{"id":232,"date":"2024-09-05T19:02:00","date_gmt":"2024-09-05T19:02:00","guid":{"rendered":"https:\/\/internship.infoskaters.com\/blog\/2024\/09\/05\/23-pro-tips-for-running-a-successful-business-from-building-your-company-benefits-to-leading-a-team-expert-insights\/"},"modified":"2024-09-05T19:02:00","modified_gmt":"2024-09-05T19:02:00","slug":"23-pro-tips-for-running-a-successful-business-from-building-your-company-benefits-to-leading-a-team-expert-insights","status":"publish","type":"post","link":"https:\/\/internship.infoskaters.com\/blog\/2024\/09\/05\/23-pro-tips-for-running-a-successful-business-from-building-your-company-benefits-to-leading-a-team-expert-insights\/","title":{"rendered":"23 Pro Tips for Running a Successful Business \u2014 From Building Your Company Benefits to Leading a Team (+ Expert Insights)"},"content":{"rendered":"

Just about anyone can start a business \u2026 but what does it take to run a successful<\/em> business? Through my personal experience, I\u2019ve found that running a business successfully is about a lot more than filling out a few forms, getting the permits or licenses you need, and selling a product.<\/p>\n

To the contrary, I\u2019ve learned that running a business that thrives long-term requires a wide range of skills, strategies, and tools<\/a>. In this article, I\u2019ll share my top tips for running a successful business, based on takeaways from my own career as well as recommendations from a range of business experts. With these pro tips, you\u2019ll have everything you need to launch \u2014 and maintain \u2014 a thriving, sustainable business.<\/p>\n

<\/a><\/p>\n

Table of Contents<\/strong><\/p>\n

What does business success look like? <\/a>
\n What makes a business successful?<\/a>
\n What factors can impact business success?<\/a>
\n Business Success Trends [New Data]<\/a>
\n How to Run a Business<\/a> <\/p>\n

What does business success look like?<\/h2>\n

One of the reasons it\u2019s so hard to run a thriving business is that there are many different ways to measure success. Each business owner must create their own unique definition \u2014 and stick to it.<\/p>\n

For some business owners, success means profit (whether that means short-term gains or long-term wealth and growth). For some owners, it\u2019s more about personal wealth and collecting expensive assets such as homes or cars, while others are more focused on business profits. In contrast, other owners measure their value as their ability to solve problems for their customers, while yet others define success as progress toward a larger dream or mission.<\/p>\n

Revenue, gross profit, and cash flow management<\/a> impact the present and future of every company. But to create sustained value, businesses need to make their own definitions of success.<\/p>\n

<\/a> <\/p>\n

The world is changing quickly. As such, the strategies and habits that worked in the past don\u2019t guarantee success today. Whether you\u2019re starting a business<\/a> for the first time or working to pivot your company in a new direction, running a business today means staying open to new ideas and taking in an ever-growing flood of information. Here are some of my top tips for running a successful company in an increasingly uncertain and evolving business environment:<\/p>\n

1. Focus on the customer experience.<\/h3>\n

Today\u2019s customers and prospects have access to more information than ever before. According to HubSpot Research<\/a>, 79% of customer service teams feel customers are more informed than they were in the past, and almost 90% of surveyed leaders say their expectations are higher than ever before.<\/p>\n

As a result, in many situations, how you treat your customers \u2014 that is, your customer experience<\/a> \u2014 has more of an impact on your business success than your pricing or even your products. Customer experience is the overall impression you give your customers, and it influences their perception of your brand across each stage and touchpoint of the customer journey.<\/p>\n

This means that businesses need to focus on every step of the buyer journey, identifying hurdles on that path and offering new opportunities to create a great customer experience. Specifically, there are a few tactical ways you can build a customer focus into your business:<\/p>\n

Make customer experience a priority by gathering insights from everyone on your team
\n Take steps to reduce friction and focus your team\u2019s energy on what\u2019s most important to your customers
\n Look at your product experience from customers\u2019 point of view
\n Solve problems before they impact your customers
\n Invest in training<\/a> and supporting your customer service team <\/p>\n

Customers want and expect a great experience from beginning to end, and they\u2019re often willing to pay a premium for it. Are you ready to provide that experience? Are you over-delivering on your CX? To run a successful business, you should be.<\/p>\n

Featured Resources<\/strong><\/p>\n

Customer experience strategy<\/a>
\n How to improve your customer experience<\/a>
\n Customer experience trends<\/a> <\/p>\n

2. A powerful business idea.<\/h3>\n

The oldest companies in the world have been around for as long as 1,400 years<\/a>. But many companies struggle to last: In 2023 alone, over 18,000 U.S. businesses filed for bankruptcy<\/a>.<\/p>\n

