of your plate and passes it to someone who knows what they are doing in that particular area. It might seem like it’s more trouble than it’s worth, but we assure you that is not the case.

Look into the best business practices

It’s also a good idea to research the best business practices to ensure you run your operation effectively. Security is one area where best practices change quickly as cybercriminals find ever more inventive ways to hack into your systems. To offer the highest security to your data while allowing easy access to those authorized to use it, you need to look up the different options for secure file sharing and types of encryption for your files.

Technology is another area where rapid change happens. AI has significantly changed the game when it comes to operating your business efficiently. For instance, using ChatGPT to ease the burden of content creation is a huge plus for businesses seeking to optimize SEO and maintain a presence on social media. But, the uses of AI go far beyond these highly publicized content-creation efforts. Using AI to run chatbots that operate 24/7 to answer questions and provide customer support can mean the difference between satisfying customers and letting them down. You can also use AI to monitor the performance of equipment in remote or dangerous locations to keep everything running a peak performance.

Here are just some other uses for AI you might consider:

  1. AI fuels self-driving cars and trucks that promise to lower transportation costs significantly
  2. You can use AI to help analyze data from your e-commerce operation to make better decisions and make better forecasts
  3. Robots use AI to perform various functions that are too dangerous for humans or to fill voids that humans can’t, such as picking heavy products from your warehouse or performing repetitive tasks
  4. Monitoring your assembly line and automatically adjusting to ensure product quality are tasks AI can perform
  5. Fraud detection is aided by AI and can save your business a lot of money

Listen to what your customers are saying

Customers are king. To succeed, you must keep customers happy. Happy customers return to buy more from you and share their positive experiences to bring in new customers. Thus, the final thing that we want to talk about is listening to what your customers are saying. Only a careless or uninformed company is so arrogant they aren’t willing to listen to what their customers are saying about their products as these statements provide a roadmap to either keep up what you’re doing or fix it so customers are happier. It’s a never-ending cycle of reaching for the stars when it comes to customer satisfaction.

I once conducted a focus group with the client behind a one-way glass, observing the conversation. As the moderator got to questions regarding evaluations of the company’s signature brand, the client almost went through the glass to tell informants they were wrong in their negative attitudes toward the product. That just doesn’t make sense. Instead of wanting to fight informants to convince them of the superiority of the product, the client should have been taking notes about the specific problems identifies by informants that resulted in the poor evaluations. Learn from what customers and prospective customers have to say. They’re always right.

Conclusion

Hopefully, you found this article helpful and can now see how you can achieve some success in your business. It’s not always going to be easy, and there will be times when you want to give up, but if you manage to persevere, then you should get where you want to be soon. Hard work and determination are the keys to success, so keep that in mind.

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Hausman and Associates, the publisher of MKT Maven, is a full-service marketing agency operating at the intersection of marketing and digital media. Check out our full range of services.