The technological revolution has changed how businesses run and achieve success. However, the bottom line remains the same: revenue generation. A failure to generate a steady, profitable income is the reason why 96% of businesses fail within ten years. To ensure business success in the current digital era, entrepreneurs need to follow new-age business mantras with flexibility and exceptional planning.
Over time, businesses have evolved owing to newer developments across a wide spectrum of domains. Starting a business today accompanies many challenges as the competition is fierce and the decisions that keep the company afloat are often tough. However, despite the hurdles on the journey to entrepreneurial success, 84% of business owners state that they would do it again.
Mantras to follow for business success:
1. The real king: Networking
Networking with individuals, professionals and other business owners have undeniable benefits. Technology has birthed professional networking platforms like LinkedIn and BumbleBiz that allow people to connect to discuss business problems, challenges, success stories, innovation ideas etc. And by joining a variety of business groups and participating in networking activities, multiple doors open with new business opportunities. This business mantra is very effective, business entrepreneur just needs to find out how to leverage the opportunity. There is no king in business without networking.
2. Digital savvy
In an era where technology reigns true, it is imperative to stay up-to-date with the latest developments in tools or software that can drive profits. These tools have the power to simplify processes, save time, and reduce the volume of manpower, generating leeway for cashflow. Additionally, it improves customer satisfaction, loyalty, and retention that are at the core of business survival and growth.
3. Leveraging social media
Marketing trends like conversational marketing and social selling have trumped the traditional word-of-mouth marketing route to a successful business. Leveraging social media like Facebook, Twitter, Linkedin and Instagram has allowed multiple brands to reach out to their target audience, generate brand awareness, and build communities. Furthermore, according to a report by Sprout Social, 21% of consumers are more likely to buy from brands that they can reach on social media.
4. International current affairs
To stay ahead in the industry, it is important to keep track of the developing business trends in the industry and your prospective competitors. Furthermore, if a company seeks global expansion, it requires a great deal of analytical and strategic planning, which includes tuning in to the latest international current affairs of the industry and the country. This knowledge mantra could also help in developing strategic business partnerships and establishing a strong base, globally.
Also Read: Nurturing Entrepreneurship Beyond the Gender Bias
5. Sociable and outgoing
Developing connections on a business and personal level can go a long way towards propelling business success. The best way to develop valuable connections is through connecting with and getting to know them personally. Such a bond mantra would go well into building strong relationships for your life, ideas, and even business. Some of the strongest partnerships started with networking in the business world.
6. The future of business
The sole component that remains constant in business is ‘change.’ New hardware, software, services, and other technologies are coming at a breakneck pace and which will significantly impact the global economy and individual businesses within the next few years. However, the latest success business mantras and, above all, consistency, is key in driving business revenue and success in the new age.
Disclaimer: Author of this article is Agnelorajesh Athaide