Every business is born from an idea. Some ideas are riskier than others. Some ideas seem like a good plan but fizzle out over time. In my experience, there are a few steps you can take to identify an idea that will make your business a success.<\/p>\n

[Video: How Sam Parr Comes Up With $10,000,000 Dollar Business Ideas (#62)<\/a>]<\/p>\n

First, start with what you know. If you\u2019ve ever had a hobby or job you\u2019re passionate about, you know that every niche is more complex than it seems. As you learn more, you get a clearer picture of the joys and challenges below the surface.<\/p>\n

For example, a gamer who\u2019s obsessed with Stardew Valley is a totally different customer from a Half-Life player. If you try to build a business that targets all video game players, rather than a more specific sub-group, you might struggle to meet the needs of this diverse customer base.<\/p>\n

Next, you\u2019ll want to talk to your community. Whether it\u2019s family and friends or an online group, it\u2019s smart to test out the value of your ideas with a group of people. This can help you refine your idea and determine common objections.<\/p>\n

Finally, it\u2019s essential to do your research before you launch your business idea. If you want to create a product or service that people are willing to pay for, it has to be unique, useful, and high-quality. That kind of idea may take some time to polish before it\u2019s ready for purchase.<\/p>\n

Featured Resources<\/strong><\/p>\n

Small business ideas<\/a>
\n Business opportunities<\/a> <\/p>\n

3. Offering value to your target audience.<\/h3>\n

A great idea is important, but it isn\u2019t enough to build a successful business. Indeed, in my experience, it\u2019s easy to come up with a great idea. What\u2019s difficult is executing that idea effectively.<\/p>\n

Moreover, even if you\u2019ve executed your current idea, no great product is ever finished. To continue to offer value, many products need constant updates in response to customer reviews and internal feedback.<\/p>\n

Pro tip:<\/strong> It\u2019s not just about the product. Even if your product or service is perfect, the foundation of any successful business is trust.<\/p>\n

To develop trust, your business needs to go above and beyond target audience expectations<\/a>. There are a few strategies that I\u2019ve found can be particularly helpful in building and sustaining trust. First, it\u2019s important to make sure that your product does exactly what you say it does. Never over-promise, or sell functionality your product doesn\u2019t have.<\/p>\n

It\u2019s also critical to provide value throughout the customer experience, from support to instructions to your return policy. After all, value isn\u2019t just the cost of making your product or what you ask in exchange for it. It\u2019s customers\u2019 perceptions and how reliably you meet or exceed their expectations.<\/p>\n

For example, the athleisure brand PopFlex doesn\u2019t just sell clothes. It also runs a fitness blog called Blogilates<\/a> that offers a wide range of additional resources to support its customers.<\/p>\n\n

Image Source<\/a><\/em><\/p>\n

Featured Resources<\/strong><\/p>\n

Providing value through the buyer journey<\/a>
\n Writing a value proposition<\/a>
\n Value-based selling<\/a> <\/p>\n

4. Being flexible and quick to adapt.<\/h3>\n

In today\u2019s business world, the only certainty is constant change. To prosper in such an environment, you\u2019ll need to learn to shift with the times. Whether that means following evolving fashion trends, adapting to regular tech updates, or adjusting to meet new customer requirements, the ability to stay flexible is essential.<\/p>\n

Importantly, this isn\u2019t just about adjusting your products or marketing. Employee expectations and needs will change. Customer expectations will swing. It may feel more comfortable to stick with what you\u2019re used to and ask other people to change instead \u2026 but I\u2019ve learned that such an inflexible approach can limit your ability to succeed.<\/p>\n

Adapting to change isn\u2019t always easy, but greeting change with a positive and open attitude can improve productivity, loyalty, and engagement. It can also help your business act on new ideas early, giving you a competitive advantage.<\/p>\n

If flexibility and adaptability don\u2019t come naturally to you, you may need to go out of your way to practice them. One way to stretch your flexibility is to travel, as the experience of adjusting to a different language and culture can make it easier to be flexible at home. Other ways to become more comfortable with change include:<\/p>\n

Making constant learning a priority.
\n Keeping up with news and trends in your industry.
\n Expanding your network. <\/p>\n

Featured Resources<\/strong><\/p>\n

Becoming an adaptable leader<\/a>
\n How to make your business more flexible<\/a> <\/p>\n

5. Bold decision-making and creative problem-solving.<\/h3>\n

Starting any business is a risk \u2014 but it\u2019s unlikely to be the last risk you take. More often than not, running a successful business means making lots of big decisions and undertaking numerous creative experiments.<\/p>\n

It may sound scary (especially when you\u2019re talking about a company that supports you, your family, and your team), but that willingness to take risks is, in fact, exactly what creates a stable foundation for your business.<\/p>\n

