Growing a small business is a daunting task. It is a fact that most startups fail within a few years of starting. According to a study by the Statistic Brain Research Institute, a whopping 50% of startups in the US fail after five years of operation. So the challenge remains understanding what often goes wrong and how small business owners can overcome the hurdles. However, there are also few who, despite all the odds, manage to grow and prosper their businesses. So, let’s explore the five principles these folks follow to grow their small business over the years.
Adaptation and advance
One of the key reasons for the failure of start-ups is their failure to adapt to changes in consumer and market demand. The solution is to adapt as soon as possible and move on. The reason is that sometimes a small business’s product or service offerings may be exemplary, but they are far ahead of customer demands. For example, even the powerful Kodak company did not adapt to the growing trend of digital imaging and collapsed miserably.
Creating a positive image
Amid increasing competition from other companies 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 to create such an image through targeted marketing campaigns and excellent customer service. Today, some start-ups prefer to hire professionals to manage their online reputation from day one. With the growing power of social media, they take no chances and keep an eye on your brand image.
Willingness to invest in technology
Most companies with humble origins are those that have dared to invest in the latest technology available at the time. The fact that there is a growing trend of mobility around the world also calls for a willingness to embrace the technology, as it pays big dividends. Disruptive technology can threaten the entire business model if companies don’t respond quickly or adapt accordingly. Many are hiring 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 takes immense dedication and hard work, on top of all of the above. Proper planning, excellent infrastructure and networks also play a very important role in ensuring business growth.
