09 May 4 Ways You Can Be Your Business’s Superhero
Success and business mean the same thing. Do you agree? Most entrepreneurs are hopeful that their businesses will succeed. However, the number one reason businesses fail is a lack of cash flow. Less than 10% of businesses celebrate their 25th anniversary. The best practice is to plan for your business success. Below are a few reminders:
Research. Enter industries with low failure rates. Gather industry data like competitors, trade associations, regulators, labor data, regional business directories, and business development agencies. Identify the services or products needed by your customers. Understand the sales funnel of your company. Have a plan for the ups and downs of your market. If (or when) your customers decide to keep their discretionary monies, plan how your business will pivot to earn revenue.
Expert. Be confident in your presence as a leader. Be knowledgeable about your industry. Be comfortable with discussing your business using a video presentation. Learn from failure instead of giving up. You may also gather your team of advisors like Certified Public Accountants and Certified Bookkeepers. We assist you with planning, development, growth, and resiliency. We help you identify your formula for success. We grow together.
Agency. Lay the groundwork for a thriving business (e.g., legal, accounting, banking, insurance, strategist). Be good with finances. Have sound business processes that support your operations. Implement a set of technologies that add efficiency to business operations. Embrace artificial intelligence (AI). Hire people who support the growth of your company. Market your products or services regularly. Talk to customers in spaces that they frequent. Diversity is everywhere. Embrace it. Own your intellectual proprietary property. Be able to deal with change and mitigate disruptions. Take care of your mind and body. Enjoy your journey!
Partnerships. You need clients and other stakeholders to build your business. Use soft skills within your customer retention strategy. People want to feel valued. Have a customer experience program. Be visible within your business’s ecosystem. Secure the right sponsors for your company. Advocate for businesses. Be wise about your relationships and time.
Make Money. Capture peace of mind. Pursue work-life health. A first step in entrepreneurship is identifying your “why.” Are you leading a lifestyle business? Are you building a legacy business?
Pierce, CPA & Advisors helps you discover the answer to “What is my company’s success formula? Remember, profit is a business solution. Harvest your business success by scheduling your free 15-minute needs assessment today: https://calendly.com/authenticcpa/15min