Growing a small business is a daunting task. It is a fact that most start-ups fail within a few years of their start. As per a study conducted by Statistic Brain Research Institute, a whopping 50% of start-ups in the U.S fail after five years of their operation. So, the challenge remains in understanding what usually goes wrong and how small business owners can overcome the obstacles. However, there are also few that despite all odds manage to rise high and flourish their businesses. So, let’s explore the five principles that these people follow to grow their small business over the years.
Adaptation and moving forward
One of the key reasons behind the failure of start-ups is their failure to adapt according to the changes in consumer demand and market. The solution lies in adapting as soon as possible and to move forward. The reason is sometimes, product or service offerings of a small business could be exemplary but way ahead of the customer demands. For example, even the mighty Kodak company failed to adapt as per the rising trend of digital imaging and collapsed miserably.
Creating a positive image
Amidst soaring competition from other businesses with similar product or service offerings, it is essential to focus on creating a positive image to attract and retain customers. Successful entrepreneurs never fail in creating such image through targeted marketing campaigns and excellent customer service. Nowadays, some start-ups prefer to hire professionals for managing their online reputation from the very first day. With the rising power of social media, they don’t take any chances and keep a watchful eye on their brand image.
Willingness to invest in technology
Majority of businesses with humble beginnings are those who have dared to invest in the latest technology available at that time. The fact that there is an increased trend of mobility across the world also demands a willingness to embrace technology as it pays rich dividends. A disruptive technology can threaten the entire business model if businesses fail to quickly respond or adapt accordingly. There are many who hire wireless support service providers or cybersecurity experts to ensure optimal use of technology for their small business.
For small businesses, it is imperative to understand that growing a small business demands immense dedication and hard work apart from all the above. Right planning, excellent infrastructure, and networking also play a huge role in ensuring business growth.