More than 500,000 new small businesses are started in America each month. But, only one-third of these companies survive 10 years or more. The contractors who beat the odds are the ones who follow basic rules for how to run a successful business, which anyone can learn.
5 Tips for How to Run a Successful Business
1) Build a Business that makes you Proud
Contracting businesses are a lot of work. It takes a lot of late nights and early mornings to make them successful. At the end of the day, it’s worth the effort, if you have built something you really believe in.
A sense of purpose also helps to focus and drive your company toward its goals.
2) Provide Great Customer Service
Even in the skilled trades, customer service is a big selling point. It’s a major reason contractors gain repeat business and customer referrals.
3) Don’t Compromise your Vision
Although it’s necessary to change and adapt to marketplace trends, staying focused on your business goals will help your company remain successful through thick and thin.
4) Create a Brand, not just a Company
It’s no coincidence that the most successful companies in the world are recognizable brands. Customers identify the business with a name, term, design, symbol or other feature that distinguishes them from their competitors.
While your company may never be as recognizable as the Golden Arches, branding is an important part of how to run a successful business. Increasingly, contractors are relying on branding and marketing services to help attract more customers.
5) Plan for Emergencies
No startup can survive long-term without contingency plans. Since it’s a reality of business that emergencies can and will happen, it’s best to be prepared.
No matter what size it is, every company should have a solid reserve fund, which can help pay bills in the event of a serious emergency or mistake. For example, every contractor should have money set aside just in case a serious workplace accident occurs.
Although there’s no secret formula for how to run a successful business, these five tips will give you the head start you need to succeed.