The 4 Things To Make Your Business Flourish and Avoid Failure

Entrepreneurs are stubborn as hell and that is what helps us find a way to keep marching forward even when all odds are against us. Although this can be a blessing, it can also be a curse. When we are stubborn, we run things our way which can lead to running our business 6 feet under. Here are the 4 things to make your business flourish and avoid failure.

What you will learn in this article:

  • Marketing, the engine that will keep your business running
  • Selling generates the gas for your business (cashflow)
  • Tracking, the dashboard of your business
  • Growth, sometimes you need to replace old parts with new ones

Why you need to read this article:

  • Make your business bulletproof and avoid heartbreaking failure
  • Maximize your businesses success and sustainability

Marketing

Marketing is the engine that will keep your business running. Without it, people will be unaware of the products and services your business offers. You can have the best products in your industry that will fundamentally change the lives of the individuals who use it. . . but if no one knows it exists, it will never reach them and you’ll never make money to sustain your business. Many small businesses take pride in the quality of their products but in reality, that’s not the most impactful part of their business success. Think about it, what is the most successful restaurant in the world. . . a 5 star Michelin restaurant? Nope, try a fast-food chain with a dollar menu, McDonald’s! Why is that? Does this ring a bell: ba da ba ba bah, i'm lovin it. I bet you sang that in your head too! Now that’s great marketing, and that’s what you need too. Great marketing, because that will get people aware of your business and lead them to a sell. Here are some great ways to start marketing for your business:

  • Email Marketing
  • Facebook Advertising
  • Social Media Marketing
  • Your Website

Sales

Selling generates the fuel for your business, cash flow. Without it, you won’t take off! While marketing is how you get people to find if they need your product or service, sales will generate cash flow for your business and allow you pay your bills, invest more into marketing, and pursue opportunities for your business growth. Sales and marketing are the lifelines of your business. If you neglect these two things, you’ll be out of business faster than you knew what happened. The first thing you need to do is create a sales funnel. This is just a visual representation of the journey your customers will go through to lead to a sale with your business. If you don’t already have one, use this one:

It starts with website traffic. If you don’t already have a website you can read our Full Website Guide to get you started or you can Get Started with us and we’ll make you a website that will do this sales funnel for you. On your website, you will have a valuable lead-generating PDF in exchange for their email address. This can be in the form of a pop-up. My favorite is the exit intent pop-up. Once you get their email you can add them to an email nurture and sales campaign that will automate the sales process for you! You can learn more about creating these emails with our Full Email Marketing Guide. This will be a good starting point for all businesses interested in selling their products. . . That means every business out there!

Tracking

Once you have your marketing and sales processes set in place (those two should be your priorities if you haven’t set them in place) you should start tracking your vital metrics. If you’re using the sales funnel above, you should be tracking:

  • Website visitors (traffic, time on pages, page performance)
  • Pop-up performance (form fill-outs, closes)
  • Email Database Performance (subscribers, unsubscribes, open rates)
  • Nurture Campaign (opens, link clicks, purchases, responses)
  • Sales Campaign (opens, link clicks, purchases, responses)

By tracking these metrics, you can constantly monitor and improve your performance in these areas. You need to also be tracking your priorities that will lead you closer to your primary business goal. If you want to learn more about figuring out your business priorities, read our Business Strategy article. Tracking your metrics will help you avoid failure, stay on track to fulfill your business goals, and open up opportunities for your business growth. To track these metrics, you’ll need 2 tools. Google Analytics and Email Marketing Software (we personally use MailerLite, no affiliation). You’ll need to connect Google Analytics to your website and your email marketing software. You can have your developer do this for you or look up tutorials to do it yourself. Once you have Google Analytics connected to your site and emails, you’ll have 24-hour access to a live performance feed for the analytics you decide to track. This will help you avoid future failure and see opportunities for future growth!

Growth

Remember the age-old saying, “You need to invest the money you get from your business back into your business”? Every successful business owner says this for a reason. . . to relieve you of stress and give your business the best opportunity to be successful! Sometimes old parts just don’t work in a vehicle anymore and you need to replace them with newer more reliable parts. The same goes for your business. Would you be comfortable with your business running on rusty nails and duct tape? It may have worked for you in the beginning, but not now. You need to GROW. Invest back into the important parts of your business so that you can avoid the headaches of facing a growing problem when it’s too late. I know when I first started PickaSite, I was worried when faced with the opportunity to improve my business. Sounds silly right? That’s exactly the conclusion I came up with too. Before I was thinking of it as spending money on something that I’ve been able to do for years (whether that’s designing the websites on my own, doing strategy sessions on my own, creating content on my own, etc.). When you word it that way, it almost sounds like you are taking the easy way out. But if you truly understand that the money you’re investing back into your business is an opportunity to improve it, that decision becomes a no-brainer. Of course, you’re going to invest now! Don’t be afraid to improve your business by investing more into it than you have in the past. Doing so will allow you to increase your revenue, make your processes more efficient, and improve your marketing. Growth is necessary for business success and preventing the devastating realization that your business has failed.

Conclusion

You now know the 4 things to make your business flourish and avoid failure. What’s next? Now you need to review your business and patch up the holes that make your business vulnerable to failing. Create a sales funnel for your business, improve your marketing, track your vital metrics, and grow your business when the opportunity presents itself. If you don’t do these 4 things, you could be in a world of pain and suffering. Maybe not now, maybe not this month or year, but eventually your business will fail. If you follow through and execute these 4 things for your business, you’ll get more sales, feel less stress, and have a clearer vision for the future of your business. No more confusion or losing money, it’s all improvement from here on out! If you need a website for your sales funnel, Get Started with us today and we’ll build you the website of your dreams that will convert your visitors into loyal paying customers.