How To Lay The Foundations Of Success For Your Business

Here’s a little secret: the amount of work that you put into your business BEFORE launching your brand is often reflected in your long-term success. After all, this allows you to build a strong foundation for your business so that you are able to really hit the ground running. Conversely, a lack of preparation means that you’re playing catch-up from the word go.

With that in mind, here are some useful tips on how you can set your business up for success! 

Deal with the formalities first. 

There are many different formalities you must deal with when launching a business, mainly to ensure that all of your practices are above board. For example, you must apply for an Official EIN / Tax ID Number. After all, without your EIN, you will be unable to open a business account or hire new employees. You can use an online EIN application to obtain this form of identification. 

Find the easiest way to do day-to-day tasks.

Finding the easiest or most straightforward way to complete basic day-to-day tasks, such as responding to emails or sending out invoices, is a great way to set yourself up for success. This is because streamlining your business operations in this way can save you valuable time (and, by extension, money). After all, this means that your employees then have more time to dedicate to other, more pressing tasks. 

Focus on offering excellent customer service. 

There are many different ways in which you can grow and maintain a customer base. However, maintaining consistently excellent customer service is one of the most influential methodologies. 

For example, a recent report found that “73% of companies with above-average customer experience perform better financially than their competitors.” This is because it incentivizes repeat purchases, as your previous interactions will have been inherently positive.

There are many different ways in which you can set the standard for customer service within your business. For example, you should ensure that any customer-facing team members receive the appropriate training ahead of time so that they understand the level of support you are offering and how to act when a customer expresses frustration or disappointment. Being able to field complaints will improve overall customer satisfaction rates, which, in turn, could mean that they are more likely to recommend your brand to others so that you are able to win clients from competitors.

Establish a human connection with your customers from the outset.

 Various studies have found that customers crave a “human connection” with the businesses they support. This makes it easier for you to form a lasting relationship with your clients. Luckily, there are many different ways in which you can establish this connection with your customers, such as by deploying conversational marketing strategies. 

Outsource when necessary.

Whether you’re treating your business as a solo venture or managing a small team of dedicated employees, there will be times when specific tasks relating to business growth fall outside of your skill set. In an ideal world, you’d immediately be able to hire somebody to fill this position. However, this isn’t always an option when your business is in its infancy and budgets are tight.

Fortunately, outsourcing can help you to close this skill gap without having to settle for trying to complete these tasks yourself. For example, if you’re finding it difficult to manage cash flow or get your finances in order, outsourcing an accountant could help you ensure that you are on the right track.

Put together a contingency plan. 

When first setting up your business, your focus is likely on your future successes as opposed to your failures. That is, you aren’t planning to make mistakes. However, this does not mean that you can afford to go ahead without having some contingency plan in place. After all, a contingency plan allows you to respond near-instantaneously to any issues that arise, as opposed to having to scramble to come up with a response at the last minute.

Another major benefit tied to having a contingency plan in place is that you’re able to avoid the pitfalls of high-stress decision-making, which could otherwise mean that you make the situation worse rather than better. This not only minimizes the impact that the initial mistake has on your business overall, but it can also help when it comes to damage control. After all, any customers impacted by this error can see that you’re taking the steps to make things right - and you’re doing so as quickly as possible.