By Tarah Johnson
Anyone is capable of starting a business. It consists of basic fundamentals such as selling a product, profit from that product, hiring employees and balancing their compensation. It takes strategic planning and hard work, though, to successfully run a business. More and more businesses fueled with innovative, creative ideas are being created each day, with people eager to fulfill a position. While running a business seems straightforward enough, it takes time, effort and dedication to run a business that creates profit, is ethical, fair and won’t shut down. With us still in the midst of a pandemic, many businesses have been forced to close their doors due to a failing economy and other circumstances.
The point is that it takes courage, drive and responsibility to not only open a business, but possess the necessary skills to keep it running successfully. Here are some tips to start your journey and learn how to actively run a great business:
- Draft a business plan
One of the more essential steps into running a successful business is having a clear, laid out plan of what you’re hoping to accomplish, goals, general thoughts and ideas. This is an important document that needs to be shared with stakeholders, and it’ll also lead you to be more organized and have a clear vision of the path you want to take. In our current digital age, drafting a business plan is easier than ever, with templates, formats and examples across the web.
- Set Revenue and Profitability Goals
In order for a business to succeed, it needs to generate enough money to sustain operations, pay employees, and eventually make a profit for future investments. You’d be surprised at the amount of money that needs to be allocated for a system to run smoothly, including staffing, sourcing, production, capital and more. This would be the opportunity to review your business’s pricing structure and see what needs adjustments. Is your product priced correctly? How much revenue needs to be brought in quarterly, monthly and annually? What quantity needs to be sold in order to reach your profitability goals? Document these answers clearly so you know what to do.
- Hire The Right Employees
You’ve worked hard to create a business unique to you, so you definitely want to have a team that reflects you and your company’s values. Additionally, making sure these employees are also trustworthy, driven, dedicated, hardworking and intelligent are essential as well. Don’t build any ordinary team- build a super team, one that you’re proud of and consistently delivers good results. Surround yourself with experts in things you are not. Ask for their input/feedback, and involve them in decisions that affect them as well as your business. When you win, you all win.
- Focus on the Customer Experience
Last but certainly not least, hone in on your business’s customer experience and the impact you want to leave on your customer. Your business is nothing without customers and valued buyers, so make sure you’re treating them as such and make their experience a great one. Their time with your business affects the way your brand is perceived, so be ready to deliver what the people want.
Running a business isn’t an easy process, and running a successful business is even harder. It takes time, effort, money, commitment, planning, and a willingness to constantly learn from yourself and others to improve. If you follow these tips, though, it’ll lead you to the right path of figuring out where to start, and how to maintain that trajectory as you navigate your business endeavors.