{"id":25481,"date":"2023-07-12T14:31:57","date_gmt":"2023-07-12T14:31:57","guid":{"rendered":"https:\/\/swoopfunding.com\/us\/?post_type=blog&p=25481"},"modified":"2024-01-03T10:35:15","modified_gmt":"2024-01-03T10:35:15","slug":"how-to-run-a-successful-business","status":"publish","type":"blog","link":"https:\/\/swoopfunding.com\/us\/blog\/how-to-run-a-successful-business\/","title":{"rendered":"How to run a successful business"},"content":{"rendered":"
More than 5 million businesses were launched in the US<\/a> in 2022<\/span>. They joined the millions of existing organisations that already power our economy. Some of these many businesses will fail, but many others will succeed, with some becoming giants and major household names. But what is it that makes the difference between a business that succeeds and one that doesn\u2019t, and how can you ensure your business is in the winning circle? Read on to discover all you need to know about running a successful business.\u00a0\u00a0<\/span><\/p>\n You hear the term \u2018successful business\u2019 quite a lot, but what does that mean? For many people, it means a\u00a0 business that makes strong profits and for the owners, delivers wealth and a good lifestyle. However, the truth is, \u2018success\u2019 in business can mean many things:<\/span><\/p>\n So, success in business can mean whatever you want it to mean, but no matter what your definition is, sticking to a plan and keeping sight of your goals are essential to succeed.\u00a0<\/span><\/p>\n Building and running a successful business is hard work and if you\u2019re starting a new business for the first time, you should be prepared to work harder than you may have ever done before. Commitment and a determination to win are vital commodities in the race to create a successful business. If you have these, and a great idea, you may achieve your business goals, (and more). But to get you started, here are seven solid tips to get you on your way:<\/span><\/p>\n No matter what you sell, or how you sell it, the customer experience comes first.<\/span><\/p>\n Customer experience, (known as CX in business terms), is the secret sauce for business success. When your customers feel they are appreciated and your products, services, customer support, and brand positioning give them an experience they will find difficult or even impossible to get elsewhere, you create lasting brand loyalty and can drive customer retention \u2013 which reflects itself in higher sales.\u00a0<\/span><\/p>\n (According to <\/span>Harvard University<\/span><\/a>, increasing your customer retention rate by just 5% can increase your sales by 25% to 95% depending on your business sector).\u00a0<\/span><\/p>\n So what does this mean in practice? It means every element of your business proposition, from the products and services you sell and the way your website or app works, to your marketing approach and your social media communications, must be designed to give the customer an experience that\u2019s better than your rivals. Is this easy? No, it isn\u2019t. But if you get it right, your customers will stay with you, support you, and act as your brand ambassadors wherever they go.\u00a0<\/span><\/p>\n Points to consider:<\/span><\/p>\n This doesn\u2019t mean just a great idea. It means the idea and everything that goes with it must make an impact that resonates in a crowded marketplace. Sometimes, you may not even need a new idea. It\u2019s perfectly possible to take a concept that\u2019s been around for years and then improve it, repackage it, enhance the value it delivers and the service you provide (such as a money back guarantee), and you can create a market winner. However, <\/span>the key to every successful business concept is that is answers a problem<\/b>. It must be the best solution to a pain point that your target audience is suffering. Be the answer your potential buyers have always been looking for and they will support you all the way.<\/span><\/p>\n Points to consider:<\/span><\/p>\n Value can be determined by two things \u2013 is the product or service reasonably priced, and does it deliver a solution that\u2019s worth more than the sum I just paid? This goes back to point 2. If you can create a compelling concept that solves a nagging problem, you\u2019re halfway there. Next, ensure your price point is less than the perceived value of the solution you provide \u2013 for example, you provide a product or service for $20 that would have cost someone $100 to achieve before. This is called your \u2018value proposition\u2019. When it\u2019s greater than the cost of entry, buyers will be drawn to your door.\u00a0<\/span><\/p>\n Points to consider:<\/span><\/p>\n Economies change, fashions change, technologies change, consumers change. Successful businesses ride the waves of change, adapting and responding to the shape of things to come. The business landscape is littered with the wreckage of once great companies who failed to change with the times, got left behind, and fell away. To avoid a similar fate, embed the ideas of continual development, an adaptable business model, and a willingness to change to meet evolving ing demand into your business\u2019 DNA. Nobody ever went broke by being on trend.<\/span><\/p>\n Hesitation is the enemy of successful businesses. When you\u2019re faced with an issue, such as a product line that\u2019s not selling, be prepared to make the bold decisions that will deliver the best fix, and do it as soon as the issue appears, not after waiting months and hoping for a miracle that may never come. Take the same approach to problem-solving, instead of looking around to see what your competitors are doing \u2013 and they most likely haven\u2019t fixed the same problem either \u2013 ask yourself what they haven\u2019t done. Where\u2019s the solution that hasn\u2019t been tried yet? Be prepared to experiment. It may just give you the market edge that boosts your business to the next level.<\/span><\/p>\n Points to consider:<\/span><\/p>\n This goes back to points 4 and 5 \u2013 stay alert to changes and events within your industry and your customer base. Encourage your team to do the same. One of the easiest ways to fail in business is to lose focus of your goals. Good attention is mandatory \u2013 and so is mindfulness; when you and your team are optimistic and aware, you work better together.\u00a0<\/span><\/p>\n Points to consider:<\/span><\/p>\n Building a business can be mentally and physically demanding. Keep some time for yourself. Visit friends, enjoy a sport, just get away from work on a regular basis to let your batteries recharge.\u00a0 Remember\u2026 the best ideas are usually born from the experiences we encounter when we\u2019re away from our desks.