Achieving business success doesn’t have to be hard or complicated. Sure, many of the common signs of successful companies relate to how well it does financially. The bottom line is important, and a healthy profit is definitely the end goal. But there are other indicators of a successful business you might never have thought of. For example, a successful business will have employees that seem genuinely happy to be there. these team members provide good customer service because they believe in the company. Treat your employees well and they will treat your customers well.
Also, a successful company won’t fall apart because of one bad month or a few minor setbacks. It will be financially sound enough to weather the ups and downs of a fluctuating market and fickle customers. Even small businesses can build a solid foundation so that they’re around for a long time. The question is, how do you achieve this type of success? While quite a few factors go into this, here are a few solid tips to get you started in the right direction.
1. Get the right people on your team.
A business is only as good as the people on its team, and part of your team is the professionals you seek guidance from. Finding the right professionals might include trusting a lawyer with your legal concerns and hiring an accountant for your tax planning. While these services may not seem necessary in the very beginning, it’s important to consider bringing in more professionals as your business grows. An attorney like Malliha Wilson can be a valuable consultant. As a senior partner at the firm of Nava Wilson LLP and an experienced litigator who has served as the Assistant Deputy Attorney General to the Ontario Government, Malliha can help you make sure you follow all the laws and guidelines when it comes to understanding the fine print of certain forms and laws. She can also advise you when situations arise where legal action is necessary.
This concept also, of course, relates to who you hire. If your business is small or bootstrapped, you might not have a need for other employees for a while. But when you do, picking the right people to join you can seem overwhelming. This process should include an effective strategy, starting with making sure the job is well-defined. This just means that anyone interested in the job should know exactly what they’ll be asked to do so that they can make sure they have the right skill set. From there, you’ll need a process for thoroughly vetting your applicants and hiring the ones who are the best fit for you. Spend time developing this process before you bring in any applications, it’s a good idea to make a great impression on potential hires.
2. Think outside the box.
Every business should have a solid marketing plan. Getting people to patronize your business, after all, is the primary goal. But you don’t have to do what everyone else does. Flyers, Facebook ads, giveaways, and newspaper blurbs are all decent and viable marketing techniques. But also learn to think outside the box when it comes to customer outreach and business models. One way to do this is to take advantage of social media. While a lot of people use at least one social media platform in some way for their business, why not take it a step further and connect with large influencers in your market? Spend some time doing outreach and possibly even hire someone to help you do it. The key with social media is to offer more than you take and reach as much of your target demographic as possible.
Another great way to think outside the box is with your business model. If your business is in retail, for example, there are plenty of ways to increase your bottom line with your products. You might try selling liquidation pallets in addition to your other inventory. These pallets usually contain brand new products in excellent condition that were either overstocked or returned. Many times, they come from large retailers, and you can pallets of merchandise for a fraction of the original cost. You can sell these items wherever you like, whether it’s online or in your storefront. But the best way to maximize your profits is to diversify your platforms. Sell your products with your regular merchandise, but also post them online on marketplaces such as eBay and Amazon.
3. Fill a niche in the market.
A successful business idea fills a niche in the current market. In other words, it meets a need for which there is currently no solution available. This gap could be for a product or a service, and it could be a product or service that people don’t even realize they need or want until they learn it is available to them. If you offer a product or service that solves a problem people commonly have, you can create a demand that didn’t even exist and be the main provider of certain merchandise in the long run. One example of this is Post-it Notes. This product was developed out of frustration by a 3M scientist who couldn’t keep his page marker in his hymnal and another who was busy working on a slightly tacky adhesive. Talk about meeting a need nobody knew they had!