Inside Secrets to Running a Successful Business

Small businesses are the main driver of the American economy. Nearly half of all jobs in the United States are created by small businesses (46.4 percent), and small businesses are often pinpointed as communities’ greatest source of innovation, economic growth, and social prosperity. In fact, small businesses represent 99.9 percent of all businesses in the US. And while most have a success rate of about 80 percent in their first year, more small businesses tend to fail between the 5-year and 10-year mark. 

Running a successful business requires more than just an innovative idea or a solid business plan. It involves consistently making the right decisions, building strong relationships, and staying on top of the numbers.Successful BusinessSuccessful Business

Value your customers 

Customers are the lifeblood of any business, and it is crucial to make sure they are happy and satisfied. One of the most significant ways to ensure customer satisfaction is to provide excellent customer service, which involves going above and beyond to meet their needs and expectations. 

“You find yourself growing when you become more customer-focused in your decision-making around product offerings and pricing,” stresses Scott Bonvissuto, President of Console Vault. 

As a leader with over 20 years of experience in the automotive aftermarket accessories industry, Bonvissuto understands well the importance of taking customer feedback seriously. Whether positive or negative, feedback can help a business improve its products or services and, ultimately, its bottom line. “Encouraging customers to leave feedback through surveys, social media, or other channels can be a great way to gather valuable insights,” Bonvissuto adds.

More importantly, however, is to make sure that your customers feel appreciated and valued. This can be achieved by offering loyalty programs, personalized communication, and other incentives. Taking the time to get to know customers and their needs can go a long way in building long-term relationships and repeat business. “At the end of the day, if you have no customers, it means you have no business,” says Bonvissuto. 

Surround yourself with the right people

When building a team, it is essential to look for individuals who share the same values and work ethic. Skills can be taught, but a person’s values should match their company’s overall mission. 

Incorporating a hiring process that takes into consideration the candidate as a whole — including their values, goals, and needs — will help create the best team for the company, since having the right team in place can make all the difference in the success of a business. “Without your team,” advises Bonvissuto, “you can’t effectively serve your customers.”

The most important part of developing a good team is communication. An employer that encourages communication across departments helps maintain high morale. 

It’s important to address any individual issues or challenges that employees may encounter, both professionally and personally. Promoting open communication fosters a positive work culture and creates a supportive environment in which everyone feels heard and valued.

Pay attention to your numbers

Running a successful business requires a deep understanding of the numbers. This involves keeping track of financial metrics such as revenue, expenses, and profit margins, as well as operational metrics such as customer acquisition costs, customer retention rates, and employee productivity. 

According to Bonvissuto, “It’s all about developing key performance metrics for your particular business.” Regularly reviewing and analyzing these metrics can help a business identify areas for improvement and make informed decisions. “Developing key performance metrics for your particular business can help you make real-time decisions about your business processes and resource allocation to maximize customer service and profitability,” he says.

For example, if customer acquisition costs are high, a business may need to re-evaluate its marketing strategy or adjust its pricing. If employee productivity is low, a business may need to invest in training or restructure its operations.

Running a successful business requires a multifaceted approach that can be simplified into three core components: customer satisfaction, a solid team, and targeted financial analysis. With dedication, perseverance, and hard work — and these three secrets — any entrepreneur can achieve their goals and make their mark and join the millions of small businesses in the US.