A lot has been written on accomplished businesses around us. Its taught in courses at business schools and reviewed for business newsletters. They usually follow the journey of these businesses from being a startups to a multi million dollar setup. We are here to demystify the reasons for a successful business.
Whether it is the CEO’s acumen, work culture or huge seed capital behind it, we believe that the key principle to success in business is strategic planning for business success. If you’re a small business, here to unlock what smart business decisions involve then, you’re at the right place. Having a strong vision and mission in mind is important. Only a focused, empathetic leader with sound leadership qualities can accomplish what others fail to. Other than that, there are several reasons for a successful business that are involved in the successful business plan.
There can be many factors which impact the success of the business. You may be wondering about the reasons for a successful business that grows your business to the next level. Business management is a crucial factor involved in its success. There are a plethora of platforms and tools in the market available to help businesses manage their workflows, customers, employee management, and their online presence. Xoopah is one such all purpose platform that is empowering business to streamline their customer management, payments, marketing, booking and scheduling etc.
Starting a business and keeping it afloat is obviously difficult. Few succeed at running their business. According to research, almost 65% businesses have started and failed in the last ten year. Inspite of these gloomy statistics, we are not here to look at business who have shut down. It’s important to look at what they didn’t focus on. What are the steps they could’ve taken to save their business? Would they have saved their business? The recipe of successful business can be learned from failed and highly successful businesses.
Uncovering 4 Reasons For A Successful Business:
There are many factors that drive business success. Let’s demystify the business success of those who do survive the fifth, tenth or eighth year since their inception.
According to Forbes, the number of businesses who survive falls sharply after he fifth year and only one in three manage to stay afloat. Stick around till the end because Xoopah is involved in unique ways, making small businesses successful. You can be one, too!
Take a look at what steps these successful businesses took that other businesses overlooked. Not only this, we have also shared the key ingredients to include in the successful business plan.
Adequate financial planning
It goes without saying that without investment and capital, businesses cannot run their operations. However, with a sound financial planning startups and small businesses can manage their budget and not go overboard with their expenses. When starting your business, it is easy to spend beyond your means.
With new capital in hand, you might think that you need an exclusive office space, high tech equipments and a chic furniture but you don’t. Businesses in their infancy tend to run out of capital easily. This leads to entrepreneurs spending their own savings or doing salary cuts which can lead to loss of talent. Also, companies need to learn to remain frugal and work towards achieving financial milestones first. Similarly, looking for investors or bank loans can be frustrating after you’ve run out of capital.
This is why you need to keep an eye on the key performance indicators, so you can maintain a strong portfolio. The successful business plan for any accomplished business includes strong adherence to milestones. This helps them stay focused on their mission.
Successful businesses have a smart marketing plan
The reasons for a successful business rely on your social media presence and how you connect with our customers. Your strategic planning for business success must include a target and lead focused social media strategy. Whether it is running paid ads, writing white papers or long form content for your blog or an Instagram stories, you need a unique branding that resonates with your vision.
However, managing social media accounts, converting leads and responding to customer queries or feedback can be challenging for marketers. This is why you need an all purpose platform like Xoopah. This portal allows users to manage all social media posts, respond, and keep track of how many leads are turning from cold to hot.
Xoopah has a social media and a customer management portal which allows them to chase cold leads, improves the onboarding process and helps users manage customer contacts. For example, if you receive a query or a negative feedback from a customer on social media, your customer service team can easily access all the information related to that customer.
This way you can see how they can be reached more personally beyond dropping a comment. Your successful business plan should be centered around how to manage your customer base and growing it further with a tried and tested social media strategy.
Organized management is one of the best principle to success in business. It is a pretty basic perquisite to business success. Having well organized employee management results in better employee performance. From assigning tasks and responsibilities, managing payroll, to keeping track of you4r key performance indicators, all of these have to be in sync. Enterprise resource planning platforms like Zoho and Odoo allow users to streamline document management, employee attendance, payrolls, and multiple integrations.
Your employee performance is deeply dependent on how good your workflows are. Arrange meetings for when you run into roadblocks to figure out and test workflows. For this purpose, you would also need to integrate platforms and tool to sync each team and make collaborations smooth.
One of the key principle to success in business is a strong team. For Startups, it is difficult to manage employee retention. One way to deal with this issue is to have open streams of communication through clear workflows to avoid frustration. Aid in your employee’s performance so they do not feel alienated and you can keep track of your ROI.
Happy customers are the key to success
Customer service is one of the key principle to success in business. Your strategic planning for business success must be focused on how your going to manage incoming queries from leads. For this purpose, there are many solutions in the market for this purpose.
Manage your online presence with Xoopah:
Xoopah has a unique solution which has helped many small businesses with Google My Business Account management. This will allow you to rank better among local businesses. Connecting with potential customers and old ones is now easy if you have the Google My Business account has the address and contact information synced with your Xoopah account. You can also market your products and service better. Just add your service hours to ensure maximum availability. You can learn more about how Xoopah can help you manage your business.
Design a smooth payment process
A good customer service also ensure smooth payment process. From wite transfers to integrated payment gateways, you can use the option that suits your business and customer base. Xoopah helps small businesses with swift payment transfer. This will leave a good impression on your customer base.
We have a designated Xoopah Invoicing Platform for businesses to manage invoicing documents, receipts, send payment reminders and receive payments via messages or email. We also have an invocing platform where you can view all of your invoices in one place and their payment status. With this tool you can be completely transparent with your customer about the payment and they can complete the payment process within seconds.
Our invoicing portal allows users to also create invoices in real time. You simple need to add the customer, select the payment method, items that the customer is billed for and then review the order summary.
Unlock business potential with Xoopah
Xoopah is an all in one platform designed to help small businesses manage their daily workings. From managing your customers, responding to queries and reviews to converting leads easily, all fo this can be done from one Xoopah platform. This also includes customer payments, invoices, and developing an engaging marketing campaign that will convert cold leads.
Managing your online presence is not linear. At Xoopah, we use a top to bottom approach to building your online brand. We help businesses optimise their image through Google My Business account, customer reviews and streamlined social media presence. Implement the reasons for a successful business with Xoopah.
The goal is to help small businesses manage their workflows in a better and more streamlined manner. You will not miss the sight of your vision and mission with Xoopah. Its contact management portal streamlines retained customers, saves all customer information, and onbaords new conversions as well.
So, what’re you waiting for? Join Xoopah today to get started on your business success today by booking a demo today!
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