Pave the Path for Business Success by Following these Core Principles

Anyone can start a business. But it takes following certain vital principles to grow your small business into one which lasts for decades.

The truth is, many entrepreneurs find it challenging to run successful businesses because they are unaware of these core principles. The start-up failure rate in Australia is a staggering 90%. This means 9 out of 10 new small businesses don’t make it beyond the first 3-5 years mark.

To ensure that your new business doesn’t join this failure rate, you’ll need to implement the following five essential principles that are imperative for sustainable growth:

1. Narrow down on your vision and live by it 

Your company vision refers to your long-term, strategic goal. It’s your company’s true purpose and what you see your business growing into.

It’s essential to know and understand what your corporate vision is. Knowing this can help you align all your activities to help you fulfil this purpose. When you are unsure about your business’s vision, it can become challenging to maintain a consistent and disciplined focus on growth. You may end up making sloppy decisions, and this disjointed effort will end up in your running around in circles. But, by having an authentic purpose and vision, you can build a stable ladder for success.

Take Microsoft, for example. Its vision statement is “Empower every person and every organization on the planet to achieve more.” Each technology that Microsoft develops is geared towards helping make this vision a reality.

2. Focus on your company branding 

Corporate branding is an indicator of your business’s inherent beliefs. It represents what you stand for and who you support. Branding performs a two-fold purpose in today’s world. Apart from being the façade that a company portrays externally, it is also a force that influences its internal environment.

Customers today are more aware of the problems in society than ever before. We are all starting to move towards greater inclusivity, accessibility and dignity of life. Your business brand should reflect that your company is for everyone. Alienating a specific group of people or maintain an outdated stance can have a devastating impact on the longevity of your business.

Businesses need to create a brand that instils trust and respect in customers and vendors alike. Some ways to do this are:

• Clarify what your actual business values and intent are towards customers.
• Associate with like-minded influencers and brand ambassadors so that they can share your message.
• Be accountable for the promises you’ve made to customers.
• Use your position to help improve your customers’ lives.
• Be selective about what resources you use and make a move towards an eco-friendly business practice.
• Implement an equal employment policy and hire people from all walks of life.
• Ensure any content that you create encapsulates your brand values.

3. Don’t shy away from technology. 

Technology is the driving force of today’s business landscape. Technology makes it incredibly simple for small businesses to provide their services. Simultaneously, technology makes it very accessible for customers from around the world to purchase from the companies of their choice.

Current research shows that 69% of Australian businesses are undergoing digital transformation to keep up with the needs of their market. You don’t want to be left behind by choosing to forego technology. From enabling simple technologies such as digital payment options to leveraging cutting-edge technologies like AI and ML, companies can do a lot to avoid becoming redundant.

Additionally, technology in the form of workplace automation, remote working environments and IoT, are creating more productive and efficient workspaces. A McKinsey report states that Australia’s economy could grow by $2.2 trillion thanks to business automation.

Technology is also facilitating quick upskilling of employees and data privacy & protection. This ensures that your company has the right resources to reach the market quickly with new products/services.

4. Let your customers lead the way. 

Small businesses thrive when they stop taking unilateral decisions. Your products and services need to please the customers who are buying them. If you fail to take your customers into account in your decision-making, you could end up creating offerings that offer zero value to your market.

One of the main things to remember is that companies must change their approach towards business as the world changes. The strategies and offerings which worked well ten years ago, my work dismally now. Additionally, what didn’t work ten years ago may be exactly what your market needs at the moment.

Your customers (and leads) will undoubtedly show signs of what they’re looking for from you. All you need to do is listen to them. Here’s how you can do this:

• Conduct social media polls to learn your customers’ opinions about different things.
• Track social media trends to see what your target market is talking about at the moment.
• See what the biggest names in the industry are doing and try to mimic the new trends they’re following.
• Email your past customers requesting feedback about your products.
• Use website and campaign analytics tools to check how people interact with your brand.
• Imagine yourself being the customer and trying to guess what better solutions you may want from the brand.

5. Give back to the community. 

A business’s success isn’t related solely to the entrepreneur’s hard work. Instead, it is the collective effort of the community the company is situated in.

For example, your investment in state-of-the-art equipment is useless if you don’t have the right workers who can use them well. If your municipality doesn’t give you certain utilities at discounted prices, you may not have the resources you need to succeed in your market. If your geography were not this rich in natural resources, you would not have been able to give your offerings at such affordable prices.

It’s essential to give thanks to the community and the environment which has helped you thrive. Doing so will create a helpful and generous environment that can continue to support your business growth.

Some of the ways you can give back to the community are:

• For every natural resource you utilize, find a way to give back to the earth. For example, plant three trees every time you cut down 1 for your business.
• Hire people locally and generate employment.
• Initiate a clean-up of the neighbourhood’s lands and water bodies so there’s no outbreak of diseases.
• Donate a portion of your profits to charitable institutions.
• Volunteer at local orphanages, pet care centres etc. and have programs where your staff can volunteer too.
• Provide free food, medicines and support to the community during natural disasters and pandemics.
• Support another budding local or indigenous business and help them grow.

Summary 

By following the above principles, you’ll find that it is easier to build a small business that is sustainable and successful. While you’re following our tips above, consider getting business insurance for your small company against any risks and vulnerabilities. You can learn more about business insurance on this website.

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