Have you recently started a new business? If so, you have probably already heard or read about the discouraging statistics on how many new businesses close their doors every day.
According to information from the U.S. Bureau of Labor Statistics, about 50% of new businesses fail within the first 5 years of operation.
As a new business owner trying to beat those statistics, you may be looking for ways to build your business.
Building a business can seem daunting, but if you use simple, daily actions, it will be much easier to not only keep your business open, but thrive. Here are 9 ways you can keep your business growing daily.
1. Like What You Do
You may not get very far with your business if you don’t enjoy what you do each day. Growing and building a business takes many other elements, which you may or may not already know. But simply liking what you do has a great deal of impact on your success. Figure out what you are passionate about because it will help you to stay focused on growing your business every day, especially when you still have to do some of the necessary tasks you dislike.
2. Invest Your Time
Building your business isn’t going to happen if you aren’t willing to invest your time. Creating a business plan, doing market research, and all of the other aspects of starting a new business take lots and lots of time. If you don’t take the time to do everything you can to make your business successful, your business may be one of the many that doesn’t make it.
3. Stay Organized
Have you ever been around someone who is chronically unorganized? It can be frustrating if that person is always making you late because they can’t find their keys, or they are wasting time trying to figure out where they left their phone. In a business, this can be more than simply frustrating. It can hurt or even kill your business.
You need to not only create a bookkeeping system for your business, but a filing system as well. When it comes time to find certain documents, you should have them close at hand and be able to locate what you need within moments.
Depending on what type of business you run, you may need to use a task management system as well in order to make sure everything is getting done as it should. Emilie Burke said having a system is key to making sure her business is a success.
“You need to have a system to make sure nothing gets lost and you are delivering the highest quality work to your clients,” Burke said.
Staying organized takes effort and you have to stay on top of filing and paperwork on a daily basis, but doing it daily can help you devote more of your time to other areas in the long run so you can continue to grow your business.
4. Stay On Top of What You Are Owed
Staying organized is only part of what you need to do in order to build your business. You must stay current on what your customers owe you if you expect to be able to not only keep your business open but make it grow and thrive daily.
I’m sure you already know that it takes money to keep your business and personal bills paid. So, on top of staying organized, bill your customers timely and pay attention to whether or not they pay you. If they don’t pay on time, do what you need to in order to get them to pay.
Word of mouth, while powerful, probably isn’t going to be enough to help you grow your business every day. In order to build up your business and become successful, you will likely need to advertise.
People need to know about your new business and that you are there to help them with their product or service needs. There are lots of different forms of advertising you could choose to help you increase your business. Which methods of advertising you choose may depend in part on what type of business you have, so keep that in mind.
However, the area you live can also play a part. Talk to other business owners nearby or talk to people who own and operate similar business. Find out about the different advertising choices they have made to see what works and doesn’t. It could prevent you from wasting money advertising in ways that won’t help you build your business. The more visible you are to potential customers, the faster you will grow your business.
6. Hire Help
Knowing when to hire additional employees or contractors can help your business thrive and grow. Of course, you must also be able to find and keep those people as well.
Is there a college in your town? If so, find out if they have a program to help their potential graduates intern in different businesses. It could lead to you hire them after they finish school.
Another option is to check on whether or not there are job placement centers in your area. If there are, contact them to see if they know of viable candidates for a position with your new business.
Obviously there are other things that go along with hiring employees, such as training, benefits, pay rates, and more. However, if your business starts to outgrow having only you as an employee, you need to know when to hire in order to continue building it.
7. Keep Your Focus
There are many decisions to be made when you first start a business. For instance, do you need a storefront? What should your business cards look like? The list of “to do’s” is long and probably detailed, which makes it easy to lose your focus.
Try not to put too much time and effort into the small details because those aren’t the areas that will help your business flourish. Rather, put your energy into increasing sales and profitability as well as the other areas that will keep your business running long into the future. Then you can tweak those small details later on.
Megan Harris said one of the best ways she keeps herself and her business focused is by performing self assessments.
“I think every day about what I can do to help clients and what steps are needed to achieve that. Even if nothing is accomplished that day, having that reminder has been helpful for customer service and self reflection,” Harris said.
8. Increase Sales
Lots of different things can be done to help you increase sales and some of them require more time than others. Some of the best ways are:
- Listen to Customers – Sure, it takes time to talk to your customers, but you need to listen to what they have to say because the information they tell you is valuable. Your customers are what keep you in business and help your business grow. Ask them their opinions on the quality of your services or products. Find out what they would like to see more of. Focusing on your customers will improve your chances at growing your business.
- Create Repeat Products or Services – If you are selling a consumable product, good for you because you are already part of the way there. Now all you have to do is make sure the value and quality are good and you may keep your customers for life.
- Implement a Loyalty Program – Customers love to get a good deal and if they feel like they are getting one they will be more likely to do repeat business with you. One way to help them feel like they are getting a good deal is through a punch card or some other similar system.
9. Don’t Become Complacent
You may have heard the ancient Greek phrase that you shouldn’t “rest on your laurels.” If you don’t know what that means, it isn’t a compliment. What the phrase implies is that you shouldn’t get too comfortable or celebrate successes too much. In other words, don’t get lazy thinking you have achieved success in your business. If you want to stay in business, you need to constantly plan ahead.
Running a business is hard work and a lot goes into it. In order to keep your business from becoming another statistic, don’t forget to keep growing your business daily.