It takes a lot of grit and perseverance to be an entrepreneur. But nothing worthwhile is easy, and overcoming challenges can lead to a true feeling of personal satisfaction. Many businesspersons have navigated their way to success, leaving valuable advice for entrepreneurs along the way.
Here are the top nine strategies of successful entrepreneurs:
1. Conserve your resources
Running out of money is the primary reason businesses fail. Avoid this by carefully managing your cash flow and building a reserve.
Don’t let early success lure you into a false sense of security. Try to get at least six months of operating expenses stowed away in case you hit a rough patch in the future.
2. Seek customer feedback and use it
Feedback from customers is the best way to know if your company is running well. Conversely, think of negative feedback as a chance for growth.
When you request feedback, unhappy customers may feel less inclined to sound off on Yelp or Google. People like to be heard, so inviting feedback can nurture a more positive and productive conversation — and minimize any potential damage done by an angry online review.
3. Embrace growth and change
Today, “staying on track” means having a willingness to stray from it. Clinging to your ideas without considering change could leave you behind in today’s evolving business world.
The best way to avoid this is to adopt a flexible and versatile mindset from the start. Know that your business is almost certainly going to end up looking different from how you envisioned it.
4. Recover quickly from setbacks
Entrepreneurship is full of ebb and flow, so don’t let a few bad moments or less-than-wise decisions set a pattern. Instead, accept that mistakes are the best way to learn.
Starting a business is risky, so there will undoubtedly be obstacles and failure. The faster you recover mentally and emotionally, the more likely you are to recover financially.
Don’t give up! Each failure is a stepping stone to success.
5. Outsource work to fill competency gaps
Some of the advice for entrepreneurs you may have received when starting your business was to handle as much work as possible on your own. This strategy works for a little while, but at some point, you are going to be spread too thin.
By hiring skilled workers for certain jobs, you can maximize efficiency. Hiring professionals may be expensive, but remember that your time has value, too.
6. Definitely outsource funds management
Most entrepreneurs are not expert accountants, and managing your funds well is vital to your success. The solution: Hire an accountant.
Not only are accountants able to manage day-to-day expenses and income, they also understand relevant tax laws. Your accountant will make sure your business is compliant with often-changing regulations.
7. Take advantage of free advertising
All three platforms have different strengths, so you’ll want to create business accounts for each in order to take full advantage. Once your accounts are set up, keep them active by posting regularly and engaging with public comments and questions.
However, don’t underestimate the power of good, old-fashioned email marketing. Mailchimp offers newsletter templates and mailing list management.
8. Build a winning team
Don’t let your excitement or your friends’ eagerness to help cause you to make impulsive decisions. Hire thoughtfully, ensuring that each person you bring on is a good fit.
Write a complete ad that details all your expectations for the position and distribute it in targeted online sources, like Indeed. To specifically reach people you know, post the job on your social media.
9. Know your competition
The last piece of advice for entrepreneurs: Read your competition’s online reviews, and find out what their customers are saying.
The reviews will show you where your competition is weak, and then you can work on strengthening those areas for your business. Your competitors’ weaknesses are your opportunities.
The bottom line
It’s important for an entrepreneur to focus on goals and strategies. But take time to celebrate milestones and appreciate how far you’ve come. Acknowledge the people who help and support you, find love in the work you’re doing, and enjoy the ride!