*Top 5 Tips on How to Run a Successful Business

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Starting a business is one thing, and running it is another. Running a successful business requires vast knowledge from research. You will also need to make plans and change strategies along the way, all of which can be a bit too overwhelming. With many books and journals written on this broad subject, this article narrows it down to a few top tips that you can consider to run your business successfully.

Have a business plan 

All your thoughts, professional goals, workflows, and anything necessary, should be written down on a formal business plan. A business plan will assist in ensuring consistency and collaboration with every stakeholder when stored as a living document in the cloud. A written business plan not only helps in formalities and setting goals but also for future references. You will be in a position to determine where mistakes are and change strategies if need be. 

Understand your market and have clear KPLs 

Running a successful business requires that you conduct detailed and careful market research. From this, you will get concrete data on potential customers, your existing competition, market trends, and the expected demand and growth of your business. Consider the 8 Ps; price, product, place, people, performance, physical evidence, process promotion that will guide in your market research, customer personas, and help you create an excellent jumping-off point.

Set profitability goals and revenue 

A successful business requires that you make enough money to make a profit, sustain operations, and re-invest for future developments. As a business owner, you need to factor in business costs including those of staff, sourcing, capital, and production. Determine how much returns your business should make quarterly, monthly, and annually for it to succeed. As you run your business, revisit your pricing structure regularly to ensure it thrives. 

Implement proper growth strategy tools 

Identify and make use of tools that will assist in optimizing your business. There are several apps, products, SEO, and SaaS solutions that are available and growing exponentially. If you're working at home and online, you must get a physical address for your virtual business so that clients and vendors can locate and communicate with you. The cost of technology is slowly decreasing, thereby giving you a wide variety to choose from. Work with tools that perform specific tasks, ensure that it is scalable, and offers value for your money.

Hire qualified staff and keep them motivated 

If your business requires employees, hire those that have expertise in areas that you don't. Don't try and do everything by yourself. Involve them in decision making as it will have a direct impact on them. Ensure that they understand the goals and objectives of your business. This way, they will invest greatly and make more informed, better decisions. Building a strong team will require that you keep them motivated so that they can perform effectively. Consider benefits like time off, worker's compensation, and unemployment insurance, and taxes. 

Bottom Line 

Running a business is a continuous process of learning and making changes. To be successful, you need to understand the basic business essentials. Have a plan, hire the right staff, understand your market, set revenue and profitability goals, and implement tools for your growth strategy.

Do you own your own business or is it something you'd consider in the future?