After all, being creative is about determining where traditional thinking has come up short and developing new ways of solving problems. Bold decisions don\u2019t require any less planning or preparation than traditional ideas. They just take more faith, because there is usually little to no proof that these ideas will work. They might also take more trial and error, but when a creative solution works, it really works.<\/p>\n

If you don\u2019t think of yourself as bold or creative, this aspect of running a successful business may feel a bit daunting. That said, research shows<\/a> that there are a few ways that anyone can use the creative process to improve their business decisions.<\/p>\n\n

Start by learning about the problem. Try to take in as much information as you can before you take action<\/a>, and don\u2019t be afraid to sit with what you\u2019ve learned for a little while.<\/p>\n

Consider the possible positive and negative impacts of different solutions, and don\u2019t let the urgency of a deadline or external pressure rush a decision. In my experience, creative decision-making is rarely a linear process, but here are some tools that can help when you\u2019re feeling stuck:<\/p>\n

Critical thinking course<\/a>. <\/p>\n

Decision trees<\/a>. <\/p>\n

Decision making<\/a>. <\/p>\n

6. Paying attention.<\/h3>\n

Running a business takes a lot of skill, effort, and time. When your batteries are running low, it can be especially tough to give enough focus to the people and processes that need \u201cextra\u201d attention. But, paying attention<\/a> is critical to ensure your business survives and thrives over the long term, as it can give you access to the vital insights you\u2019ll need to grow your business.<\/p>\n

It\u2019s particularly vital to pay attention to your customers\u2019 changing needs. Take it from me: People are talking about you and your brand, whether you ask them to or not. Are you listening to them and considering what they\u2019re saying?<\/p>\n

To make sure you\u2019re really listening to your customers<\/a>, I\u2019ve found that it can help to complement traditional methods like calling or emailing your customers with investing in social listening<\/a> or conducting feedback surveys<\/a> such as net promoter score (NPS) to gather data on customer sentiment.<\/p>\n

Pro tip:<\/strong> Venngage CEO Eugene Woo<\/a> has consistently prioritized listening to feedback and applying that input to grow his business.<\/p>\n

He reflects, \u201cI\u2019ve come to embrace a few core values. This includes realizing our mission over a long period of time instead of a quick exit, creating value for our customers by helping them solve real problems, being responsible for our own financial sustainability, scaling at our own pace, and doing the right thing over \u2018it\u2019s just business.\u2019 This philosophy has guided every aspect of my decision-making process\u2026over the past four years.\u201d<\/em><\/p>\n

7. Getting out of the office.<\/h3>\n

As Shark Tank investor Lori Greiner<\/a> has famously observed, \u201c<\/em>Entrepreneurs are the only people who will work 80 hours a week to avoid working 40 hours a week.\u201d<\/em><\/p>\n

Running a business can take over your life. But if you don\u2019t take a break once in a while, it\u2019ll be hard for your business to prosper. Stepping away from your office, store, or computer is essential to your continuing success.<\/p>\n

Make time for social activities. Attend events, do some networking, or start a hobby that gets you out into the world. I\u2019ve seen firsthand just how helpful activities like these can be in improving your energy levels and expanding your support system.<\/p>\n

It\u2019s also a good idea to take extra care of yourself. Try to get in some regular physical activity, travel, and take short breaks throughout the day to give yourself a rest and a change of perspective.<\/p>\n

Remember: We all have to put on our own oxygen masks before helping others. If we don\u2019t take care of ourselves, we won\u2019t be able to take care of those around us. Likewise, if you don\u2019t invest in your personal health and well-being, you won\u2019t be as effective in running your business.<\/p>\n

<\/a> <\/p>\n

Research shows that there are countless challenges<\/a> that can cause a business to fail. To steer clear of these pitfalls and maximize your chances of business success, I recommend considering the following key factors:<\/p>\n

1. Market demand for products and services.<\/h3>\n

A great service or product will get you nowhere if there\u2019s zero need for it. To determine who would buy your product, how often, and why, due diligence and detailed market research<\/a> are essential in the early stages of starting a business.<\/p>\n

You need concrete data on your ideal customers, the existing competition, expected growth and demand, market trends, and more. Armed with these types of invaluable insights, you\u2019ll be empowered to make informed business decisions and set realistic, ambitious goals. Not only will you be able to find your niche, this data will help you plan inventory and forecast sales, too.<\/p>\n

2. Building the right team.<\/h3>\n

The most successful business owners and entrepreneurs know to surround themselves with people smarter than they are. After all, if you want to scale your business, you\u2019ll need a strong team \u2014 and the only way to build a great team is to recruit and hire great people<\/a>.<\/p>\n

