Some of the most important fundamentals to running a successful business sound simply like common sense. If your business is failing, or just isn’t doing as well as it could, try these trusted fixes and secure your company’s wellbeing for good.
1. Cater to Your Customers
No matter what sector of business you are in, your company needs to find a niche that is not yet filled in your area. This can be as broad as being the only manicure-pedicure place in town, to as narrow as being the only spa with a specific technique (think gel manicures or threading instead of waxing). Be careful when creating something entirely new, however, because if there is not a market for your specialty, you will have created a niche without a client base.
2. Create a Perfect Space
Give your spot a facelift. One problem with many brick and mortars is that the inside of the building lacks personality. Brighten or darken the space – a hip, new paint color can do wonders. If you have the ability to work an outdoor space into your place of business, remember that people love decks; in Cambridge or New York, Ontario or Miami, it doesn’t matter—everyone enjoys sitting outside. Even if you work in a cold city, enclosing a room with glass will brighten any business conversation with natural sunlight.
3. Calculate Operation Costs
Startup costs vary greatly from business to business, but all companies need a breakdown of what it will cost to open, and what it will cost to continue operating. Get quotes on costs for advertising, supplies, insurance and legal fees, the cost of a new or re-designed space, and rent or mortgage fees. Once you get going, be sure to calculate in the costs of re-supplying your business, taxes, and wages. Measure what you will spend in order to find out what you need to charge for your services.
4. Be a Leader
Any business that will succeed needs clearly defined roles and a leader who is willing to enforce these roles. The leader has to be innovative and passionate, but also pragmatic and responsible, and most importantly, a good delegator. Running yourself ragged will not benefit your employees, yourself, or your business.
5. Keep it Simple
When it comes to products and merchandise, keep things simple. Chef Robert Irvine of Restaurant: Impossible notes that many failing restaurants try to do too much. By choosing a few key dishes, owners not only reduce costs, but also will have the resources to refine the good dishes remaining on the menu.
Whether you run a restaurant or another business, find out what you do best, and stick to it! A few great pieces far outweigh a hundred mediocre frocks.
6. Hire Experienced Employees
If you are an inexperienced owner, stacking your deck with employees who have many years behind them can be an invaluable asset. Not only will these employees need little coaching, but they will also be able to help guide you towards success in your overall business.
7. Secure Your Business
Fortunately, owners rarely have to deal with major theft, but it can happen to anyone. Whether you fear your employees are sneaking away cash, or your neighborhood is unsafe, it will ease your mind to install a fence and a security system to keep track of your cash.
Though it is hard to accept change, it is worth bearing a few changes to keep your business and personal life in the black.
- License: Creative Commons image source
Edson Senna is a business student. He enjoys applying what he has learned by writing about investing, finance, entrepreneurship, and other business-related topics. Edson recommends securing your business property with Jay Fencing.