Tips on How to Successfully Operate a Business
Staring business ventures can be intimidating, from developing a business plan to promoting your brand on social media platforms. Although operating a successful business is not easy, there are many best practices that business owners can research and use.
The Benefits of Owning Your Own Business
Surveys show that there are an estimated 600,000 new businesses founded each year. Whether you are a small business owner or one of many business owners in a business chain, understanding how to run successful business operations should be a top priority.
The top ten reported benefits to owning and operating your own business include-
1. Control- Many business owners consider themselves Type A people who greatly value having problem solving and decision making control. Unfortunately, this can become an issue if a business owner does not know when to delegate tasks to others when necessary.
2. Work life balance- The ability to create your own schedule and start business hours whenever you want is a huge plus for business owners. A schedule that revolves around your personal life allows you to spend time on the people and things that matter most to you.
3. Staffing- For those who do not own their own company, coworkers they did not personally choose come along when they accept a new job offer. Owning a business allows you to make sure that your staff picks are compatible with your business plan and company culture.
4. Rewards- Of course, starting business ventures requires capital and risk. However, if you run a successful business, the profits and rewards are also yours to claim.
5. Challenges- People who have big business ideas and business plans are not likely the type that want to work a menial office job filled with routine and lack of challenges. Running business operations require owners to learn many new skills and arise to challenges as they occur.
6. Connection- Feeling deeply passionate about your work can improve your life quality. Make sure to choose a business plan that you truly believe in to maximize the chance of running a successful business operation.
7. Flexibility- A small business can offer flexibility that a larger business may not be able to. Whether customer service that is more personal or heightened social media contact, business owners are given the freedom to create their own unique customer experience.
8. Interaction- Customer service interactions can be much more personal and extensive for a small business than for a large corporation. Instead of automated greetings and lack of consistent check-ins, your customer base can expect top notch customer service every time.
Additionally, a small business owner has the option to cut off contracts with customers that they do not like working with, unlike larger corporations who may hold the belief that the customer is always right.
9. Community- When you start business operations within your own community you have the opportunity to donate to local causes and charities that resonate with you. Running a small business can also help connect you to the community through events and collaborations with other small businesses. Make sure to use social media to connect with local small businesses and community members!
10. Pride- A successful business based on business ideas and a business plan you developed can be a huge source of pride. Remember, you deserve all of the praise you receive as it takes a lot of effort to run successful business operations.
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How to Operate a Business Successfully
While 9% of businesses close every year, only 8% are opened. Unfortunately, only around 50% of businesses are still open by the time they reach their fifth year of operation. For small businesses, the statistics show that 20% will close within their first year.
Thankfully, there are many tips business owners can implement when they decide to start business ventures including-
1. Create a solid foundation- Business ideas may sound great until you really get down to analyzing them. Make sure to develop a sound business plan before you launch business operations. A business plan combined with established objectives and workflow management can help your business succeed.
2. Optimizing customer experience- 86% of consumers report they would pay more money for better customer experience. 73% of consumers list customer experience as a factor in their purchasing decisions.
Amazingly, 65% of customers report that their experience is more influential than an outstanding advertising program. Especially if you are a small business, investing in your customer service training and development programs can make a huge difference for your company's success.
3. Get feedback- Make sure to request feedback consistently from both your customers and employees. A best practice to run successful businesses is listening to your customers as well as the market.
Check what clients or customers are saying about you on their social media and reach out to solve any customer service issues as soon as possible to increase positive feedback and customer reviews.
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