Dos and don’ts for business success
5 business Dos and don’ts
Business success, while fairly simple to define, is notoriously difficult to achieve. A little over 50% of start-up companies fail within the first four years due to a range of reasons, from poor planning to cash flow issues. So how can success be achieved? What are the pitfalls that need to be avoided? Here, we offer some tips on how to survive the first few years and become one of the success stories.
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DO measure your progress
Benchmarking is key if you’re to measure your success. The first step is to define what constitutes success – is it product sales? Increased turnover? Uptake of free trials? Once the metrics are confirmed, make a report of where your business is at now and compare the results on a monthly basis. This will also help you to spot trends over the course of a year and identify what is and isn’t working for you.
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DO take a step back
Many small business owners can testify to the fact that a lot of time is spent on the day-to-day tasks. It can sometimes be difficult to find time to step back and review your activities, goals and overall strategy. But this is an essential part of remaining successful. Once a month or once a quarter, book in time to look at not only at your metrics but also at the state of the market and how you can improve your offering.
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DON’T rest on your laurels
Markets are …
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