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Past The First Year Of Business Hurdle? Here Is How To Maintain Your Success!

August 22, 2016 by  
Filed under Business, Money, Opinion, Tech/Internet, Weekly Columns

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(ThySistas.comIf you’ve heard the stats about how many businesses fail in the first year of business, you’ll know that those numbers are high! However, if you’re reading this article, it’s probably because you saw the title and thought “Hey! That’s us! We’ve passed the first year of business and we’re still up and running.”

First of all, congratulations! You’ve passed a huge milestone, and you should be incredibly proud of yourself. However, once you’ve enjoyed a couple of glasses of celebratory bubbly, you need to get back to work. Why? Because next up is the challenge of maintaining that success.

Hey, nobody said business was easy!

When it comes to growing your money, knowing the best ways can be difficult. In many areas of life, there is a lot to be said for saving carefully and living frugally. However, in business, as you will know by now, often you have to spend in order to make. So, this might be 2016-black-woman-business-ownerthat you need to spend on a stand at a trade show in order to get your name out there to more potential customers. These potential customers can then be turned into paying customers! Or, you might need to have a real push in terms of employee engagement, and hire an external company to help you with this. While more engaged staff mean they’ll give you a better output of work, there needs to be a financial investment to begin with. You could consider a bank loan, or a cash advance for merchants. Do your research and figure out what suits you and your company best.

On the topic of employee engagement, this is another aspect that can make or break a business. In the early days, everyone on your team is probably filled with enthusiasm and a keen manner. However, it is only natural and somewhat to be expected that this will start to wane after a while. If you’ve got the budget, throwing a party for your staff to mark the last years’ success is a great way of saying thanks. It can also help re-bond old colleagues, and introduce them to new ones who’ve joined along the way. Back at the office, ensure that your staff are being rewarded as they should be. Many workers now expect a yearly review of both their performance and possibly their salary. Finding the time and the budget is wise, and this review works for both parties!

Another key aspect on maintained your success after year one is to ensure you keep on top of all any digital marketing efforts. You can spend a whole year on getting to the top of the search results on Google for your most important keyphrase. But even just a few days of neglect can send you plummeting back down. Similarly, be sure you are maintaining your social media presence. Success here is all about regular and consistent content and interaction. Gain, if you disappear off the radar here, the base you’ve built up can quickly disappear. After all, there will always be new competition and rivals just around the corner. Don’t let a whole 12 months of hard graft go to waste by letting these things slip.

Staff Writer; Carla Fisk


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