About 20% of business startups fail in the first year, and about half of it succumb to business failure within five years. Only 33% of them survive by the year 10. This statistic is pretty alarming but shows how important a strong foundation is for any business to succeed. Without it, you may experience chaos throughout your entrepreneurial journey.
Building a stronger foundation for your business
Having a strong foundation will make it easier for your business to navigate different situations. The business plan you have built will go smoothly the stronger your foundation is. Here are the crucial elements you need to build a strong foundation and achieve success:
Execute a business plan that allows more room to adjust
Your business plan should be effective and solid. However, it also should have more space for you to make adjustments when necessary. Try to focus on listening, learning, and evaluating. And when there’s a time for you to adjust, do it accordingly to keep your business thriving.
Build a content strategy that is client-focused
Get to know and understand your customer base better, so you know where to focus your effort. You can listen to employee feedback, market research surveys, and client surveys. The information you get from these efforts helps guide you to make an informed decision about what to do to get the best results.
Create user-friendly website
Today, an online platform has a critical role in the growth of the business, especially in customer experience. By creating a user-friendly website, your prospective and existing customers can navigate their way to finding information about products or services.
Implement SEO strategies
It’s beneficial to build SEO and regularly evaluate its effectiveness in boosting your leads. Building SE by optimizing links to your site, publishing high-quality content, customizing your offerings, and finding the right keyword for your niche.
Utilize social media power.
Social media is a powerful instrument for building a strong business foundation. It’s an online platform where people spend their hours searching for information and socializing with each other. It’s a great place to get to know your audience, build valuable relationships, and generate more leads.
Build a solid customer base.
It’s recommended to incorporate your community into your business plan. Your customer base can be a great advocate for building a larger community. Great advocacy can help build a stronger foundation and market your offering more efficiently.
Conduct employee satisfaction surveys.
This is a non-negotiable step every business owner should take. Your employees have a direct impact on your business. Happy and satisfied employees are key to productivity. Thus, getting feedback from them can help improve your company culture, which is an important element for a business foundation.
Assign the right people the right tasks.
Put people in the right roles to optimize their growth and development and the productivity of your business operation. Transition employees to roles where they are best suited will lead to a positive ripple effect within your organization as a whole.
