2017 just didn’t arrive like all the other years. It brought with it a wave of entrepreneurs who are willing to make their marks in their respective industries. More business setups more stable economies and a better life for everyone. However, in the run to increase profitability and be more successful, as entrepreneurs put their best plans forward to achieve optimum results, some fail miserably.
To avoid the damage, here are 9 simple steps that we suggest entrepreneurs to follow this year to gauge positive real actions towards the acquisition of growth and financial stability of your entrepreneurial venture.
Set A Clear Path
For any business, if it’s backed by a clear path will only it’s going to lead to success. Business owners are required to set a clear, measureable path for themselves. The path being a business plan that has all the measures taken in it that are going to be success drivers for the business.
It may sound boring to many business owners but setting up a clear business plan is crucial for your business success in times to come. Your business plan should clearly mention the actions that you are going to take as you proceed in time and should also contain a contingency plan if things get nasty. A sustainable business plan answers some crucial business question related to financing in crucial times, way of effective marketing and so on. The better idea is to take help from a digital marketing agency that could be your advisor while giving final touches to your business plan.
Keep An Eye Of Cash Flows
Until and unless the cash flow for any business is strong and positive, your business growth will be hampered. Many businesses fail to implement decent systems to manage their cash flows. You need to actively manage your cash flows on daily basis by managing account payables and managing terms with your suppliers, inventory turnover and reload along with other daily business running practices allow you to take a grip on your daily cash flow, thus fueling profitability in your business venture.
Financial Management Is Necessary
Many small business do not employ their efforts in creating and maintaining monthly management accounts that could ease and alleviate effective daily business management within any organization. Year-end accounts are useful to determine the profitability of your business and how much taxes and other expenses have you incurred.
It is always wise to work with your finances throughout the year instead of year end only. Monthly management of accounts create a more positive outlook of the overall financial situation of the company.
Identify Target Audience
Every startup owner wants to grow their business, yet many do not have the right strategies in place to work for them. One being the selection of the appropriate target audience. Marketing your business practices are swiftly changing in the recent times. To keep up with the changing trends and market requirements it is imperative that you first completely know about your target audience. If you know about your target consumers then you will be able to create targeted marketing strategies in a much better way than any other in your industry.
Now What Your Niche Is?
Is your product a uniform type or do you differentiate them according to the customer requirements? This essentially describes if your product is a niche product or generic. If you have a clear understanding of what your customers’ requirements are from you, you will be able to create targeted marketing campaigns for them, let alone product types that are created to fulfill their desires.
Identify Profitable Customers
To take your entrepreneurial venture to new heights of business success you are required to quickly identify your most profitable customers. These are the ones who will be interested in making a repeat purchase from you and may even refer you through word of mouth. Learning how to work with these customers will not only increase your profitability but will also allow you to understand them in a much better way and offer customized solution to them.
Consider A Price Hike
Time to time, you must also think of giving your product line a price gain. This is a touchy subject as you may be thinking that you will not survive in business if you do. However, studies have shown that only 9% of customers move away from a supplier due to price increases, yet 82% will move away to a new supplier due to perceived indifference and unresolved conflict with the original supplier.
It comes down to value. How much value do you think you are offering your customers for the prices you charge, and do they feel that they are really important to your business?
Automate Your Business
Regardless of your business being a unit of single worker, that is you or have a big work force working for it. Automation is something that every business requires after periodic intervals of time, mainly because of the swift change the global technology sector is experiencing and more and more things are being automated to foster ease, convenience and time saving. Automating your business not only saves you a lot of time but also save cost for you. Automating requires lesser work done to perform a task which therefore saves cost in terms of number of resources used and output generated.
Value Quality Human Resource
Lastly, a business owner must always value its human resource. Human talent is the most precious one to preserve. It not only puts in great efforts in your business to let it shine on the corporate skies but also established good practices that serves as a breadth of healthy air for your venture and it keeps on thriving and growing with their help. Quality employees should always be cared for through positive company culture, value added policies etc.
