It can be difficult to determine exactly what makes a ‘good’ business, TNT Direct breaks it down and looks at what traits make a business successful.
Deciding to move into a business venture is just the beginning of a long and winding road. Of course, these days it can be tough in determining what exactly that wanting means. ‘Business’ is a broad umbrella term, and considering 8 out of 10 them reportedly fail, a strong sense of self awareness for companies is necessary.
Of course, the nuts and bolts of running a company are a whole lot more complex than a simple round up. For new UK SME’s out there, struggle is to be expected, with no such thing as hitting the ground running. Before starting anything too engrossing, it’s important to define what exactly ‘good business’ is.
All the firms out there claim to be the best at what they do, but empty air rhetoric will only get an SME so far. There must be something under the surface, nuggets of integrity littered through the chest puffing speeches and slogans.
Whether they’re selling lollypops or laptops, businesses must impress in every instance of a trade and build report through a strong personality. A decent suit and a strong speech might seem like shallow surface level factors, but they exude confidence and power, thus engaging clients and customers on a higher level.
Profits don’t matter if they’re wasted. Alarming statistics hound new businesses every step of the way, such as the fact that four in ten businesses flop before they even make it to the five-year mark. It’s certainly startling, and means that businesses cannot afford to waste resources.
Keeping track of funds is so incredibly important, especially in the wake of economic crises in random deficit crashes or Brexit. With such an unstable platform on which businesses can build, they’ll need to keep an eye out for any seismic shifts looming their way, and prepare for the hard times with some back up funds stored safely way.
Working with Others
From the earliest stages, the smaller companies must hit hard and really pack their punches. However, due to their size and limited resources, a good business will eventually realise there is only one path forward; calling in some back up.
By working with other companies, a company can boost its capabilities and build robust connections. For example, companies such as TNT Direct can help on the delivery side of things, helping a small SME reach more customers more often. In the end, establishing a network of allies only removes potential competitors, creating a working harmony where every business can benefit.
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