Category: Business

Running a successful business isn’t ever as easy as it sounds on paper. While it would be great if there was one secret trick guaranteed to help you achieve success, there is still an element of luck involved. And, even the best tips on running a successful business might not work for everyone. Each company is different, and there are factors you can’t always control.

Focus On What You Can Control

But, there are some general steps you can follow to increase your chance of success, whether you’re a small business or a larger one. The main factor to keep in mind is that to achieve business goals, you’re going to have to put in the hard work. Most advice is easier said than done and will require you to work hard and be committed to running a profitable business.

But, if you’re up for the challenge and willing to do what it takes to make your business successful, these tips and tricks can help. The exciting thing is that this advice is only the beginning. Your success is really up to you.

Know The Odds Of Successful Businesses

While some businesses make it, others do not. The numbers according to the U.S. Bureau of Labor Statistics show that only around a quarter of new business will last 15 years or more.

This means that 3/4 of new businesses won’t be successful. So, if you want to start your own business, you’ll need an edge to stand out from the competition and ensure you’re among the top 25%.

We will go over some key components to get you started.

Have A Business Plan And Be As Organized As Possible

Before you even start, you’ll want to make a to-do list. You’ll need to begin by doing extensive market research. You can’t just do things the same way other businesses in your niche are doing them. You have to offer something unique to your target market.

For example, if you were trying to start a new food delivery app, you’d have to stand out from the competition somehow. You may find that the market is oversaturated and that your idea isn’t going to work, so you need to be realistic about your odds.

Then, as you start moving forward with your idea, you need to keep as many detailed records as possible. Make sure you have back-ups, too.

Look At Your Finances

Once you have your business idea and have determined that it could be successful, you’ll need to secure funding and look at the financial situation. There are many potential risks to investing in your own business, and you might need to secure a loan. Ensure that getting a loan makes sense.

You’ll want to create a business plan from the beginning that factors in where your business stands financially at every point from the start and as you have to update your financial business plan over time.

Create A Usable Website

Whether your company is customer-facing or business-to-business, you need a website. Even if you plan on conducting most of your business out of a storefront, it’s crucial to set up a website that’s easy to navigate and use. Here are some tips for setting up a website that gets deals.

Understand That Successful Business Owners Are Adaptable

Even if your company seems similar to others, you could stand out from the crowd by being more innovative and creative than your competitors. Even if you are meticulous about planning, organizing, and researching, you will have to pivot at times.

As the business gets off the ground, you’ll need to change things like your business processes and marketing strategy. So, it’s best not to be too rigid. Being able to adapt as you learn more about the needs of your audience or your niche is vital.

Focus On The Company Culture

When pursuing business success, your company culture and your team are truly more important than nearly anything else. The people you bring on to work with you will be vital to running a successful business, so you want to choose people who have skills that you don’t. Many businesses fail because they have a hostile environment that doesn’t focus on growth and rewarding hard work.

Provide Exemplary Customer Service

You also need to think about how you will interact with customers. Nothing will ruin a business with potential faster than poor customer service. Even if you have a great product that many people want, you won’t do well if people think poorly of you. You could wind up with poor ratings and ground the business before it really gets off the runway. Great customer service will set you apart.

Work Harder Than Everyone Else

As the business owner, you set the standard for your company. If you don’t want your business to fail, you have to be willing to put in the time and effort. You are probably going to have to put in some long days, especially at first. You’ll also need to prepare for emergencies to happen. If there’s an issue with anything from staffing to unhappy customers, you’ll need to step in to fix things, especially if your company is still small.

While it might sound cliche, perseverance will win out, so while you don’t want to take unnecessary risks, don’t give up at the first sign of failure.

Get In Touch With Mentors

Even if you don’t have a business partner, you’ll achieve more if you work with others who have started their own business. Starting a new company is exciting, but it’s also stressful. Working with a business mentor will give you the edge. One option is to reach out to Troy Kearns for more information about his mentorship program or to check out some of his many resources. 

Are you looking to make more money? Are you trying to start a successful business? Regardless of your business goals or financial plans, you need to know how to actually achieve goals and monitor progress. While having milestones in mind and wanting to be successful is great, it’s only the very first step. It’s easy to have a dream in your head, such as that you want your own business, but just imagining things won’t get you there.

