Navigating the turbulent seas of the business world can be one huge arduous task, especially in today’s volatile economic landscape. Startups are mushrooming at an unprecedented rate, with a record 5.0 million businesses being launched in the U.S. in 2020 alone. Yet, the flip side of this startup boom is a harsh reality. The U.S. Bureau of Labor Statistics states that approximately 20% of new businesses close during the first two years of opening, 45% during the first five years, and 65% during the first ten years.
As a business owner, you may feel like a ship caught in a tempest, striving to focus on your business goals while contending with financial strains, customer retention issues, and fierce competition. So, how can you remain focused on your company’s objectives amidst these turbulent times?
The key is to find peace in the storm. Below, we’ll explore four strategic ways to do this:
Embrace Your Challenges
Every challenge presents a learning opportunity. An IBM Global CEO Study showed that 68% of CEOs believe that coping with change is their most pressing challenge. By embracing challenges, you can glean crucial insights to strategize and future-proof your business. This approach enhances resilience, an attribute indispensable for business owners.
Nurture Customer Loyalty More Than Onboarding
When you reach a specific point, you should focus more on loyalty than onboarding. The onboarding process is far more complex, time-consuming, and financially and mentally draining. It causes more chaos than calm.
The Harvard Business Review reports that acquiring a new customer is five to twenty-five times more expensive than keeping an existing one. More so, Gartner Group statistics reveal that over four-fifths of a business’s future revenue will come from just one-fifth of its existing customers. Therefore, nurturing customer loyalty through excellent customer service, high-quality products or services, and loyalty rewards is crucial. This not only ensures consistent revenue but also keeps you focused on your overarching business goals. This is achievable by giving the consumer incentive – if they spend, reward. There are also avenues of personalizing their experience or even going back to the basics and focusing on excellent customer service.
Set Clear, Achievable Goals
The importance of clear, achievable goals can’t be overstated. A study published in the Journal of Management found that setting challenging and specific goals led to a higher level of performance 90% of the time. Establish SMART (Specific, Measurable, Achievable, Relevant, Time-Bound) goals that align with your company’s vision. Prioritizing these goals helps steer your business through financial or competitive challenges.
Harness the Power of Technology
According to a report by Deloitte, 55% of businesses state that digital technologies are a significant driver of revenue. By harnessing the power of technology, you can streamline operations, boost customer service, improve delivery, and gain valuable insights for decision-making. That leaves you with more time and resources to focus on achieving your long-term business goals.
Finding peace amidst the storm involves embracing challenges, setting clear goals, nurturing customer loyalty, and harnessing technology. With these four strategies, you can keep your focus firmly on your business goals while adeptly navigating financial challenges and staying competitive. In the world of business, storms are a certainty, but with the right approach and tenacity, you can not only withstand them but chart a course towards success.
