There are many challenges for a small business owner to overcome when trying to grow their company. They may think that they won’t be able to make it on their own and may have cold feet about business opportunities and running efficient operations.
The truth of the matter is that it is incredibly difficult to start, sustain and grow a business. With rapidly changing global environments, many companies find it difficult to bring new successful business opportunities to their business.
Over half a million businesses start each year, but only 45% are able to sustain it for five years, 30% last 10 years, and the rest of them have no sustainable growth over the years. However, with effective strategies and synergies, some companies not only survive but thrive with a set of effective policies and management.
Some entrepreneurs become successful by tackling challenges and turning them into triumphs to create jobs, innovation within the company and transform their small business into an entire industry. Their growth trajectory is unique, which gives an idea about the pathways they took to overcome growth challenges.
Hiring the right people to do the job
Since everything involves around dealing with other people, building an active effective network is crucial for business. It requires substantial investments in areas such as HR, the supply chain and marketing. With a sharp focus from your management team, an effective agent network can come into play and other business owners would choose to work with you because of your specialised acquirers.
To build high performing teams, you need the right people to do the job who have a flair for financing and budgeting. Successful business owners are those who make smart choices and who can make good connections for business opportunities with budget constraints and limitations. Good business leaders make it their priority to surround themselves with smart and intelligent people, and listen to their input.
With the right people who can appropriately structure sales and commission rates, create compelling proposition by holistic thinking, make adequate pricing settlements and service reliability, you can pave the way towards success.
Smooth linkages with all the key industry participants
To understand the business dynamics of the competitive world, it is crucial to make connections and linkages with key players in the industry, such as issuer banks, independent contractors, independent sale organisations, and third party vendors, retailers and payment card associations.
The acquiring phrase of the successful pathway of a company involves interaction among various stakeholders who have to play their specific role with incentives to build long-term relationships. For example, a merchant can easily develop good relationships with a bank and pay its credit payments with a credit card. The bank would provide payment processing services to the merchant and provide point-of-sale to them to generate more revenue. With Independent Sales Organisations (ISOs), they can handle various accounts for a merchant for a service-based fee. The company can then select trustworthy ISOs to reduce the possibility of fraud payments. With such fruitful business relationships, a merchant can easily expand their business venture from a small time business.
In a nutshell
Being a builders’ merchant and having to deal with so many people can be tricky. Therefore, it is important for a company to know precisely what they are trying to achieve, and there should be specific set objectives and sale targets to include real figures in achievable timeframes. With specific targets, a merchant can easily put achievable effective strategies into execution. Going for big targets from the start would cause a lot of stress and may damage your credibility too. So in order to attract new customers, it’s better to tempt existing customers with attainable targets so that they can come more often.
Everyone wants to grow their company, but for some it can take a bit of time. For example, there are more processes involved in terms of creating materials, outsourcing vendors, doing a proper quality assurance check, acquiring potential customers, and then making the effort for their positive response.
The pathway to become a successful builders’ merchant from a small time business owner is the time of the essence. If you don’t, other parts of your business will claim your time and your business growth may never happen.
Barney Whistance is a finance and economics blogger.