Data from the U.S. Bureau of Labor Statistics shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.
As you probably know, this year marks OMD 9th year anniversary.
We are thrilled to have been able to thrive over the last 9 years despite going through a lot of hurdles and changes in our industry.
And I do have some lessons to share with you the key success factors that keep us going strong until these days….
So the question I’ve always asked myself is why some business excel and thrive and some don’t. I’ve done some research and also observed the most successful businesses that we have worked with and here are the key 4 things that they have in common….
1. Successful businesses have excellent level of services & understand their target market very well
I’ve always said to my clients that your wealth is in direct proportion with how well you know your target market.
Remember your target market is not female from 20s to 60 years old, I’ve talked a lot about this in our previous video called “3 Marketing Questions That You Must Answer”.
I’ll leave the link in the show note so you can check it out.
It is difficult to start up and sustain a successful business if you don’t understand your target market, or fail to listen to the customers you do have. When you don’t ensure that you’re keeping your services or products relevant to your customers and addressing concerns, how do you plan on keeping those customers ?
You need to Invest time in researching your target market and getting to know your existing customer base will go a long way towards maintaining a successful business.
Customer services is extremely important as it is the core of any business’s success look at the most successful businesses in your sector and study their customer services and really understand what it takes to deliver high level of services to generate more incurring customers and their referrals.
2. They do have a well-defined vision
Every company leader must have vision. Who do you want to become?
This is a skill or gift that every company leader needs in order to cross the finish line.
It will be the major force behind a businessowner’s success and will serve as a compass in tough times.
Businessowners must have a vision for what the business will look like, have a clarity both long or short terms, says 3 to 5 years what is your vision, I just want to know if you have a vision and then break that down and build shorter terms, more urgent goals that align with that vision.
3. They can stay nimble and deal with changes
Charles Darwin once said “It’s not the strongest of the species that survives, nor the most intelligent. It’s the one that is most adaptable to change.”
One of the key factors that causes some businesses fail is that they failed to adapt (and grow) when the market changes. …
The world is going a lot of changes rapidly, dealing with changes from the market for examples new technology, new competitors, customer behaviour and need changes, even the changes within your own team…how can you remain nimble and flexible to deal with all these changes?
Again, going back to your vision, if you have a very clear what future looks like for you,
Understand with what you can control and what you can’t and work with that framework.
Your team is such a big part of your success, if you share your vision with them, they are clearer about their roles and will help you achieve your goals and navigate through the tough times.
When you have a clear vision and a team around you, you have more confidence in investing yourself, your business.
4. They invest in the right processes and systems
One major thing that I’ve noticed from working with a lot of business owner is them being burnout with paperwork, all these tiny details and trying to find work life balance, wanting more personal time. When running a successful business, you need to think and act like an CEO of the business, this is what we call the CEO model , where we really look at better training people and setting up the right processes and systems for all main aspects of the business, you need to put you in the position of the CEO, not the manager not the front line people , then you can scale yourself and life becomes much easier.
Well these are the core 4 things that I believe are critical to any business success, what do you think? Based on your experience, what else should we be focusing on ?
Now as you know, sales and new patient conversion is the bloodstream of a business, and one of the key problems that I’ve seen over the years from struggling practices is that they don’t have a proven sales process in place that converts more enquiries into bookings.
We cover qualifying prospects in more detail, as well as many other topics, in our comprehensive sales training guide called the “7 Figure Samurai Sword Sales Guide For Clinics”. We have both electronic and audio versions for you, so check it out and apply what you will learn in it and you will see your new patient conversion rate improve immediately after you start applying it. Check it out!
I’ll leave a link to it in the show notes so you can purchase this guide.
Thanks for turning into this show. We hope you found some useful tips that can help better set your practice up for future success, and we hope to see you in our next episode.
By for now!
No Comments
Add Comment