Explore the Secrets of Successful Business

Sneha Hull | February 10, 2022 | 1024 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

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Forward Networks, Inc.

Forward Networks delivers an innovative platform that provides network visibility, policy verification, and change modeling.

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When they grow, we grow, which enables us to increase selection, reduce prices, and add additional features and benefits, all of which are important to small business owners. These entrepreneurs face unique challenges and circumstances, and we’re here to be a partner in their continued success.” Todd Heimes, small business director of Amazon Business One of those entrepreneurs is Jim VanNatta, an Amazon Business customer and owner of Hockinson Market in Brush Prairie, Washington. VanNatta and his wife grew up near the market—a community staple built in 1928—and decided to buy it in the 1990s. However, the 2008 recession hit the business hard, and VanNatta needed to update and pivot. He transformed Hockinson Market into a thriving pizza shop and taproom, bringing his son Justin onboard as co-manager. "I just want to pass on a healthy business to my son,” said VanNatta. “My goal in the next couple of years is to make sure that we’re still doing the right things to make him successful moving forward. With Amazon Business, I’m finding items at significant savings—for example, I recently bought latex gloves for pizzamaking and saved a bundle—and I get things delivered faster with Business Prime.” VanNatta will be speaking as part of the Strategy and Operations track during the Small Business Summit on September 8, which will feature 17 sessions no longer than 20 minutes each on topics such as how to grow, get funding, and create an online presence. Attendees will also get a preview of the soon-to-be launched Amazon Business Small Business Resource Center, an evergreen hub for small business education. Todd Heimes will welcome attendees at 9 a.m. PDT/12 p.m. EDT on September 8 with the announcement of the Small Business Grants program for solopreneurs and small businesses. Some of the additional speakers and sessions include: 5 Ways to Increase Income as a Small Business: Chris Guillebeau, the host of the Side Hustle School podcast and The New York Times best-selling author of The $100 Startup, Side Hustle, The Happiness of Pursuit, and other books, will kick off the Summit with a keynote talk. How to Build a Team From the Ground Up in 7 Steps: Jay Steinfeld, founder and former CEO of Blinds.com, will break down the steps and lessons learned to build a team that will help a small business owner maximize growth and profit, and make being a leader a lot simpler. Social Media, Press, and Your Business: Maya Penn, CEO and founder of Maya’s Ideas, started her first business at the age of 8 and has been a media-worthy entrepreneur ever since, adding a published book, You Got This!: Unleash Your Awesomeness, Find Your Path, and Change Your World, to her list of ventures. Maya will cover the fundamentals needed to create a following and a press-worthy story, as well as how to keep the momentum going. Registration is free and open to all entrepreneurs and small business owners at https://business.amazon.com/en/events/small-business-summit. Those unable to attend the summit can complete registration and access to summit content will be sent and available afterward. Amazon Business empowers small business customers by providing easy access to buy from hundreds of thousands of sellers and discounts on over 50 million items with business-only pricing, quantity discounts, and free shipping on eligible orders. Amazon Business also provides flexibility through payment options to earn rewards or enjoy extended payment terms to maximize cash flow while making it convenient to find and purchase from small, diverse, and local businesses through seller certifications. Small business owners can learn more about how Amazon Business is empowering small business owners at https://business.amazon.com/en/work-with-us/small-business and register for an Amazon Business account at About Amazon Business Amazon Business helps millions of customers worldwide—from small businesses, schools, hospitals, nonprofits, and government agencies, to large enterprises with global operations—reshape their procurement with cost and time savings, greater productivity, and insightful purchasing analytics. Procurement and business leaders enjoy convenient shipping options on hundreds of millions of supplies across categories like office, IT, janitorial, food service, and professional medical supplies. Customers also have access to a variety of business-tailored features and benefits, including a curated site experience, Business Prime, business-only pricing and selection, single or multi user business accounts, approvals workflow, purchasing system integrations, payment solutions, tax exemptions, dedicated customer support, and more. Amazon Business is currently available in the United States, Canada, United Kingdom, Germany, France, Italy, Spain, Japan, and India

