Being an entrepreneur requires focus and determination that many small business and startup owners struggle with. This is natural. While 80 percent of small businesses survive in their first year; over 50 percent fail before 5 years.
Below, our team offers 4 tips on small factors that can help you establish a strong business from the start or strengthen your current ventures. You put hard work into your business. Now it’s time to work smart.
For a rapidly-growing business, the hiring process may need to happen quickly to keep up with growing demand. But your company cannot survive on your enthusiasm alone.
A bad hiring decision is not only an expensive mistake to correct; it can even reverse some of the growth that your business has experienced and slow down its momentum. According to a report conducted by the Brandon Hall Group and Glassdoor, 95% of hiring teams admit that they have made a poor hiring decision. This can cost businesses thousands of dollars in recruiting, training, and lost revenue – even for entry-level hires.
Give yourself space to consider important factors like interest, experience, and how you see job candidates working with your team in the long-term. A hiring decision should not be made in haste.
A great marketing strategy can be a catalyst that propels a business to the next level. But what comprises a stellar digital marketing campaign?
What you think is important about your business and what matters to your target audience may be wildly different. There are countless competitors vying for your target audience’s attention, and you cannot afford to rely on guesswork when creating your website or using social media.
Do your research on your potential clientele. We recommend following Google’s E-A-T score (Expertise, Authority, Trustworthiness) to establish a strong connection with your business and what your customers are looking for.
A few other things to keep in mind:
For larger startups, becoming a data-driven organization will be even more critical to your business’s growth and success in the upcoming year. According to Dresner Advisory Service’s report, more than half of businesses expect to incorporate Big Data into their strategies. There is no doubt that this trend will continue, especially given the fact that 87% of industry leaders have already integrated data science in some form.
If you want your business to continue to grow and succeed, it is essential that you put the systems in place to make digital adoption a reality, not just a dream. This means that every leader in your company must be using digital tools to help increase their productivity and base decisions and strategies on data. Each department should be using programs that make their jobs easier and smarter, such as analytics programs for forecasting or AI automations.
As another year passes, it also means that an entire generation of consumers and employees are turning a year older as well. Generation Z (those born between 1995 and 2012) will be starting to make a greater impact on businesses.
Sixty-one million Gen Z’ers will be looking for jobs in the next few years, and they are also expected to have even more influence and buying power than Millennials – as they are projected to be the largest generation of consumers in history.
United LLC’s team of experts is dedicated to helping you find long-term solutions for your business. Reach out and learn about our working capital solutions that can help your business grow.