Why You Have To Make Business Objectives

While positive thinking and having the right mindset will put you in the right direction, you need to learn how to set achievable goals and reach them. But, while this can seem daunting, Troy Kearns and his resources can help you with your goal setting and your overall business success. Troy Kearns offers mentor services for people looking to make more money and build the life they want, and this supplemental blog is also here to assist you in your mission and journey.

Here are some tips you can follow to create goals and meet business objectives.

What Is A Business Goal?

While some of the tips in this guide will help you meet any kind of financial milestone, the specifics apply mainly to creating and building your own business or growing a current company. These goals are specific and aren’t just a mission statement, but they should be included in your business plan.

Regardless of what stage you are at in your company, all business leaders benefit from making attainable goals with actionable steps.

Five Specific Steps For Making Company Goals

Before we get more into how to meet and reach your business goal, let’s look at the steps to create them. Here are five specific tips to remember:

1. Make sure you set goals that are simple and clear.
2. Ensure your goals include a short-term and long-term strategy with steps along the way.
3. Set company objectives that push you but that aren’t impossible.
4. Place your goals in the context of the company’s mission and consider how other team members are important.
5. Incorporate SWOT, SMART, and KPIs.

If the last point on this list doesn’t make much sense, we will go into more specific details in this article. But, these final methods are how you’ll start to implement your goals to achieve success.

Learn SWOT Analysis To Pick Better Goals

The SWOT acronym stands for: Strengths, Weaknesses, Opportunities, and Threats.

It’s challenging to narrow down your specific goals as a new or established company because you might see all the factors and areas where you need to do better. You might start to make a long list that includes better marketing, cutting costs, or building better teams. But, there’s no way to achieve every single one of these at once. You need to have realistic goals that don’t stretch you and your team too thin.

So, you can use the SWOT analysis to determine your top priorities. You’ll want to be specific. Maybe you want to make better training manuals, or maybe you need to focus on social media outreach. Pick one to three key areas and start there.

Make Sure Your Goals Are SMART

This is another acronym you might have heard before, as it can be applied to your company’s goals and personal ones. These five letters stand for:

1. Specific: Make sure to outline a narrow goal.
2. Measurable: Then, pick smaller goals along the way and decide how you’ll measure success.
3. Achievable: Is the goal possible to meet? How will you take steps to get there?
4. Relevant: Think about if the goal will help you reach the overall business success you want.
5. Timely: In the goal-setting process, decide when you need to finish the goal and plan smaller steps to ensure you get there.

These steps are easier said than done, but they can help you narrow in on the process. Here’s a brief overview of how the SMART process applies to a new business that’s looking to set up an LLC:

1. Set a specific goal to get your LLC status.
2. Ensure you can achieve the goal by researching the standards in your state. Measure your progress by checking in every day.
3. Have your goal be achievable by making subtasks such as gathering tax info or reaching out to an accountant.
4. In this case, the goal is relevant because you will need some tax and financial protection as a new business with one of just a few employees.
5. Set a date a month from now to finish the goal in a timely manner.

While your own business objectives might be more complicated than this, the above example gives you an idea of how the SMART process works.

KPIs Help You KeepBusiness Goals On Track

After you’ve used SWOT to figure out the company’s most pressing needs and then used the SMART approach to make intelligent goals, now you’ll need a way to ensure everything gets done.

KPIs are key performance indicators. These are the numbers you’ll use to keep track of each goal you make and its progress.

Some examples of KPIs include:

• Looking at how many new Instagram followers you’ve gotten since you created a marketing goal
• Seeing how much money is being saved on overhead costs as you’ve been trying to cut down the budget
• Tracking how many business contacts were reached out to over email

It’s crucial to set KPIs for the company’s success on a broad level and also to set them on a team and individual basis.

Get Help From A Mentor

Whether you’re looking to start your own business or invest in real estate, you might need help from someone who has ground financial success. If you want to learn more from someone like you, Troy Kearns has many Youtube videos and other resources to assist you along the way. Reach out today to get started or check out the Millionaire Mentorship book.