Don\u2019t just build any team. Build a super team. As much as your budget allows, surround yourself with experts in the things that you know little about and ask for their input and feedback.<\/p>\n

Once you\u2019ve assembled your super team, it\u2019s important to involve those people in the decisions that will impact them, whether directly or indirectly. This will help them feel invested in what you\u2019re building together, and it will help you all make better, more informed decisions. When you win, everyone wins.<\/p>\n

Finally, I\u2019ve learned that it\u2019s critical to develop clear systems to help you scale your team. As founder of the SaaS marketing agency Crunch Marketing Nico Prins<\/a> explains, \u201cIt\u2019s important to develop a clear onboarding strategy for employees and a system for measuring results.\u201d <\/em><\/p>\n

He continues, \u201cPutting systems in place will help as you scale the business, especially if you\u2019re expanding quickly, and reduce the amount of time and work associated in dealing with inevitable staff turnover.\u201d<\/em><\/p>\n

3. Preparation for leadership.<\/h3>\n

Before you can run a successful business, you need to develop the leadership qualities that are necessary to build a business\u2019s long-term vision. Great leaders exhibit:<\/p>\n

Integrity.
\n Accountability.
\n Empathy.
\n Humility.
\n Vision.
\n Influence.
\n Organizational direction. <\/p>\n

Even as a new business owner with no other employees, you are responsible for leading your business to success \u2014 and as you (hopefully) grow and others come on board, that becomes increasingly important.<\/p>\n

The good news is leadership skills can be learned. In fact, according to a recent study<\/a> from Gallup, nine out of ten leaders don\u2019t feel that these skills come to them naturally. That means most people need to prepare to lead. As you begin to work on your leadership skills, these resources can help:<\/p>\n

Developing leadership skills<\/a>. <\/p>\n

Leadership training<\/a>. <\/p>\n

Leadership resources<\/a>. <\/p>\n

Leadership skills<\/a>. <\/p>\n

4. Network development.<\/h3>\n

You\u2019ll need a strong community for your business to thrive. If you\u2019re just starting out, your network can connect you to co-marketing partners, funding, and other vital opportunities. If you\u2019re further along in running your business, your network can help you shore up areas that need work or identify extra resources.<\/p>\n

\n
<\/div>\n<\/div>\n

To be sure, networking is a buzzword that can be off-putting to some. But in reality, networking is just about fostering relationships. If you support businesses that complement yours, they\u2019re likely to return that investment and support, creating a steady stream of referrals and connections that can help your business grow.<\/p>\n

To be a great partner to the people in your network, start with your common values. Reach out to people in your local community and online who align with the mission and ideals you strive for personally and in your business. Then, create clear expectations and maintain friendly and consistent communication.<\/p>\n

Featured Resources<\/strong><\/p>\n

Guide to networking<\/a>
\n Building business relationships<\/a> <\/p>\n

5. Competitive analysis.<\/h3>\n

Some ideas may be so unique that there\u2019s little to no competition, but most businesses will be entering an already crowded market. To succeed in a market that\u2019s full of established providers, you need a unique spin on your product or niche \u2014 and that means conducting a competitive analysis.<\/p>\n

Pro tip: <\/strong>When it comes to beating out the competition, founder of OswaldoMedia Oleg Segal argues<\/a> that \u201cThe key is to leverage your business\u2019 uniqueness and serve a niche your larger competitor doesn\u2019t cater to.\u201d<\/em><\/p>\n

A competitive analysis can help you learn about your top competitors\u2019 products, marketing, and approaches to sales. In some cases, you may learn things that lead you to take your business in a new direction, while in others, you might find a need or problem that only your business can solve. This process can also help you set benchmarks and understand what it will take to reach your business goals.<\/p>\n

The more organized you are, the more useful your competitive research will be. It\u2019s also a good idea to perform this analysis on a consistent basis \u2014 ideally, as frequently as once a quarter \u2014 so you can respond quickly to changes in your industry.<\/p>\n

Featured Resources<\/strong><\/p>\n

Competitive analysis kit<\/a>
\n Competitive analysis templates<\/a> <\/p>\n

6. Choosing the right pricing.<\/h3>\n

In my experience, getting your pricing strategy<\/a> right is one of the most important factors for building a sustainable business. If your prices are too high, you\u2019ll struggle to sell \u2026 and if they\u2019re too low, you won\u2019t be able to cover your costs.<\/p>\n

Pricing your products to sell<\/a> is a skill that may take some time to learn. At the same time, setting prices is also one of the first things you\u2019ll need to do when starting a business. As such, it\u2019s important to think carefully about whether your products are priced appropriately.<\/p>\n

Are you pulling in enough revenue to stay afloat? How many units will you need to sell each period to reach your revenue and profitability goals? Asking questions like these (and consistently documenting your answers) will help you keep your business running and thriving.<\/p>\n

