When you’re starting a successful small business, you have a long list of things you need to buy and programs you want to invest in to guarantee success. About 33% of small business owners report that a lack of funding is a top business challenge. While every business has different needs and therefore different lists, consider focusing on these three investments to guarantee a long and happy life for your business.
An Environment For Growth
As every real estate agent says, location matters. You want your business to be in a safe, clean, and convenient environment where customers and clients want to visit you. It won’t matter that you have high-quality goods and services if you’re not accessible to clients. You should also aim to have your business be surrounded by other thriving companies. When non-profits, stores, companies, and other organizations are successful, there is an increased likelihood that new ventures will bloom next to them. Having your business located in a thriving, urban environment will also give you the opportunity to connect with other businesses and the community.
Leadership And Business Training
Even for those who consider themselves to be natural leaders, learning the basics of effective leadership and sound business practices may save a company from collapsing. Approximately half of all businesses fail in the first five years. With training in skills such as strategic planning, effective hiring and marketing, time management, and conflict resolution, a small business owner can avoid common pitfalls and steer everyone towards success. Engaging employees in similar training sessions is also very helpful. In the United States, 95% of employees who went through conflict resolution training said that it helped them navigate workplace conflict in a positive manner and seek outcomes the benefited all parties.
Effective Marketing Strategies
No business will succeed unless they are targeting their intended audiences and advertising their goods and services accurately. Even a business on the smaller side needs marketing consultants that know successful strategies across a range of platforms. Direct mail strategies are still met with positive responses across a range of ages, but a strong online presence is becoming even more important. A majority of consumers use the Internet to find out more about a business. To reach every potential client, a small business needs engaging blogs and social media accounts.
All of these investments can lead a small business to long-term success for both its finances and for the employees of the company. By focusing on these key elements, you’ll be setting up your business for success for many years to come.