Practical Tips For Running a Business Successfully
Running a business is most certainly not a walk in the park, and takes a significant amount of hard work, focus, commitment and a desire to remain relevant. Sadly, about 80% of UK companies fail within their first year. Moreover, the UK’s Office of National Statistics reported that only 42.4% of businesses which commenced operations in 2013 are still trading. So, what is the 42.4% doing so well? Here are a few helpful tips.
Recruit qualified employees who are passionate about the job
The key to successfully running a business is finding the right group of people with the required qualifications and who are passionate about the job. These are employees who understand that in building their respective careers, they also need to contribute to building your business. Concentrating only on academic qualifications may limit your ability to look out for other vital characteristics crucial to the company’s values.
For example, an employee may have all the academic and professional certifications; however, they may not contribute much to your company’s growth without traits such as honesty and integrity. Additionally, attributes such as problem-solving abilities, being a team player, a desire to self-improve on individual deficiencies, etc. are things you should also consider as the business owner. A 2020 Deloitte survey indicated the following as top three characteristics to look for:
- Long-term commitment to the business’ goal even in the face of temporal turbulence.
- Desire to seek knowledge from challenges, and a questioning nature but with a respectful disposition.
- A tendency to form trust-based relationships with colleagues and employers.
Outsource your payroll
Outsourcing a part of your business responsibilities saves you both time and money. In other words, what you’d have spent on an in-house department in running a particular role is significantly reduced. Outsourcing your company’s payroll takes a great deal of pressure off the accounts or human resource department and allows your staff to concentrate more on other specific tasks that’ll benefit the company in general. According to scholarly research documents, outsourcing in the UK became formally recognised in 1989; when it all started, several UK companies were outsourcing IT Support and payroll to India, Malaysia and China.
Nowadays, the outsourced payroll trend has fortunately become a constant feature among companies operating in the UK. Companies such as Sdworx are experts in outsourced payroll services and conveniently located in the UK. Thankfully, transferring such critical tasks to third-party specialists ensures that the following are taken care of:
- Compliance, accuracy and accountability
Set realistic targets and spend finances wisely
Every business needs the right amount of money to operate and remain relevant for a long time. As a business owner intent on running a successful business, it’s worth knowing that you need to factor in the business’ interests whenever any revenue comes in. Aside from what you pay yourself and others, any excess or extra must be reinvested for the company’s growth in the future. It’s recommended to separate your personal and business bank accounts in order to successfully carry this out.
Moreover, due to the unpredictable nature of commerce and entrepreneurship in general, it’s advisable to set realistic targets or goals. You can consider objectives as significant contributors to any successful business growth. Therefore, setting goals compels you to think through your company to determine what you want and need. In developing your plans, keep in mind that external or internal factors can influence your desired results, which could in turn affect expected revenue.
Refine your sales process with technology
In refining your sales processes, you set the foundation to get more done in little time and with even fewer tools. Thanks to the rapid development of technology and its associated tools, your business can work smarter. Instead of sticking to the old method of spreadsheets and unlinked platforms for example, you can use improved Customer Relationship Management tools (CRM) to refine your sales processes. Every business has a unique way of working sales.
However, your defining factor must be what sets you apart from competitors. Believe it or not, your customers are discerning enough to decipher how well-refined your company’s sales processes are. Moreover, your refined sales processes will ultimately augment strategies to enhance internal business structures and compliment your collaborative approach in efficient project execution with a technology-boosted sales process.
In conclusion, many successful businesses prioritize the above-mentioned factors, which contribute significantly to their growth. Incorporating these tips into your business processes will certainly yield some tangible results.