Explore the Secrets of Successful Business

Sneha Hull | February 10, 2022 | 1148 views

Successful Business

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently. 

- Warren Buffett, CEO of Berkshire Hathaway

As a business owner, you might often wonder what the secret to success is. Because at the end of the day success is all that matters. What if I tell you that secrets of successful business are not as complicated as it seems to be portrayed?

Small businesses are critical in the United States. According to the U.S. Small Business Administration (SBA), the country has 32.5 million small businesses, accounting for 99.7 percent of all businesses. However, the U.S. Bureau of Labor Statistics reports that around 20% of small enterprises fail during their first year, increasing to 50% by the end of their fifth year. After ten years, the survival rate drops to about 35%. These statistics give an insight into the failure rate of small businesses. It is never too late or too early to learn how to operate a profitable business using a few insider secrets.

Challenges of Small Businesses

  • Difficulties balancing growth and quality
  • Difficult customers
  • Logistic issues associated with business ownership
  • Inadequate marketing
  • Lack of funds
  • Maintaining an online presence
  • Trouble finding good employees

However, the above-mentioned challenges can be tackled by being a bit cautious and following a few tips of success. So, let’s quickly get into the secrets of successful businesses and a few success stories. If you adhere to these, you can navigate your path to long-term success.

Secrets of Successful Business


Focus On Customer Service

Your most unhappy customers are your greatest source of learning.

– Bill Gates

According to research conducted by NewVoiceMedia, 51% of customers will not do business with a firm again after they have had a bad experience. It takes a large number of favorable reviews to overcome a single negative review.

According to Salesforce, 80% of customers believe that a company's experience is just as essential as its products or services. As a business owner, you can:
  • Demonstrate to customers that you understand their requirements.
  • Prevent issues from arising in the first place
  • Customize the consumer experience
  • Maintain a presence on all channels
  • Customer input is always welcomed
  • Maintain a solution-oriented mindset
  • Clarify your communication
  • Acquaint yourself with your products and services.
  • Appointing the most qualified individuals with great customer service abilities

These are a few solutions that will help you improve customer service and enable you to retain customers as well.

Invest In Employees

Making strategic investments in employee development is what makes a small business successful. It is one of the most critical things you can do for your organization. The best way to protect your business’s long-term stability and growth is by investing in employees that will be part of your team for years to come.

You must implement a few tactics in order to recruit and retain competent personnel. Provide them with the appropriate incentives, such as internships and recurrent opportunities, foster a great corporate culture, and compensate employees for referrals. Maintain an active presence on LinkedIn and other professional networking sites, provide them with remote working choices, educational resources, and prospects for career advancement, and present them with several opportunities to write down. This one step can prove to be one of the promising secrets of successful business.

Increase the Effectiveness of Your Marketing Efforts

Successful small businesses survive because they understand how to develop an effective marketing plan. You can market your business effectively in a variety of low-cost ways that meet your budget.

The basic marketing plan might surely work for your business; however, you can take a few steps to improve marketing for your small business. You can increase the effectiveness of your marketing efforts by implementing the following measures:
  • Conduct a thorough competitive analysis
  • Build and nurture long-term relationships
  • Position yourself as the local expert
  • Regularly update information on social media platforms
  • Encourage testimonials to attract more customers
  • Include clear calls to action

Build Your Online Presence

Your small business must have an internet presence. According to statistics from the E-commerce Wiki, 88 percent of shoppers now conduct internet research before purchasing in a store.

In 2020, the pandemic pushed independent bookstore Parnassus Books to close its doors and discontinue curbside pickup as it was unsafe. To stay afloat, the business embraced internet sales and leveraged social media platforms to boost sales. Going online has proven beneficial to the company. They post their virtual events on Facebook, facilitating easy communication with customers.

Success Stories

Here are a few examples of successful small business owners and how they carved a niche for themselves.

NetPicks By Mark Soberman

Netpicks founded by Mark Soberman, is a perfect example of a small firm that has adapted to changing market conditions. There were no online trading rooms or real-time online communities when NetPicks debuted. Currently, they provide complete online training, live webinars, and a wide range of additional services that were not available in their early years. Not only are they advising customers on which trades to make or which methods to opt for, but they are also utilizing the same information in their daily trading. The secret to their success was to be present exactly where their consumers were, allowing them to relate uniquely to the problems of trading lifestyles, hurdles, and accomplishments.