<\/span><\/p>\n Few businesses succeed without strong financial help. This means loans, leases, credit lines, even invested equity from lenders and financiers who understand your sector and support your business model. Shopping around to secure the best deal is essential, but finding good financial help can be difficult and time-consuming, especially for young businesses. Without expert guidance, SMEs can find themselves forever searching for finance that suits their individual needs. Instead, working with a broker who can give you <\/span>access to a wide range of lenders<\/span> from a single source is a better way to go. No more cold calls and endless demands for information, just tell us what you need and leave the rest to us.\u00a0<\/span><\/p>\n Give your business the financial help it needs to succeed. Register with Swoop<\/a> today for the best:<\/span><\/p>\n More than 5 million businesses were launched in the US in 2022. They joined the millions of existing organisations that already power our economy. Some of these many businesses will fail, but many others will succeed, with some becoming giants and major household names. But what is it that makes the difference between a business […]<\/p>\n","protected":false},"author":26,"featured_media":25482,"comment_status":"open","ping_status":"closed","template":"","category":[344,340],"acf":[],"featured_image_urls":{"full":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled.jpg",2560,1708,false],"thumbnail":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-150x150.jpg",150,150,true],"medium":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-300x200.jpg",300,200,true],"medium_large":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-768x512.jpg",768,512,true],"large":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-1024x683.jpg",1024,683,true],"1536x1536":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-1536x1025.jpg",1536,1025,true],"2048x2048":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-2048x1366.jpg",2048,1366,true],"image_blog":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-408x252.jpg",408,252,true],"image_podcast":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-397x298.jpg",397,298,true],"image_banking":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-30x20.jpg",30,20,true],"image_blog_internal":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-840x480.jpg",840,480,true],"image_blog_medium":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-1024x500.jpg",1024,500,true],"image_single_banking":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-80x53.jpg",80,53,true]},"post_excerpt_stackable":" More than 5 million businesses were launched in the US in 2022. They joined the millions of existing organisations that already power our economy. Some of these many businesses will fail, but many others will succeed, with some becoming giants and major household names. But what is it that makes the difference between a business that succeeds and one that doesn\u2019t, and how can you ensure your business is in the winning circle? Read on to discover all you need to know about running a successful business.\u00a0\u00a0 How do you define ‘success’ You hear the term \u2018successful business\u2019 quite a…<\/p>\n","category_list":"SME support<\/a>, Swoop guides<\/a>","author_info":{"name":"Chris Godfrey","url":"https:\/\/swoopfunding.com\/us\/author\/chris-godfrey\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled.jpg",2560,1708,false],"thumbnail":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-150x150.jpg",150,150,true],"medium":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-300x200.jpg",300,200,true],"medium_large":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-768x512.jpg",768,512,true],"large":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-1024x683.jpg",1024,683,true],"1536x1536":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-1536x1025.jpg",1536,1025,true],"2048x2048":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-2048x1366.jpg",2048,1366,true],"image_blog":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-408x252.jpg",408,252,true],"image_podcast":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-397x298.jpg",397,298,true],"image_banking":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-30x20.jpg",30,20,true],"image_blog_internal":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-840x480.jpg",840,480,true],"image_blog_medium":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-1024x500.jpg",1024,500,true],"image_single_banking":["https:\/\/swoopfunding.com\/us\/wp-content\/uploads\/sites\/3\/2024\/01\/successful-business-featured-scaled-80x53.jpg",80,53,true]},"post_excerpt_stackable_v2":" More than 5 million businesses were launched in the US in 2022. They joined the millions of existing organisations that already power our economy. Some of these many businesses will fail, but many others will succeed, with some becoming giants and major household names. But what is it that makes the difference between a business that succeeds and one that doesn\u2019t, and how can you ensure your business is in the winning circle? Read on to discover all you need to know about running a successful business.\u00a0\u00a0 How do you define ‘success’ You hear the term \u2018successful business\u2019 quite a…<\/p>\n","category_list_v2":"SME support<\/a>, Swoop guides<\/a>","author_info_v2":{"name":"Chris Godfrey","url":"https:\/\/swoopfunding.com\/us\/author\/chris-godfrey\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/blog\/25481"}],"collection":[{"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/types\/blog"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/comments?post=25481"}],"version-history":[{"count":2,"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/blog\/25481\/revisions"}],"predecessor-version":[{"id":25489,"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/blog\/25481\/revisions\/25489"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/media\/25482"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/media?parent=25481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/category?post=25481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}How do you define ‘success’<\/strong><\/h2>\n
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What are the steps to running a successful business?<\/strong><\/h2>\n
1. Prioritise enhancing the customer experience<\/strong><\/h3>\n
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2. Develop a compelling and impactful business concept<\/strong><\/h3>\n
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3. Deliver value to your specific target audience<\/strong><\/h3>\n
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4. Embrace adaptability and responsiveness<\/strong><\/h3>\n
5. Demonstrate bold decision-making and innovative problem-solving<\/strong><\/h3>\n
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6. Foster attentiveness and mindfulness<\/strong><\/h3>\n
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7. Engage in external interactions beyond the office environment<\/strong><\/h3>\n
Always shop around for business loans and banking products<\/strong><\/h2>\n
Build business success with Swoop<\/strong><\/h2>\n
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