Owning a business is what most people would call living the American Dream. The ability to create your own schedule, hire amazing people, and the ability overall to make your vision a reality is a dream that not too many people are able to do. But it’s also important to know that a business venture such as entrepreneurship is also one that’s not easy.
In achieving success, you have to look at business like a game… if you don’t know how to play, you’re going to lose. All too often, budding entrepreneurs will enter businesses with hopes and dreams of success, only to be blindsided by the realities of what it actually takes to run a successful business.
Well, one thing’s for sure… if you’re playing for the long game, it’s going to take a considerable amount of patience because success isn’t going to happen overnight.
So now the question is, what does it actually take to achieve business success for the long game? In short, the answer to that question is three things:
- Smart business decisions
- Having the right team behind you
- Hard work
These three success factors are vital to any business, whether it’s a small startup or a major Fortune 500 business.
Table of Contents
- Let’s take a closer look at these three success factors
Let’s take a closer look at these three success factors
Smart Business Decisions
Smart business decisions have two qualities. The first quality addresses and solves the issue at hand. The second aspect of making smart business decisions is that they actually are SMART (specific, measurable, achievable, realistic, and time-bound). Your business decisions need to be clearly defined.
Strategic and Tactical Plans of Execution
This plan is what’s going to give your business purpose and the direction as to where you want it to go. Things like hiring/firing, outsourcing services, and mergers are factors that contribute to the overall execution of your business goals.
Marketing Plan of Execution
Your marketing plan is the actions you plan to take in order to reach your targeted audience. Lots of businesses still utilize traditional marketing methods like mailing postcards and radio ads but most businesses have turned to digital marketing methods to enhance their online presence and grow their customer base.
One of the best ways to grow your customer base is to start a business blog. According to statista.com, 3.8 million search queries are conducted every minute on Google. Do you know why that happens? It’s because people are constantly looking for information on various topics, and with a business blog, your business could be that trusted source of information internet users turn to for answers to their questions.
Operations Plan of Execution
Your operations plan is the plan that lays out how you intend to run your business, including the SOP (standard operating procedures) for the development of products and services, employee information, and other functions that keep the business in operation. Ideally, you want a solution like JDE software to provide you with all your business management needs.
Having the Right Team Behind You
Nothing is worse for your business than not having the right people behind you, and the leadership within your business is an integral part of your business’ success. As the business owner, you’re not going to be able to run the business and manage your employees too. That’s why you need a leadership team of people who are capable of running departments with the long game in mind too.
Your leaders need to have the same vision and mission as you, and be able to communicate the vision and mission to their team as well, for the greater good of the business.
Effective communication comes in two simple forms: speaking and listening… ultimately, it’s a two-way street. As the owner of the business, you, of course, will be speaking to your leaders as well as employees, and they will listen.
But on the opposite end of the spectrum, your team leaders and upper management will be speaking to you, and it’s up to you to effectively listen to what they have to say in order to make smart business decisions. This is what will help get everyone on the same page.
When your team leaders can come to you and discuss what’s wrong or what needs to be fixed, you can guide them as to how they can effectively communicate your decision with their team members. This is how everyone will not only know what matters and what’s to be expected but they’ll know why it matters.
With any business, there’s always room for improvement, and the sooner you learn that, the sooner your business can start flourishing. A big consideration with continuous improvement is the changing demands of customers.
Your customers are the “bread and butter” of your business, so being able to adapt and adjust to their changing wants and needs is how you’re going to be able to achieve success for the long game.
In addition to customer needs continuously changing, so are your competitors. In order to play for the long game, you also need to be able to keep up with your competitors and exceed them as well.
Working smarter, not necessarily harder, is the name of the game. Finding ways to cut costs and do more in less time is the key to production efficiency. Every single member of your team should be doing their job with efficiency in mind.