DC Mosquito Squad by Damain Sanchez

Damain Sanchez founded DC Mosquito Squad to provide pest management services to the residents of Washington, D.C. As a small company owner, Damain Sanchez struggled to keep track of all his leads. Follow-ups were haphazard and it was difficult to manage the workload of the employees, thereby limiting business productivity.

Sanchez invested in software to streamline his sales and marketing efforts. It helped him with tracking data and also revealed that he could enroll his employees more quickly, renew clients simply by using their email addresses, and expand the firm significantly. Investing in automation is one of the leading secrets to successful business in today’s digital world.

What Is Small Business C-level Secrets?

According to one Harvard study, data was collected from 27 CEOs of billion-dollar firms to ascertain their work patterns. According to the study, CEOs worked an average of 79% on their weekends, 70% on their vacation days, and 62.5 hours each week.

“Every CEO needs to be forward-focused and that requires setting goals for the short to medium term as well as the long-term. It’s most effective to establish these earlier in the year, as there are less distractions and there is greater capacity to take time out and reflect on what the core business goals are.”

– Creel Price, Co-founder of Investible

Successful CEOs understand the nitty-gritty of goal planning and strictly adhere to a review schedule. Goals that are not properly setup, on the other hand, can backfire on you, which is a common occurrence among newcomers who begin goal monitoring.

“Target being right 70% of the time with everything you do. Any extra time you spend on being right means you will miss opportunities, both personally and professionally.”

– Tom Cotney, CEO of Mblox

The 70/30 rule is a strategy for overcoming indecisiveness. Rather than overloading the brain with data, you may feel more comfortable making judgments based on 70% of the information. According to Pareto's principle, 80% of the outcomes may be obtained with 20% of the work. Thus, the final 30% of information is simply not worth it.

It is practically impossible for CEOs to know everything, but they are quick in making judgements and do not attempt to achieve the final 30%.

Conclusion:

If you follow these five secrets, your chances of success will improve significantly, and your business will grow in ways you never imagined possible. Let us together find solutions for your business’s success.

FAQ:


What are the secrets of successful business?

The secret of successful business is as follows:
  • Be passionate about what you do
  • Build your online presence
  • Invest in employees
  • Focus on customer service
  • Constantly look for ways to network

What is the most successful way of doing business?

The most successful methods of doing business are:
  • Keep detailed records
  • Analyze your competition
  • Stay focused
  • Provide great service
  • Be organized

How do we grow our business?

While there isn't a surefire way to be successful right away, the following strategies can help you grow your business faster:
  • Adaptability
  • Concentrate on the client experience
  • Always consider the future
  • Emphasis on social media
  • Organize local events

Spotlight

ella's kitchen

Ella’s Kitchen was set up by Paul Lindley, CEO, to promote healthy eating amongst babies and young children. We're a highly entrepreneurial and values driven company, achieving impressive growth to £60m turnover and a team of 60+ employees based at Ella’s barn near Henley. Our baby and toddler food can be found in key retailers across the UK as well as the Scandinavian and BeNeLux markets. We're recognised for our high quality ingredients and ethical credentials which are visible throughout our supply chain and in our social and charity work. Ella’s recently became part of the Hain Celestial Group.

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Ella’s Kitchen was set up by Paul Lindley, CEO, to promote healthy eating amongst babies and young children. We're a highly entrepreneurial and values driven company, achieving impressive growth to £60m turnover and a team of 60+ employees based at Ella’s barn near Henley. Our baby and toddler food can be found in key retailers across the UK as well as the Scandinavian and BeNeLux markets. We're recognised for our high quality ingredients and ethical credentials which are visible throughout our supply chain and in our social and charity work. Ella’s recently became part of the Hain Celestial Group.

