Sometime back, I remember reading a publication by Forbes that revealed that more than 90% of startups ultimately fail. But one couldn’t help but wonder, what are the 10% doing?
We sort to find that out…and the most surprising thing is that they don’t do anything out of the ordinary – they simply focus on the little things that actually matter the most.
Ready to learn the 4 things that businesses do to guarantee their survival regardless of the state of the economy?
1. Keeping Proper Books of Accounts
Nothing ruins an incredible business faster than trading without direction; this is exactly what you do when you don’t keep proper business records. Essentially, this means that you’re shooting in every direction and hoping one bullet will hit the target.
Maintaining your business records such as periodic income statements, forecasts, and more will not only give you a sense of direction but it can also help you detect costly problems in your business at early stages allowing you to take corrective or preventive measures.
2. Embrace Technology
The future of business belongs to technology; if you’re looking to operate your company to an unforeseeable tomorrow, then you’ve got to align yourself with what defines the future of doing business – technology.
Consider using technology in most if not all the spheres of your business such as in advertising and marketing, bookkeeping, human resource, and so on. These applications save you tons of resources in the form of time and money. Additionally, they revamp your business data which leads to more accuracy.
3. Have a plan
Planning ahead doesn’t mean killing the innovative power of your team members; rather, it should guide their goals and aspirations towards one unified direction.
If a team member is trying to find a better way of monitoring raw materials in a company, he/she should have the interest of the organization at heart; for instance, this might require them to come up with a solution that is cost-effective, versatile, decentralized, and so on depending on the plans and goals of the company.
4. Learn from your failures
Learn from your mistakes – they say with mistakes, you can either come out bitter or better. At some point, you’re going to hit walls, and how you react to those hurdles will either determine how stronger you will be when faced with a similar problem in future or it might determine how fearful you will become of a similar situation.
For example, if faced with stiff competition in your niche, learn how to navigate through it and not closing shop. Because whatever unique business idea anyone might have today, the same day, tomorrow, months or years later, similar or better businesses will pop up. The point is if you learn how to deal with your business problems, you will never be beaten down by them.
Many people think that running a business successfully is about fate or maybe sheer luck – but true business success lies in the little things that most people choose to ignore doing. From what we’ve listed, you can see that nothing is far-fetched; therefore, consider applying these and other useful business strategies you know of and you should worry less about the future.
So, if you’re going to be among the 10%, you’ve got to the things that the 90% aren’t doing; lucky for you, this article just did the leg work for you leaving you with the implementation part only.
For any questions, drop us an inquiry and we’ll get back to you as soon as possible.