However, you shouldn’t get discouraged. It is possible to overcome these sobering statistics. For one, there are things you can do to increase your business’s chances of success. Below are some helpful tips that can do just that.
Create a Business Plan
Some business owners think business plans are only useful when trying to get a loan from a bank. This is simply not true. A business plan can be thought of as a blue print for how your company will do business and turn a profit. Without all these details specified in a plan, you can sometimes feel lost when trying to stay in the black each month. According to a survey, a business plan can actually double your chances of success.
Repair Your Business Credit
When you go through hard times as a business, sometimes your business credit rating can take a big hit. This can compound your problems in the future. You may not be able to get the kind of loans you need. You may not be approved for business credit accounts with acceptable terms and interest rates.
Repairing your credit can take some work. However, if you are in it for the long haul as a business owner, it’s certainly worth the effort. This may require steps such as keeping your credit usage under 30 percent of your total allotted lines of credit. You should also seek out credit repair services. Read creditrepair.com reviews and reviews for other services as well when making your choice.
Backup Your Data
With big data strategies on the rise in the business world, a business’s data can become one of your strongest advantages over your competition. With the use of big data analytics software, you can use all the data you’ve collected regarding products, customers, sales and more to predict future trends so you will be able to make the largest profit possible.
However, data is something that can also vanish in an instant. Even tech giant Google lost massive amounts of data due to a a simple lighting strike. You shouldn’t only be storing your important business data in-house. You should also be making routine automated backups to either the cloud or a separate location to ensure that you never lose all that valuable data.
Study Your Competitors
It’s important to develop your own identity in your given market. For example, there can only be one McDonald’s. Trying to directly replicate McDonald’s is foolhardy. You’ll come off as a knock-off and never really be able to eat into McDonald’s market share. However, many other burger companies are able to exist simultaneously in the market. This is because they have developed their own unique identities.
Still, there are many things you can learn from your competitors. For example, if your direct competitors offer apps to customers, it may be a good idea to develop your own. You don’t want to be left in the dust in regards to significant trends that can give your competitors strong advantages over you.
Plan for the Future
Most of the largest businesses in the world started rather small. Apple, for example, started in a garage. While many people are satisfied with the businesses they have, there is always the possibility of growing the business and increasing your profits and success. If you really want to create something significant that you can pass onto your children, begin planning for your business’s future immediately. Don’t be afraid to be ambitious either.
Running a business isn’t easy. Most fail over the long term. However, if you put in the extra effort, you can make success much more likely. You may, in fact, be able to build a business empire that you can pass on to your children. The sky is really the limit.