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Nuula Acquisition Helps Nav Lead Small Business Financial Health Platform

Nav Technologies, Inc. | January 27, 2023

On January 26, 2023, Nav, the best financial solution for small businesses, announced its integration with Nuula's assets for building momentum, which will assist the economic platforms of small businesses. This integration will add new mobile-friendly app features to the existing Nav platform, providing many financial options based on real-time data. Due to economic fluctuations in the country, banks and financial partners have stopped sponsoring small businesses. However, this platform would assist them to survive and grow their financial needs at a lower price and with easy processes. With the help of Nuula's assets, Nav will provide applications with a credit report, cash flow, and financial updates to enable the business owner to evaluate its growth. Greg Ott, CEO of Nav, says, "This acquisition means we will continue to deliver a financial health experience that eliminates subjective and irrelevant information small business owners are bombarded with every day." He adds, "I've been impressed by the caliber of Nuula's talent and excited to integrate our team. Together, we will continue to bring simplified financial insights and streamlined access to the best financing and credit options to small business owners." (Source – Cision PR Newswire) Former CEO of Nuula, Mark Ruddock, says, "Nuula and Nav both share a passion for helping small businesses succeed." He adds, "I look forward to seeing how Nav leverages Nuula's technology to extend Nav's already compelling product offering in exciting new ways." (Source – Cision PR Newswire) About Nav Technologies With almost 1.7 million active users, Nav Technologies has helped over 200,000 small businesses to deal with their financial problems in 2022. The company has developed class flow insights, business formation, payroll, accounting services, integrated accounts, and curated insurance according to the users' financial objectives. With the acquisition of Nuula's assets, there has been an increase in its active users. More than 50% of its employees have previously worked with Nuula. It makes its users understand their business needs to outrank others, give personalized reports, and provide dedicated funding managers.

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Citizens Announces $300,000 Grant for Veteran Small Businesses in the Bronx

Citizens | November 08, 2022

Citizens today announced a $300,000 grant to empower veteran-owned small business in the Bronx, in partnership with Military Warriors Support Foundation (MWSF) and the Hope4Heroes program. The grant will provide tailored support and resources to strengthen veteran-owned business, such as storefront renovation, new technology and technical training, and includes one year of financial mentorship. Earlier today, Citizens and MWSF recognized Former U.S. Army Specialist Marisa Estrella, founder of Worldwide Veterans & Family Services, as the first grant recipient. The program will remain open and accept applications through the end of this year, in order to benefit additional veteran-owned businesses. To be considered, applicants must be an honorably discharged veteran and own a business in Bronx County. Interested veterans can apply at militarywarriors.org/hope4heroes. “Citizens has a long-standing commitment to supporting veterans, particularly in under-served communities where small businesses are struggling to recover from the pandemic, In the last year, Citizens has worked closely with communities across New York City, understanding that a bank’s true value is in contributing positively to the neighborhood and supporting businesses and customers to realize their dreams. We are excited to build on our 8-year partnership with Military Warriors Support Foundation by expanding to the Bronx.” Brendan Coughlin, Head of Consumer Banking at Citizens. The program is the largest corporate grant for veterans in the Bronx and continues Citizens’ deep commitment to fostering neighborhood revitalization and economic development. Hope4Heroes is an extraordinary initiative helping veterans all across the country, and we are proud to partner with Citizens to bring the program to the Bronx,” said Ken Eakes, Executive Director at MWSF. “There are many hurdles to overcome while running a small business and operating in a borough like the Bronx, where recovery has been stalled. Citizens and MWSF have a track record of supporting small businesses and seeing the results of our support extend to the communities around them. I am grateful for this amazing grant and invaluable support for my business, and I want to thank Citizens and MWSF for making this happen,” said Marisa Estrella, Former U.S. Army Specialist and founder, Worldwide Veterans and Family Services. “The Bronx is my home, and I am proud to start here, serving veterans in my neighborhood. Rehabilitation of low-income veterans is critical to help them transition to civilian life and continue contributing to their communities. My goal is to help homeless or at-risk veterans have better and dignified lives. Citizens and MWSF are helping make my vision a reality. Since entering the NYC Metro market in February with retail branches, Citizens has hosted several community programs across the city supporting open streets and night markets and providing grants and support for small businesses and workforce development. Citizens has partnered with a number of local organizations including LISC, Ukrainian Women’s League, Think!Chinatown, Rockaway Development & Revitalization Corporation, the Ocean Bay Community Development Corporation, and Pursuit. About Citizens Financial Group, Inc. Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $224.7 billion in assets as of September 30, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,400 ATMs and approximately 1,200 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities

Read More

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Melio Announces Integration with Xero to Sync Payments Data

Melio | January 25, 2023

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Read More

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