Top Keys to Success in Business By Manisha Rewani

 

Top Keys to Success in Business

By Manisha Rewani 

Starting and making a business grow in today’s world is no joke; entrepreneurs need to invest a lot of time, money, and energy in ensuring that their business succeeds. Even before you start a business, it is crucial to understand some of the key factors that can make a business see tremendous growth.

It is no secret that many businesses tend to fail in the first five years of being open. In fact, according to Investopedia, a whopping 45% of new businesses fail during the first five years of being open. This could be due to factors such as failing to create a viable business model, limited finances, failing to build a strong, reliable team, and failing to identify ways to stand out from the competitors.

• BE ORGANIZED

It won’t be easier for you to make your business succeed if you are not organized. When you are organized, it will be easy to complete your daily or weekly tasks and stay on top of your to-do list. 

You should also encourage your staff or team to be organized too. That way, you will be working together as a team to achieve your objective, which ultimately is making the business grow.

• ANALYZE YOUR COMPETITORS

When you venture into business, you will find that there is a company or individual already selling your products or service; unless, of course, you have brought a completely novel product on the market. But if this is not the case, you will always have competitors. The goal here is to find how you can stand out from them.

You can achieve that by analyzing them. They may be doing something right that you can implement in your business to generate more money. Some of the things you can pay attention to when analyzing your competitors include their price, the marketing tools they use, how they handle customers’ complaints, etc. If you want your business to succeed, do not brush off your competitors—you may learn something vital from them.

• UNDERSTAND THE RISKS AND REWARDS

One of the top business keys to success is taking calculated risks. Risks are part and parcel of running a business. 

They can help you make the right decision and become a better entrepreneur who can take their business to the next level.

• BE CONSISTENT

Consistency is key to success in business. If you are selling products or offering services, make sure that you consistently offer high-quality products and services. This way, your customers will trust you. 

Once you have established trust with your customers, they are less likely to move to your competitors. More sales mean more money, and ultimately, more growth. This makes consistency a crucial business key to success.

• HIRE THE RIGHT EMPLOYEES

Your employees can either make or break your business. So it’s upon you to choose what you want. If you are focused on making your business succeed, it is crucial to work with the right people. 

The best way you can achieve that is by making the right hire. You need to hire individuals who are not only qualified but also pay attention to details and fit into your business values and culture.

• BE WILLING TO MAKE SACRIFICES

In business, there are situations where you must make sacrifices. Sometimes you will have to work for longer periods and spend less time with your family and friends, or you may have to forego some luxuries to help your business grow. But these sacrifices will be rewarding in the long run. So as an entrepreneur, never be afraid to make sacrifices if you want your business to grow.

• BE CREATIVE

Creativity is also a business key to success. Creativity is all about looking for ways to help your business grow and stand out from the crowd. Of course, when it comes to running a business and striving to become a smart entrepreneur, you have to be open to both new approaches and ideas that can potentially help your business grow. 

This involves having an open mind and continuously learning and exploring. The more you learn, the more ideas you will explore, which can eventually help you improve your business skills, and ultimately, your business.

• KEEP DETAILED RECORDS

If you want your business to be successful, you must keep detailed records. This is the only way you will know where your business stands financially, whether you are making a profit or not. 

It can also help you know some of the challenges your business is facing. If you are making losses, you will be able to identify ways to minimize these losses while maximizing profits.

• PRIORITIZE CUSTOMER SERVICE

Without your customers, your business cannot exist. If you want your business to thrive, you must prioritize them. Offering excellent customer experience is one of the most crucial things you can do to improve your business’s chance of succeeding. 

Like SIXT’s CEO Erich SIXT so well put it, “We are not doing the customer a favor in our service. The customer is giving us the opportunity to do so.” Once you wrap your head around this principle, you will realize your business can only be driven by your customers’ satisfaction.

• REMAIN PHYSICALLY AND MENTALLY FIT

There is no way you will increase your business’s chance of success if you are physically and mentally unfit. You need to be mentally and physically fit to make the right decisions that will help your business grow. 

Take a day off to relax and unwind; read a book; do some exercise; meditate. Fortunately, making a business succeed is achievable. So long as you are focused, organized, consistent, know your competitors well, and keep detailed records, you are on the right track.

Research shows that only 25% of new businesses can last 15 years or more. Implement the above-mentioned business keys to success and be among that 25%. When your business is up and running, remember it’s only fair to give it the flexibility it needs. Register your company at SIXT and start navigating your business fleet from the comfort of the SIXT app.

• Manisha Rewani  [MBA]

• Manager Mktg

• AirCrews Aviation Pvt. Ltd

• www.AircrewsAviation.com