Disclosure: This post may contain affiliate links, meaning we get a commission if you decide to make a purchase through our links, at no cost to you. Please read our disclosure for more info.
Last Updated on January 20, 2024 by Work In My Pajamas
Thousands of businesses fail each year, and the fault typically lies with the owner. If you’ve started a new business, it’s important that you understand how to make it a success if you hope to turn a profit. Successful business owners know the secret to running a great company and are happy to share the information. Here are five tips to running a successful business from owners who have been there:
In This Post:
1. Know What Works
Whether you’ve been in business for five months or five years, you’ve got to know what works and what doesn’t. When you start your business, sit down at least once a month and review everything that you’ve used to try and get your business off of the ground. Make notes while you are reviewing your strategies, paying attention to what has worked and what hasn’t. If you tried something and it didn’t work out the way you’d hoped, try to figure out why and if there are ways you can reuse your ideas in a new way.
2. Revamp Your Website
Your presence on the web is a key to your success or failure. If your business is running smoothly, leave your website alone. If, on the other hand, your business isn’t where you’d like it to be, consider revamping your website. If you used a free site to create your own, consider hiring a professional to design your new site. If you don’t have a ton of money to spend, consider placing an ad on Craigslist. You may be able to find someone who is willing to create your website in return for permission to using it for their portfolio.
3. Create a Marketing Plan
If you aren’t marketing your business properly, you can’t hope to turn a profit. Be sure that you are utilizing every marketing tool at your disposal. Not only should you have a great website, but you should also have print materials and a presence on social networking sites. If you aren’t utilizing all three areas, you’re not marketing your business to the best of your ability.
4. Hire Help
No one person can do everything well, though many new business owners try. While you may be a whiz at running your business, your bookkeeping skills might be lacking. If you’re a great bookkeeper, your marketing efforts may be lacking. Look for areas of your day-to-day operations that can be delegated to someone else. Not only will delegating ensure that everything gets done, but it will ensure that everything gets done properly.
5. Go Back to School
If you’re serious about your business, consider returning to school for your MBA. Attending graduate school will give you a new eye for your business and teach you how to run it successfully. In fact, if you choose to do so, you can concentrate on entrepreneurship while pursuing your degree.
While thousands of businesses fail each year, there are also thousands of businesses that succeed. Entrepreneurs who succeed do so because they are able to roll with the punches and adjust when necessary. If you follow the five tips above, you’ll undoubtedly be able to count yourself among the successful elite.
Patty McAllister blogs about how to manage startup businesses. If you are interested in business and startups, you might consider an MBA degree, such as those programs offered by http://onlinemba.neu.edu/ or http://www.brown.edu.
