Tips to Help Your Business Survive and Thrive

Discussion in 'Business' started by sweetcheeks, Dec 3, 2015.

  1. sweetcheeks

    sweetcheeks Member

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    A study carried out by Statistics Canada has revealed that a good number of industries startup businesses and a quarter have to declare bankruptcy at the end of the year. This is because of the failure associated with startup businesses.

    Tips to Help Your Business Survive and Thrive

    For your business to survive and grow beyond what you have now. There are several things you should do differently.

    The strategy for the survival of your business will depend on the type of business you run, the resources at your disposal, finance and time you intend to invest in the business. The following survival tips are useful for the growth of any business:

    1. Put your business plans to paper. Your written plan should be on the objectives, strategies, financing plans, marketing plan and sales plan for the business.

    2. Adjust your plan if you have to. At times, things might not go according to plan. In this case you will have to change your tactics by adjusting your plans. Don't stick to a plan that does not help your business make headway.

    3. Have someone you look up to as a mentor in the business.Make consultations with and seek advice from those who have made a success of the business and use the resources you have at your disposal. You can also hire a business coach/consultant who knows your industry to help give you expert opinion on how to stay on top.

    4. Keep communication lines open. Let your clients, team members and anyone connected with your business know about the important things that are going on with the business so as not to make wrong assumptions that might be damaging to the business. If you are not clear about anything, it is better to talk about it.

    5. Be more innovative.For you to be successful, you need to find new ways of doing things for your business. Scout for opportunities to expand into new markets or have alliance with new partners that have similar businesses to your own. If you don’t move with the times, your business might soon become obsolete.

    6. Be aware of happenings in your business niche. It is good to know what is happening in the market in-and-out, always endeavor to keep tabs on the changes going on in the industry and be aware of important updates that can affect your business and number of your clientele.

    7. Be a good manager of your business.When you are going through tough times in your business, you have to be careful about the business decisions you make. In the first place if you know what you spend every month, you know your income and if your team members are performing well, you might not have to go through the unnecessary stress of having to deal with tough times in your business.

    If you are able to implement all this tips into your business, then you would be around for a very long time in whatever business venture you are into
     

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