Featured tool: Pricing strategy calculator<\/a><\/p>\n

7. Long-term goals and vision.<\/h3>\n

People start businesses for many different reasons. Some want to make ends meet with a side gig. Others want to replace their full-time job and be their own boss. Whatever your reason, decide upfront how you want your business to scale. If you aren\u2019t thoughtful about your long-term plans, you might not be prepared for what could happen.<\/p>\n

For example, marketing can be unpredictable. Businesses sometimes go viral for doing great work<\/a> and aren\u2019t prepared for the influx of new customers. Knowing in advance whether you\u2019ll meet the moment or let it pass you by can save you from missing out on unexpected opportunities or, worse still, from having to close your business because you weren\u2019t prepared to scale.<\/p>\n

Featured tool: Growth Grader<\/a><\/p>\n\n

To get ahead of these challenges, I\u2019ve found that it\u2019s always a good idea to create a vision-based plan<\/a> before you start selling. This plan should include a mission statement, such as achieving a certain amount of annual revenue, inspiring your community to take a certain action, or whatever goal makes sense for you.<\/p>\n

Whether you\u2019re in it for the moment or the long haul, this process will help you focus your energy and give you a center to return to when you and your team have big decisions to make.<\/p>\n

Featured tool: Mission statement templates and examples<\/a><\/p>\n\n

At the end of the day, I\u2019ve learned that if you\u2019re planning to start a business, it will take active work to make it successful. To run a thriving business, you\u2019ll need to research, study, and learn about your industry, customers, and market \u2014 inside and out.<\/p>\n

<\/a> <\/p>\n

Business Success Trends [New Data]<\/h2>\n

If you\u2019re thinking about starting a business, you might be interested in your chances of success. Below, I\u2019ve shared some of my favorite data and statistics related to entrepreneurship and the success of new businesses.<\/p>\n

How many people are starting new businesses?<\/h3>\n

In Q3 of 2023, 311,000 new businesses<\/a> were formed in the U.S. In other words, new business is booming! And why are so many people starting new companies? Recent research<\/a> suggests that entrepreneurs\u2019 most common motivation for starting a company is feeling ready to be their own boss.<\/p>\n

What are the top costs that come with starting a business?<\/h3>\n

Payroll is a top cost for many businesses. Depending on the nature of your business, wages alone can account for 15-50%<\/a> of your overall budget.<\/p>\n

In addition, U.S. census data<\/a> shows that total compensation costs have risen by 4.2% year-over-year as of March 2024, while benefits costs have risen by 3.7%. At the same time, 51%<\/a> of small businesses plan to expand their teams, suggesting that compensation will continue to represent a substantial portion of business costs.<\/p>\n

Will my new business succeed?<\/h3>\n

According to recent data from Statista<\/a>, just over one in three U.S. businesses founded between March 2013 and March 2023 were still operating in March 2023. In other words, two-thirds of businesses fail within ten years.<\/p>\n

Of course, these numbers can vary substantially depending on the industry<\/a>. Some industries, such as healthcare and social assistance, have a higher-than-average survival rate. Others, such as construction and transportation, tend to have lower survival rates.<\/p>\n

That being said, despite many businesses failing, more than nine out of ten business owners <\/a>say that they don\u2019t regret starting their own business. Moreover, 30% of business owners become serial entrepreneurs, choosing to start two or more businesses.<\/p>\n

<\/a> <\/p>\n

I\u2019ve learned firsthand that figuring out how to run a business isn\u2019t the same as starting one. But as you build your buyer personas, conduct market research, and settle on a long-term vision, you\u2019ll also start to develop the skills it takes to keep a business going. Running a business looks a little different for everyone, but the steps below can help you prepare your company for sustainable growth.<\/p>\n

1. Make great marketing and branding.<\/h3>\n

Building a great product isn\u2019t enough: You also need a marketing strategy to ensure your customers choose to buy your product.<\/p>\n

Marketing spans everything from finding prospects to upselling new products and services to your loyal customers. At the end of the day, marketing is all about getting the right message to the right people at the right time.<\/p>\n

Featured tool: Marketing plan template<\/a><\/p>\n\n

Download for Free<\/a><\/p>\n

As you build your marketing plan, ask yourself:<\/p>\n

Who are your customers?
\n What problems do they have that you can solve?
\n How do they want to engage with businesses?
\n Where do they spend their time? <\/p>\n

Answering these questions will help you understand your target audience and buyer persona. Then, once you know who you\u2019re talking to, you can choose the best channels for communicating with them.<\/p>\n

Successful businesses looking to share their message usually start by building a following on one platform at a time. Here are the most common methods for communicating with potential customers:<\/p>\n

