Market data shows that 80% of all businesses fail within the first 18 months. This might be a rather disheartening fact for you if you’ve hit a rut with your own business and wondering how you can take it to the next level. Even if things are going well, at some point, you will have to take a step back to evaluate whether you are heading the right way and if you will be able to reach your long-term goals.
Will you wind up in the 20% that make it? That answer lies in how you plan ahead and what your next steps are. Here are 2 strategies to consider in attempting to get your business to the next level and give it a real chance for success.
Adjust to meet changes in the market
Progressions in technology are changing the way how people do business every day. While it is counterproductive and probably impossible to keep abreast with every trend, you should be aware of significant shifts in consumer behaviour and be willing to make the relevant changes in your own business. For example, many people are doing business straight from their mobile devices; you may have to set up a responsive mobile version of your current website to make it easier for mobile users to do business with you.
Find ways to eliminate waste and improve efficiency
Inefficient business processes and wasteful practices can bleed your business dry, regardless of how big your profit margins are, so you should find a way to reduce these as much as possible. One area where some businesses often waste money is payment processing. A reputable payment processor facilitates debit and credit card transactions between the business and customers and choosing the right one is very important. To choose a payment processor that is right for your business, you should look at their fees, the countries they can do business in, whether they support recurring billing and if they allow mobile payments.
While there is no panic for quick success in business, you need to plan ahead and strategise in order to give your firm the best chance of making it. The strategies above and others may prove disruptive but will be worth it.