Embarking on a journey in the business world is an exhilarating roller coaster of an experience, filled with challenges, victories, and continuous learning. After a decade of navigating the entrepreneurial landscape, I’ve distilled my experiences into 10 essential tips that have been instrumental in my business success and can help you too.
Whether you’re a seasoned entrepreneur or a mere novice, these insights can help steer your business towards sustained growth, prosperity, and maybe a bit of fun.
1. Keep your running costs in check
In the initial stages of your business, every penny counts. Minimise overhead expenses by carefully assessing your needs and avoiding unnecessary expenditures. This financial prudence lays a strong foundation for future stability and growth.
Working from home, renting equipment and limiting software subscriptions helped me keep my costs low from the outset. Having a good accounting system where you can track your income and outgoings can keep you steady and liquid in the early days (see point 9 for my recommendation). Calculate exactly how much it costs to run your business every month – including paying yourself a salary or dividends!
2. Conduct thorough market research & SWOT analysis
Before launching a product or service, invest in time to understand your market. Comprehensive research ensures you know there’s a demand for what you’re offering, helping you tailor your business to meet the needs of your target audience.
Conducting thorough market research, including a detailed SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis, is paramount before introducing a new product or service. Investing time in understanding your market landscape should provide a nuanced understanding of both current trends and potential challenges. A timely comprehensive approach ensures not only that there is a demand for what you’re offering, but also allows you to strategically align your business to meet the specific needs and preferences of your customer.
3. Monitor Key Performance Indicators (KPIs)
Establishing, understanding, and tracking Key Performance Indicators is crucial in evaluating your business’s health. Whether it’s sales, customer satisfaction, or operational efficiency, KPIs provide insights into your growth trajectory and where you might need to improve.
I’ve always payed close attention to sales, net profit, income per hour, conversion rate, retention rate, and average client value. I also look at benchmarking against other similar businesses via my accounting software.
4. Create a marketing budget and plan
A well-defined marketing budget is a compass guiding your promotional efforts. Allocate resources strategically to maximise reach and impact. This financial discipline ensures your marketing campaigns align with your business goals.
As a guideline, I allow approximately 7% of turnover for my marketing budget. I’m lucky that I can create my own brand design visuals and website and maintain it, but I do get expert help with marketing and also allow for a networking budget.
5. Build and maintain a consistent brand identity
Your brand is the face of your business. Develop a strong and consistent brand identity across all marketing channels frequented by your target audience. A cohesive brand image fosters trust and recognition, essential elements for long-term success.
This is obviously where I can lend a hand should you need it. I offer Brand & Web Packages specifically for start-ups and SMEs, plus bespoke brand, design, and digital solutions for established businesses looking to refresh their brand or even rebrand. Get in touch and I can advise what would be best for you and your company.
6. Invest in yourself and your business
In the dynamic business landscape, continuous learning is non-negotiable. Allocate time and resources to enhance your skills and knowledge. Investing in yourself directly contributes to the growth, resilience, and adaptability of your business.
One of my largest growth periods for my business came when I invested in myself and the business by hiring a Business Coach. I had very little work coming in and even less in my bank account – but I chose to invest what I had and it paid off threefold within 6 weeks.
7. Forge strategic collaborations
Recognise your strengths and weaknesses. Seek out collaborations with individuals or businesses that complement your expertise. Strategic partnerships can fill crucial knowledge gaps, foster innovation, and open new avenues for growth.
One of my best strategic collaborations has been working with Silvia from PinkSEO Marketing. We initially met at The Athena Network, a network which encourages strategic collaborations between female-led businesses and we’ve since collaborated successfully on brand, web and SEO solutions. I’ve learnt so much from Silvia and her team over the years. Without a doubt this partnership has enabled me to provide a better service offer to my clients.
8. Celebrate wins and review losses
Acknowledge and celebrate your achievements, no matter how small, but of equal importance is reviewing setbacks objectively. Learning from failures is integral to refining your strategies and bouncing back stronger.
As you’ve probably read or seen, I’ve been celebrating 10 years in business this year. It’s not all been smooth sailing though. I’ve had a few setbacks along the way, which I’ve reflected on and then processed in order to learn and hopefully not repeat again! My business is constantly evolving and my creativity strengthens with each new client.
9. Delegate and automate
As your business expands, delegation becomes vital. Identify tasks that can be automated or outsourced, allowing you to focus on high-priority activities. Delegating effectively enhances efficiency and productivity.
I started my business using FreeAgent – an accounting software that also provides me with clarity over my finances on a live basis, alongside year on year KPI reports. It also provides me with the ability to add projects and track expenses, time and profitability. Other great automations are MailerLite for easy-to-use email software. Further invaluable assistance came from having a Creative VA to manage my social channels and assist with ad hoc admin tasks.
10. Practice gratitude and persevere
Amidst the challenges, maintain a spirit of gratitude. Reflect on the positive aspects of your journey, and use them as motivation during tough times. Remember, success often requires perseverance. Don’t give up; instead, adapt, and keep moving forward. A solid brand and business should always evolve. As should we as individuals.
A decade in business is a remarkable milestone, marked by growth, resilience, and continuous improvement. By incorporating these 10 tips into your entrepreneurial journey, you’ll hopefully be better equipped to navigate the complexities of the business world, fostering sustainable success for years to come.
I hope you’ve found this article both useful and inspiring. I feel very grateful for all the help and insights I’ve had over the past 10 years and I love to be able to give back to those who are just venturing out on their bold new plan. Here’s to the next 10 years!