Did you know over half a million new businesses launch in the United States every year? The sad part is only around half of them will be around after five years, and percentages are much lower in certain industries. However, starting a business is a great accomplishment. But, surely you didn’t launch your enterprise merely to get an entrepreneurial participation trophy, right?
So, what does it take to win in the business world? It starts with having the right strategy and resources to execute your plans. Different industries require different approaches and tools, but there are some tips and resources that can help you no matter what field of business you’re in. Continue reading to learn about some great resources and get helpful tips for new entrepreneurs.
Provide leadership training and opportunities to top team members.
Employees like to feel they have an opportunity to climb the ladder in their workplace. Many companies that see high turnover rates fail to give their team members a chance for personal and professional development, leaving them feeling stagnated and dissatisfied.
Training your most productive team members to become first level managers will show them your company is a place they can grow. You’ll also see more people take initiative to be team leaders and put greater focus on organizational goals. Employees who don’t feel they can grow with your organization will eventually go elsewhere.
Use contact center software to enable remote working.
As you know, the COVID-19 pandemic forced the entire world to do things differently. One significant change was the use of a remote workforce for office operations. Many companies found that remote working increased employee productivity and helped them save money.
Contact center technology is a great tool for customer support teams working from home. Bright Pattern’s platform sets itself apart as a great solution for small, midsize, and large enterprises, as its use of innovative cloud-first technology makes it versatile and scalable. To learn more about what this powerful solution can do for your business, visit www.brightpattern.com.
Outsource essential professional services.
As we mentioned before, it’s a good idea to provide your employees with professional development opportunities, but you also must know what services to outsource. One reason many new businesses outsource certain professional services is they can pay for services rather than an employee’s time and resume, enabling great savings.
Most entrepreneurs expect to outsource legal services, but that’s barely scratching the surface. Different roles to consider outsourcing are building organizational structure, IT, accounting, human resources, and marketing. You may think outsourcing is expensive, but it costs pennies on the dollar compared to the recruiting, hiring, and onboarding process, which isn’t guaranteed to yield good fruit.
It’s a good idea to diversify your holdings.
You’re probably familiar with the adage about not putting all your eggs in one basket, and it’s true. Most successful entrepreneurs have investments outside of their business. Diversifying your financial holdings will give you financial security. Of course, it’s a good idea to do in-depth research and consult a financial advisor before investing.
Hopefully, this article showed you how critical it is to have the right tools and strategy to grow your enterprise. It’s a good idea to provide leadership training to your most productive team members to enhance your operations and keep your top talent. A remote workforce can increase team member morale and save money. Diversifying your financial holdings will provide financial security, and outsourcing key professional services provides access to affordable high-level talent. The right resource and strategy will help your chances of turning your start-up into an industry mainstay. Remember, winning in business is a marathon, not a sprint.
