Small businesses are the backbone of the global economy. Although people often think of multinational corporations when thinking about the economy, small businesses account for nearly two-thirds of jobs in the US alone. Unfortunately, many small businesses struggle to survive the first 15 years, with the majority of them failing. This means that any small business that has been around for longer than 15 years needs to be incredibly resilient. Being resilient in the business world requires careful planning and a willingness to embrace change. Here are some tips for small businesses operating under the 15-year rule:
1. Invest in Your Business
One of the first things you need to do when running a small business is to invest in it. This involves putting your time, money, and resources into tools, technology, and talent that will enable your business to grow and succeed. You can invest in software packages, marketing campaigns, and people who can help you achieve your business goals.
2. Stay Competitive
Small businesses must compete to survive. You need to stay up-to-date on industry trends and implement new strategies that can keep customers coming back and attract new ones. Staying relevant will help you to stand out and eventually dominate your field.
3. Embrace Change
As stated earlier, being resilient in the business world means embracing change. A successful business recognizes that nothing stays constant. You must be willing to pivot your business strategy when necessary and adapt to new technologies, markets, and economic conditions.
4. Focus on Customer Satisfaction
Customer satisfaction is key to business success. It is the simplest and most effective way to retain and attract new customers. To do this, you need to keep your customers happy by providing excellent customer service.
5. Manage Your Finances
As a small business owner, it’s essential to keep a close eye on your finances. You need to be aware of your cash flow, financial projections, and debt obligations. Failure to manage your finances correctly can lead to the downfall of your business.
In conclusion, small businesses cannot afford to rest on their laurels. Staying competitive, investing in your business, embracing change, focusing on customer satisfaction, and managing your finances are all key areas to focus on if you want to survive the difficult 15-year rule. By implementing these tips, you can ensure that your business not only survives, but thrives.
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