Email marketing<\/a>. <\/p>\n

Social media<\/a>. <\/p>\n

Search marketing<\/a>. <\/p>\n

Business website<\/a>. <\/p>\n

PPC ads<\/a>. <\/p>\n

Content marketing<\/a>. <\/p>\n

Nowadays, most customers are online, so omnichannel marketing<\/a> is a powerful option that can help you attract prospects and keep customers happy. Omnichannel integrates the various channels modern consumers use into one seamless experience.<\/p>\n

Pro tip: <\/strong>As marketing expert Eric Sachs explains<\/a>, \u201cThe benefits of omnichannel marketing include creating a cohesive and consistent brand experience across multiple platforms, which leads to higher customer retention and increased revenue. This integrated approach also provides valuable insights into customer behavior, allowing for more targeted and effective marketing strategies.\u201d<\/em><\/p>\n

In addition, strong businesses often focus their energy on a primary platform that they own (such as their own website), since these platforms enable them to promote their content anytime without dealing with algorithms or paid ads. Indeed, I\u2019ve found that high-quality, valuable content on your website can drive traffic and leads right to your digital doorstep.<\/p>\n

Another important element is branding. Branding is all about creating a personality for your company that your audience can trust. As such, your branding, design, tone, and personality all need to align across every marketing channel and point to your company website.<\/p>\n

As you build your marketing strategy, be sure that you\u2019re offering value to your customers at every stage of their journey.<\/p>\n

\u201cOne way to validate that people are looking for solutions to their \u2018problems\u2019 is through keyword research,\u201d<\/em> says Nathan Gotch of Gotch SEO<\/a>. \u201cYou can find the exact keywords your prospective customers are using with tools like UberSuggest or the Google Keyword Planner. You then need to create content around the keywords you find.\u201d<\/em><\/p>\n

But it doesn\u2019t stop with keywords.<\/p>\n

\u201cContent is also a valuable sales tool,\u201d <\/em>explains sales leader Valerie Swenson<\/a>. \u201cWhile a strong sales team is essential for closing the deal, buyers are more likely to self-educate and engage with digital content before conversing with sales. A content strategy will help guide your content creation and distribution efforts to get in front of buyers first and help capture leads for your sales team.\u201d<\/em><\/p>\n\n

An effective content marketing strategy is one of the best ways to stand out in today\u2019s crowded online marketplace. But as marketing expert Isaac Justesen<\/a> reflects, \u201cconsistently creating high-quality content isn\u2019t easy. That\u2019s why many successful businesses outsource content creation instead.\u201d <\/em><\/p>\n

Indeed, to amplify your message, I\u2019ve found that it can be incredibly helpful to work with partners.<\/p>\n

For example, as CEO of Aptitude 8 Connor Jeffers<\/a> explains, \u201cIn the early days of Aptitude 8, we found a lot of success with partner marketing. I recommend early-stage companies find partners that serve the same audience they’re targeting, build relationships with their marketing teams, and supply those teams with great content they can help distribute easily.\u201d<\/em><\/p>\n

More Resources<\/strong><\/p>\n

Branding guide<\/a>
\n Develop brand identity<\/a>
\n Small business marketing guide<\/a>
\n Content marketing guide<\/a> <\/p>\n

2. Draft a business plan.<\/h3>\n

It\u2019s up to you whether you opt to create a formal business plan or just document your professional goals informally. But if you want to build a business that lasts, you\u2019re going to have to record your plan for that business in one way or another \u2014 and share that plan with a wide range of stakeholders.<\/p>\n

Business plans vary, but most will include most of the items below:<\/p>\n

Summary of your business idea.
\n Company description.
\n Products or services.
\n Market research.
\n A plan for marketing and branding.
\n Sales plan.
\n Legal requirements.
\n Financial expectations.
\n Starting budget. <\/p>\n

Your business plan also doesn\u2019t have to be a static, private document that you just write and set aside. Instead, it can be a living document that you store in the cloud and share with all the relevant stakeholders. In this way, you can ensure that everyone who needs access can view the plan, while also making it easy to collaborate and evolve your business plan over time.<\/p>\n

Featured tool: Free business plan template<\/a><\/p>\n\n

Download for Free<\/a><\/p>\n

3. Define clear KPIs.<\/h3>\n

Without concrete goals, it can be difficult to tell how well your business is actually doing. So, setting the right KPIs<\/a> \u2014 or Key Performance Indicators \u2014 is essential.<\/p>\n

KPIs enable you to track your business performance against your goals. They can give your team a target to push toward, help you measure progress, and improve your decision-making as your business grows.<\/p>\n

If you\u2019re not sure where to start, I always recommend getting clear on the four Ps<\/a>: product, price, promotion, and place. These four factors can guide your marketing plan and customer personas, and they can serve as a jumping-off point for setting other KPIs.<\/p>\n

