Starting a business is hard work, for you have to register in several offices, decide on a business model, and find your niche. However, if starting your business is difficult, then, keeping your business alive is way harder. Despite the hardships in maintaining a business, being able to carry on and pass your business to the next generation is worth it, since you will have successfully given people opportunities to succeed. Here are some successful business practices which have helped keep businesses alive and well.
Be Ready to Shatter Tradition
One way in which you can keep your business alive and allow it to grow is to be ready to shatter tradition. This can help your business because it will allow you to find a new customer base for your products and services. For example, Vincent Kennedy McMahon bought the World Wrestling Federation (WWF) from his father in 1983, and he turned it into an entertainment company. Before, professional wrestling promotions portrayed their craft as a legitimate sport, which made it attractive in Japan, but not so in the USA. McMahon brought wrestling into popular culture by focusing more on entertainment than sport. So, bucking tradition will bring you more customers. Just be careful, since if done wrong, it can cost you dearly.
Think of the Customer
When running your business, you must always think of the customer. This is because your customers, regulars or not, are what keep your business strong and alive, for their patronizing of your business is what keeps the revenue coming. So, put their needs first, before thinking of any wacky ideas. For example, McDonald’s sold spaghetti on their menu, but it failed miserably, for they could not set their pasta apart from the rest. However, it was a big hit in the Philippines, since they were able to adapt it to the Filipino palate. So, you must always think of the customer when designing products, and don’t be dismayed if one part of your customer base hates it, for another customer demographic is likely to enjoy it .
Treat Your Workers Fairly
Another successful business practice all entrepreneurs must live by is fair treatment of workers. Your workers, employees or contractors, also keep your business alive by making your entrepreneurial vision reality. So, treat them fairly, and don’t be like World Championship Wrestling (WCW), which treated its established stars better than their young talent, which led the younger wrestlers to move to the WWF. So, in the end, neglecting a certain group of employees cost WCW dearly, so please, treat your employees fairly and equally.
Acknowledge Your Limitations
Another thing you must remember when running your own business is to acknowledge your limitations. After all, you cannot manage your business on your own, unless you are ready for burnout. For example, the Beatles was the world’s best band, but when managing their company, Apple Corps., John, Paul, George, and Ringo were terrible at it. This was because they were splitting their focus between their music and managing Apple. So, just because you are good in making your product does not mean you are good at selling it, or at maintaining your accounts. So, please, acknowledge your limitations and delegate if necessary. Don’t spread yourself too thin.
Maintaining Your Business is Hard Work
In the end, even though it may be harder to maintain and grow your business than starting it, it will be worth it in the end, since you will have touched many lives. Just remember to follow these business practices, and your enterprise will not only survive, but flourish.