In a world that celebrates bootstrapping and independence, it’s no surprise that many people nowadays make the decision to switch from traditional employment to entrepreneurship. But not everyone gets to find success. In fact, studies show that around 60% of businesses in Australia fail within the first three years, and 20% of them barely make it beyond their first year of operation.
Fortunately for entrepreneurs, there are plenty of ways to increase the chances of achieving long-term success. If you’re planning on starting a business or are already running one, here are some tips you can use to stand out from your competitors and reach your goals:
Take advantage of technology
You’re probably already relying on modern innovations to streamline business operations, but are you sure that you’re maximising their potential? If you’re not, dissect your day-to-day processes and see if there’s any room for improvement. You might discover new ways to use technology to improve your brand identity, speed up product delivery times, or lower operational costs without affecting your efficiency.
Make customer service a priority
Many people opt to purchase from small businesses because they want to support real people — not faceless corporations. Because of this, you’ll want to give your customer support processes a personal touch. Try to remember each customer’s name and send out personalised “Thank you” notes when appropriate. Reply to inquiries as quickly as you can and provide the information they need in a professional yet friendly and approachable manner. Adding the human touch does require effort, but it’s worth the additional mental load when it can help you build client loyalty and expand your customer base.
Expand your hiring strategy
Once your business starts to grow, you might find yourself needing an extra pair of hands or more to reduce customer waiting times and become more productive. When this happens, you must ensure that you’ll be hiring the best possible people for your team.
Start by writing a creative job description that reflects your brand and will attract people whose values align with yours. Use targeted job boards to easily find top talents who are looking for companies like yours, and don’t hesitate to utilise social media to reach a large audience. It’s also a great idea to work with a trusted disability recruitment agency that can connect you with potential employees. Remember: many people with disabilities and health conditions have impressive qualifications and are ready and willing to work, and a reliable recruitment company will help you tap into this skilled labour market.
Give back to the community
Doing this allows you to express gratitude to the people who support your business, making them more likely to recommend your products or services and become repeat customers. It also lets you have a hand in shaping your community and turning it into a positive environment that will reflect well on your business.
Starting and running a small business is far from easy, especially if you’re swimming in a sea of competitors. Fortunately, by implementing the right strategies, you can stay away from the risk of failure and bring your business closer to success.