It\u2019s also important to try not to set too many KPIs, and make sure each KPI is SMART<\/a>:<\/p>\n

Specific.
\n Measurable.
\n Achievable.
\n Relevant.
\n Time-Bound. <\/p>\n

4. Keep innovating.<\/h3>\n

Like bold decision-making, innovation<\/a> is a must for business success. Regular experimentation can keep your business from growing stagnant, and it can ensure you stay ahead of the competition.<\/p>\n

At the same time, you don\u2019t have to keep reinventing the wheel. Some of the most powerful innovations are small changes that substantially improve the customer experience.<\/p>\n

To make a habit of innovating, weave creative planning into your business processes. Set aside time during meetings and daily tasks for brainstorming, experiments, and researching trends. You should also make a point of keeping up with news and updates from thought leaders in your industry and niche, as these fresh insights can spark conversations that could lead to your next big idea.<\/p>\n

5. Refine business processes.<\/h3>\n

Many business processes come about organically. Sometimes a process sticks around because of people\u2019s habits or resistance to change, while other processes evolve in response to outside forces.<\/p>\n

This is only natural. But to keep your business growing, it\u2019s important to be intentional about building and refining your processes. Creating a solid plan (before habits start forming) helps to ensure that your processes are optimized for your business. It also gives you an easy way to track and adjust processes that aren\u2019t working \u2026 before they derail your business.<\/p>\n

Featured tool: Free sales plan template<\/a><\/p>\n\n

Download for Free<\/a><\/p>\n

Processes often come from the tools you use \u2014 so, if you scale your efforts with the right software, you can get more done with less. Instead of disparate platforms, spreadsheets, and email tools, condense your sales process into one streamlined CRM and sales platform<\/a>. You can also consider exploring HubSpot\u2019s Starter Bundle<\/a>, which is a bundle of services built specifically for small businesses.<\/p>\n

In my experience, the right tools can empower you to meet and exceed customer expectations. For example, 71%<\/a> of customers are comfortable working with bots if it means a better experience, suggesting that a tool like live chat software<\/a> can be a great way to respond to customer inquiries quickly and effectively.<\/p>\n

6. Develop a strong company culture.<\/h3>\n

Businesses often overlook the impact that culture and employee engagement can have on every aspect of a company. But, culture is powerful, from recruiting to exit interviews.<\/p>\n

To build a solid culture, focus on your team. As SEO consultant Ali Anderson<\/a> explains, \u201cA g<\/em>ood HR teamed with an arsenal of great tools can change your company for the better.\u201d <\/em><\/p>\n

She continues, \u201cHappy, engaged employees do great work, and company growth will quickly follow \u2026 When companies invest in their training and onboarding processes, they\u2019ll find their employees are more prepared to do great work and take on the challenges of the business.\u201d<\/em><\/p>\n

Taking steps to measure and improve employee engagement as well as metrics such as employee Net Promoter Scores can increase productivity, improve employee sentiment, and make your employees more likely to recommend your business to their friends.<\/p>\n

For example, holding monthly or quarterly performance discussions can help build team camaraderie, improve employee mental health, and create an environment of trust, all of which boosts innovation.<\/p>\n

For more tips and ideas on building a positive company culture, check out the Culture Happens podcast<\/a>.<\/p>\n

Moreover, small businesses can attract top candidates by having a positive culture, a strong career track, and well-trained, unbiased recruiters.<\/p>\n

\u201cA supportive culture and a strong career track are key to attracting the best of the best,\u201d<\/em> writes marketing specialist Taylor Dumouchel<\/a>. \u201cTop professionals seek respect, not just within their immediate teams, but throughout an organization; they want to work for companies that value what they do. In order to recruit top talent, executives need to highlight their positive and supportive culture and underscore how they recognize that their positions are a part of the major drivers for company growth.\u201d<\/em><\/p>\n

Unfortunately, I\u2019ve found that many business leaders don\u2019t realize that company culture begins as soon as a company is formed. To avoid this trap, it\u2019s vital to be intentional about building a strong culture from the get go.<\/p>\n

Then, as you build a strong team of people, make sure that you\u2019re providing what they need to stick around. Do what you can to help your team feel motivated, incentivized, and well taken care of, so they can effectively do their job.<\/p>\n

A major component of this equation is benefits. As you make hiring decisions, factor in how much budget you have for employee benefits, including both perks and the benefits that are required on a federal, state, and local level. Commonly required benefits may include:<\/p>\n

Unemployment taxes and insurance.
\n Time off for voting, jury duty, and active military service.
\n Workers\u2019 compensation.
\n Compliance with Family and Medical Leave Act (FMLA<\/a>). <\/p>\n

