The stats may shift a bit throughout the years, but the hard fact of being an entrepreneur is that most businesses fail. Of course, plenty of businesses still succeed long-term and those who do find real, long-term success all have a few things in common. From good hiring practices to excellent customer service, and more, here are five things successful businesses have in common.
1. They’re in touch with customers
Successful businesses do the leg work of finding and marketing to their target market, AND they’re in touch with what their customers actually need and want. They do this by testing and asking questions during the entire development process, but most importantly, successful businesses listen to their customers.
Successful businesses also have an unwavering commitment to excellent customer service. An emphasis on customer service generates the kind of positive reviews we all need to survive online today. It’s also what can make the difference between a customer shopping with you or a faceless online brand.
2. They provide unique value
Competition is stiff out there, so we all have to find ways to stand out. We can’t all have the lowest prices, but you can certainly emphasize other aspects of value. From hiring industry experts to add to your customer service, to finding unique product offerings, to implementing loyalty programs, there are endless ways to make your pet business different from your competitor down the street.
But don’t just do things differently for the sake of being different. Customers want authenticity and they’ll quickly see through disingenuous companies. So be yourself.
3. They have a real business plan
One of the least exciting, but most essential parts of developing a business is to create a well-thought-out business process, plan, and vision. And, of course, successful businesses actually adhere to them.
This includes the mission and vision that sets the tone for the company culture, as well as specific short-term and-long term goals that build energy and help you stay on track.
4. They take chances
Successful businesses may be organized enough to follow set business processes, but they’re also bold and risk-taking. They know that failure is just a step to becoming successful. And while they’re pragmatic, successful entrepreneurs are always willing to make changes.
They also know to not rest on their laurels. They view any surplus and loan as investments to growing their business and an opportunity to take the next step.
5. They build great teams
The best business owners hire to fill their deficiencies. It could be sales, HR, management, or even bringing in consultants or finding a mentor if they are lacking in leadership skills themselves. Successful businesses also have a consistent and strong company culture as well as an emphasis on work-life balance, which makes for happier employees and lower turnover.
Their employees feel energized about the company, and they view themselves as representatives and are deeply invested and its successes and failures. When employees feel like they’re an important part of the team, they tend to be more creative and give you their best.
Your business doesn’t have to be yet another tragic statistic. With the right changes and the right mentor to guide you, your business can survive and thrive in today’s competitive world.
Need specialized consulting to keep your pet business in business? Contact me today and we’ll work together to get you back on track.