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FINANCE, SMALL BUSINESS TRENDS

VISTAPRINT, THE BOSTON CELTICS SHAMROCK FOUNDATION AND NAACP ANNOUNCE NEXT ROUND OF $1M POWER FORWARD SMALL BUSINESS GRANTS

Vista | September 16, 2022

Today, VistaPrint, the Boston Celtics Shamrock Foundation, and NAACP announced the next cohort of recipients from the Power Forward Small Business Grant. The grant program, now in its third iteration, focuses on creating lasting impact for Black-owned small businesses across New England. Select applicants will receive $25,000 in grant funding and the tailored design and marketing support they need to expand their existing businesses and achieve long-term success.The latest group of grant recipients includes 14 New England-based small-businesses across industries including food and beverage, retail, healthcare, tech, and more. Each business selected was identified as having a meaningful impact on their community and demonstrated a clear vision its use of the funding. Recipients of the Power Forward Small Business Grant were notified with a mix of surprise in-person and virtual visits from Boston Celtics players JD Davison and Derrick White, Celtics Vice President of Player Development and Organizational Growth Allison Feaster, Assistant Coach Aaron Miles, and the team's beloved mascot, Lucky. From Vista, Cliff Skeete, Global ECD; Michael Buckley, Senior Director, Sports Marketing; and Erin Shea, Head of North America Marketing, were also present at the surprise notifications. "It's an honor to work with the Boston Celtics and NAACP to build a truly unique grant program that serves some of the most vibrant and visionary Black-owned small businesses in New England,Our program doesn't only provide funding, but also offers support to recipients, providing individualized marketing and design services that ultimately help our small businesses grow. This third deployment marks the final round of our $1 million fund – and we can't wait to see the full results of our grant program in action." Erin Shea, Head of North America Marketing at Vista In total, following this most recent and final round of the program, more than 1,700 small businesses applied from more than 500 areas across New England. Among these applicants, over one-third of the businesses had less than $25k in annual revenue and 57 percent were female.Providing funds and critical resources for minority-owned businesses is one of the many ways we seek to create lasting change in the community," said Allison Feaster, Boston Celtics United Co-Lead and Celtics Vice President of Player Development and Organizational Growth. "Through the Power Forward Small Business Program, we hope to alleviate some of the barriers and obstacles these businesses face and support them while they pursue their passions. Building Black business is synonymous with building Black power. For far too long, our Black small business owners have been shut out of the opportunities necessary to ensure financial freedom, and the growth and prosperity that it affords, said NAACP President and CEO Derrick Johnson. "Providing Black businesses with the investments they deserve is a vital component of our continued efforts to promote community growth and close the racial wealth gap. NAACP is proud to be making entrepreneurial visions a reality through this critical initiative. We salute our partners in this effort, the Boston Celtics and VistaPrint for their investment in, and commitment to building Black power. With our corporate partners invested in our future, there is nothing we can't achieve. In June 2021, VistaPrint and the Boston Celtics announced the first group of the Power Forward Small Business Grant recipients designed to make a lasting impact on local business throughout New England. The launch of the grant was the first collaboration within this partnership, an initiative of Boston Celtics United for Social Justice. In January 2022, the two partnered with NAACP to announce the second round of recipients along with a shared commitment of $1 million. About Vista Vista is the design and marketing partner to millions of small businesses around the world. As a global, remote-first company, Vista has a growing footprint with team members working in more than 25 countries. For over 20 years we've been inspired by small businesses and we work incessantly to deliver solutions to their evolving needs. Together, VistaPrint, VistaCreate, and 99designs by Vista represent a full-service print, digital and design solution, elevating small businesses' presence in physical and digital spaces and powering them to achieve success. Vista is a Cimpress company ( Nasdaq: CMPR). To learn more, visit vista.com. About the Boston Celtics A charter member of the Basketball Association of America (which evolved into the National Basketball Association) since 1946, the Boston Celtics have won a record 17 NBA Championships, including eight (8) in a row from 1959-1966, winning their first title in 1957 and their most recent in 2008. The Celtics have long stood for equality, and respect, including hiring the first African American Coach and starting the first all Black starting five. In addition, 35 former Celtics players, management or staff have been inducted into the Naismith Memorial Basketball Hall of Fame. In December 2002 the team returned to local ownership for the first time since 1963.