In addition to factoring in the costs of required benefits, it\u2019s important to think about the elective benefits you would like to offer. Remember that these benefits are often what keep an employer competitive, especially in a hot job market.<\/p>\n

Competitive analysis can also help you see what other companies in your industry are offering their employees to ensure you measure up. These benefits may include:<\/p>\n

Health insurance.
\n Retirement savings.
\n Paid vacation and\/or holidays.
\n Disability insurance (required for some states).
\n Life insurance. <\/p>\n

Pro tip:<\/strong> HR leader Doug Sechrist speaks powerfully<\/a> to the importance of offering a competitive benefits package, explaining, \u201cA benefits package that adds value to employees\u2019 lives is a large part of creating that culture. The result is a happier, more engaged, and more focused workforce that feels connected to their employer and believes in the work they are doing.\u201d<\/em><\/p>\n

7. Focus on financial goals.<\/h3>\n

Launching and building a business is expensive. You need financing<\/a> \u2014 capital, investments, loans, and revenue \u2014 to get you through the lean times.<\/p>\n

For a business to be successful, it has to make enough money to sustain operations and turn a profit that can be reinvested for future growth. A detailed budget can help you keep track of revenue and expenses.<\/p>\n

Featured tool: Marketing budget template<\/a><\/p>\n

As you develop and track your financial goals, don\u2019t forget to factor in business costs such as:<\/p>\n

Sourcing.
\n Production.
\n Staff.
\n Capital. <\/p>\n

Next, determine how much money your business needs to bring in on a monthly, quarterly, and annual basis to succeed. If you\u2019re not comfortable with accounting<\/a>, balance sheets<\/a>, or financial forecasting<\/a>, it\u2019s time to start learning!<\/p>\n

8. Use the right tools for your growth strategy.<\/h3>\n

The number of apps, products, and SaaS solutions<\/a> available is growing exponentially. Thanks to the ever-decreasing cost of technology, even small businesses have access to all the tools they might need at their fingertips (for instance, a free-forever, all-in-one CRM<\/a>).<\/p>\n

That said, choosing the right tools can be challenging. To optimize your business (without drowning in technology), it\u2019s critical to identify the tools that will be the best fit for you and your needs. According to marketing expert Manvi Agarwal<\/a>, there are a few steps you can take to decide which tool is best:<\/p>\n

Zero in on the processes for which you want to use each tool.
\n Determine how each tool can make that specific process easier or more efficient.
\n Choose a tool that performs a very specific task, even if it might be tempting to go for an all-in-one tool.
\n Compare how much value the tool is providing vs. the amount it will cost you.
\n Ensure the tool is scalable, i.e., that it grows along with your business and can meet your business\u2019s changing needs. <\/p>\n

If you haven\u2019t yet implemented a stack of tools to streamline your business processes, HubSpot\u2019s Starter Bundle for Small Business<\/a> is a great place to start, offering the perfect foundation for an effective growth strategy.<\/p>\n

9. Develop a support system.<\/h3>\n

Running a business can take over your life. While many thrive on the intensity, too much can create a level of stress that\u2019s not healthy. As such, a support system is essential for the continued success of your business.<\/p>\n

This group of people can help you manage your stress and keep a positive outlook through the highs and lows. They can be active members of your small business team, or they can be outsiders who offer vital reminders to maintain a balance between work and life.<\/p>\n

Of course, many business owners rely on family and friends for more than moral support. One recent report<\/a> found that 46% of small business owners run their businesses together with a partner or spouse, and 12% fund their businesses with resources from family and friends.<\/p>\n

But beyond the people who are formally involved in your business, I\u2019ve learned that it\u2019s also always a good idea to try to cultivate a strong social circle. Shore up your sense of community by joining local social clubs, industry organizations, and charitable groups. In this way, you can develop a support system that benefits both you and those around you, ultimately boosting collaboration and productivity and empowering you to run a successful business.<\/p>\n

<\/a> <\/p>\n

Starting a Business is Easy<\/h2>\n

Running a successful company takes time, effort, and commitment. There are countless strategies that can help, from defining clear KPIs to my personal favorite: developing a strong, supportive company culture.<\/p>\n

At the end of the day, my biggest recommendation is to take the time to study the businesses that keep their people at the forefront. Even if they\u2019ve made a few mistakes along the way, these businesses will be the best teachers when it comes to cultivating a positive culture.<\/p>\n

If you focus on maintaining a reputation of trustworthiness and building credibility in your industry, you\u2019ll be on your way to running a successful business \u2014 one that will delight your customers and turn a profit.<\/p>\n

Editor\u2019s note: This post was originally published in March 2021 and has been updated for comprehensiveness.<\/em><\/p>","protected":false},"excerpt":{"rendered":"

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