There are so many qualities that a good business should have, so we’re not about to sit here and list them all. But what we do want to do is to touch on a few things that we think some of you are missing. It’s no secret that such a high percentage of startups fail. All of that money and time invested is just gone when a few simple changes to the way in which a business is ran could stop it all! But, when you’re new to the game and you just don’t have a clue what it takes to run a business, you’re never going to know the qualities that a good business has. Which is why we’re here to talk to you today. We think we know some of the main qualities and features that a good business should have, and why if you apply them to your own venture, it will ensure that you have a long and successful time in business. So, without further ado, have a read on, and see which of these your company might be lacking!
Being Cost Effective
Every good business is cost effective. Even big companies such a Amazon and Google have to find ways of being cost effective, because no matter how much money is coming in, it doesn’t mean that it can be pocketed. So many companies fail because they think that the money coming in is a reflection of the money they’re earning. When in fact, business expenses will rise as your company grows, so you should always be looking for ways that you can get any costs down. One way of doing so is by keeping tabs on everything you’re spending. As we’ve said, as your business grows, this is only going to become harder, yet more essential.
Take fuel for example. If your company works in any niche that requires you to deliver or transport, you can’t expect your employees to use their own pockets to pay for the fuel, can you? So, you need to get fuel credit cards for small businesses. These allow you to monitor how much your employees are spending on fuel each week, and gives you grounds to claim the fuel back through tax at the end of the tax year. Keeping records of your spendings is so important if you want to do this. Thousands can be brought back at the end of the tax year if you do so. From the fuel they use, to the transport you buy, to your own personal phone. Keep all receipts, get yourself a great accountant, and you’ll have so much back!
As for other areas, always shop around as they say. Take a restaurant as an example, they’ll have a company who distributes the items of food to them, that allows them to cook the food that keeps their company afloat. If they shop around, they’ll find different companies offering different prices, but the quality might be compromised for the lower price. So, it’s all about trial and error, no matter what your business niche!
A Good Marketing Tactic
Essential. That’s all we can say about that. If you want your business to truly be good, then you need to find a good marketing technique that is going to work for you. These don’t just magically appear. Again, it’s all about trial and error. But to have a good marketing campaign means to have good exposure. Good exposure means your company is going to make the money it needs to stay afloat. There are three good techniques that you should be using no matter what.
The first is social media. It’s effective, fast acting, and easy to manage. Plus, it doesn’t cost a dime to set up, and you’ll only pay to sponsor your posts. It’s the best way to connect with your customers in a fun and exciting way. Considering people are glued to social media lately, it will be hard to not get your business noticed using this!
The second technique is SEO. It’s a huge part of the marketing industry, and there are plenty of companies that you could outsource in order to make sure that you get the job done properly. It works by improving your rankings within Google, hense making your website and your company more noticable.
The third strategy you should be using is Adwords. It’s a Google based marketing technique that puts your company within the top 3 links in a Google search related to your company. It’s expensive don’t get us wrong, but it will get people looking at you!
A Strong Brand
A strong brand is essential, no matter how big or small you want your business to be. The foundations are set when you first start building your business, but that doesn’t mean that a good business isn’t constantly working to improve it. The foundations won’t necessarily change, but the way in which they’re implemented will.
Brand ethics might change, brand vision, or even just the way in which people view your brand. Take your logo for example. It is a huge part of your brand image, and it will carry your business until you decide to change it. Changing the logo completely is a big move, but one that a lot of major companies take. However, you could make subtle colour changes which will seem small to you, but to your customers, it will be a big change to adjust to. So, always make sure that you’re focusing on what your customers will want to see when creating a strong brand!
A Creative Side
You should always try to add a bit of a creative flare when it comes to your business. The last thing you want is for your company to lack interest to the outside world. When it comes to your products and your marketing, you should always be finding a way to keep it interesting. Use interesting colours, design, and just think outside the box as other companies might not be doing. Try doing market research to find out what the consumer really wants, and it’ll be hard to go wrong!