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TECHNOLOGY, SMALL BUSINESS ADVICE

CyberCatch and Arizona Small Business Association Announce Partnership to Help Small Businesses in Arizona Mitigate Cyber Risk

CyberCatch | September 22, 2022

CyberCatch, today, jointly announced with the Arizona Small Business Association (ASBA), a strategic partnership to enable Arizona's small businesses to quickly and easily implement necessary cyber security controls for digital success.According to the U.S. Small Business Administration, there are more than 590,000 small businesses (those with fewer than 500 employees) in Arizona, and these businesses employ nearly 43.5% of the state's private workforce. Small businesses are the growth engine of Arizona's economy, and this partnership provides a valuable tool for continued success,said Debbie Hann, Chief Operating Officer, ASBA. We are delighted to partner with CyberCatch to keep Arizona's small businesses one step ahead of cyber threats, so they can continue to grow and succeed digitally. Nearly all small businesses are digital these days, and need to stay proactive, said Hann.ASBA is pleased to take a leadership position with this program and announce a new ASBA membership benefit in the form of a subscription to CyberCatch, at a discount. CyberCatch's patented, innovative, cybersecurity Software-as-a-Service (SaaS) solution is specifically designed for small businesses and enables quick and easy implementation of all necessary controls for continuous cyber security. The SaaS solution automatically and continuously tests cyber security controls to detect security holes for prompt remediation so attackers cannot exploit and ensures ongoing compliance and cyber risk mitigation. "CyberCatch is a one-stop-shop for small businesses. We are honored to partner with ASBA. Our compliments to ASBA for their foresight and forward thinking to recognize cyber risk as a key threat to small businesses in Arizona and to partner with us to craft a valuable and timely solution for their members and prospective members to assure their continued success." Sai Huda, founder, chairman and CEO, CyberCatch. The root cause of data thefts and ransomware is security holes which derive from missing or ineffective cybersecurity controls that the small business is unaware of," said Huda. "Small businesses have limited resources and generally don't know what cyber security controls to implement or how to implement them in order to be secure from cyber threats, and now must comply with new requirements such as Zero Trust. ASBA and CyberCatch aim to fill those gaps in small business knowledge, with this innovative new partnership. This member benefit gives small businesses immediate savings and continual digital compliance and security. To learn more about this benefit, visit website. About Arizona Small Business Association The Arizona Small Business Association (ASBA) was founded in 1973 and serves as the collective voice of small businesses in Arizona by driving a better environment for all of us to do business. Today, ASBA is focused on delivering statewide education, mentoring, networking, and advocacy programs, providing innovative entrepreneurs with the resources necessary to grow and evolve in an ever-changing marketplace. For more information, visit website. About CyberCatch CyberCatch is a unique, patented cybersecurity Software-as-a-Service (SaaS) company that protects small and medium-sized businesses (SMBs) from cyberattacks by focusing on the root cause why SMBs fall victim: security holes. It provides an innovative cloud-based SaaS platform coupled with deep subject matter expertise to help SMBs implement just the right type and amount of cybersecurity controls. The platform then performs automated testing of controls from three dimensions: outside-in, inside-out and social engineering. It generates the Cyber Breach Score to continuously measure cyber risk and finds security holes and guides the SMB to fix them promptly, so attackers can't exploit any missing or broken controls to break in and steal data or infect ransomware. CyberCatch's continuous value proposition:

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