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According to a recent study, 60% of businesses fail in the first three years. As a result, it is important that business owners are always on the lookout for ways in which they can grow their business in order to prevent falling victim to this.
With that in mind, here are some simple ways in which you can ensure your business grows from strength to strength!
Your business is only ever as strong as the team that runs it. This means that you must ensure you are taking good care of your employees. Otherwise, you will notice a marked decrease in employee engagement and productivity levels, which could put your business on the path to closure.
On a similar note, failing to take proper care of your employees will likely lead to poor employee retention rates, making it harder to fill vacancies in the future.
Fortunately, there are many ways in which you can work to care for your team, such as by:
While your business may still be in its infancy, it is important that you have a plan in place for what you’d like to happen to your brand when it’s time to retire. As such, now is the perfect time to develop a succession plan for your business that covers all of the necessary bases and gives you a much greater peace of mind moving forward.
If you aren’t sure where to start when it comes to succession planning, reach out to the experts at cjpi.com for advice and support.
Financial mismanagement is often the biggest “killer” of small businesses. As a result, it’s something that you need to get right quickly in order to enjoy long-term success. Otherwise, you may find yourself (or your business) in debt. In many cases, the easiest way to get your company’s finances in order is to hire or outsource an accountant. After all, they have a more in-depth understanding of finances and accounting than an average employee at your company, meaning they’re more equipped to handle these tasks.
The only way to ensure that your business continues to grow from strength to strength is by building a loyal customer base who will buy any products/services that you bring to the market. While there are many different ways to foster loyalty, listening to your customers is one of the easiest ways to achieve this goal. This is because it proves to customers that you value their thoughts and opinions, meaning they’ll be more likely to support your brand.
Beyond this, listening to your customers can help when it comes to product and service development, as you’ll be able to develop products and services that meet their direct needs. In short, you’ll know that there is demand for them ahead of time!
This is a collaborative post.
Welcome to Birds and Lilies! I'm Lou: mother, blogger and freelance writer. This is my lifestyle blog, where I talk about motherhood, infertility and IVF, beauty, my love for food and wine, as well as my thoughts about stuff, and our real-life and travel adventures.
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