10 Tips for Businesses to Succeed in an Evolving Marketplace

“More than one-third of businesses today will not survive the next 10 years.”
– John Chambers, CEO, Cisco

That’s the scary reality facing many companies today. The good news? You can fight it. Here’s how.

How to Succeed in an Evolving Marketplace

  1. Be open minded
    Don’t let preconceived notions or stereotypes stop you from fully investigating every potential business-enhancing solution. Recognize that you don’t know it all and open yourself up to new business approaches.
  2. Do your research (and lots of it!)money convert icon
    Being knowledgeable on your business environment and competition is one of the key components of success.
  3. Adapt your point of view
    Consider your current business offering from several different perspectives: Are you meeting your customers’ needs? Are you meeting your employees’ needs? View your business from several different standpoints in order to reveal what improvements can be made.
  4. Attend conferences
    One of the best ways to network, scope out competition and learn more about your business environment is to attend conferences and trade shows. They are full of fresh opportunities for your company to take advantage of, so put aside the time and money to participate in some.
  5. Be creative
    Don’t be afraid to stand out from the crowd, it’s a great thing. Be on the lookout for inspiration anywhere and keep an open line of communication within your company for employees to share ideas. A successful business is open to try new ideas.
  6. Keep innovating
    It doesn’t matter how amazing your product/service is, in today’s business world you must innovate or you’ll die. Everything evolves over time, and continuing to modernize your offerings is one way to ensure your company won’t fall behind the times.
  7. Pay attention to your finances
    One of the biggest mistakes for businesses is poor financial management. Keep a close eye on cash flow. Enough said.
  8. Be consistent
    Consistency is key. If you can’t provide customers with a good product/service on a consistent basis they won’t keep coming back.
  9. Evaluate risks and possible rewards
    Taking calculated risks is necessary for a business to become or remain successful. Evaluate all possible outcomes and make sure you understand the potential consequences before taking a risk — you’re more likely to generate monumental rewards for your company. After all, success rarely comes from playing it safe.
  10. Provide great service
    There’s more to a company’s success than having a great product or service — it’s providing customers’ with top-notch service. When customers have a particularly positive experience they’re apt to tell others about it, and the same goes for bad experiences. Give them great service and they’ll not only remember you for it, they’ll keep coming back for more.

When it comes to running a successful business, there are a lot more than these 10 factors involved; but they’re a great foundation for all organizations. Success may not come quickly or easily, but when it does, you’ll be thankful for putting in the hard work that made it all possible.

Take a look at how Esker has adapted over the years. 

Samantha Heavner

As Esker’s Creative Coordinator, Samantha both writes and designs marketing content aimed to educate and engage audiences on the benefits of automated business processes. Outside of work, you may catch her cheering on the Chicago Blackhawks, playing with with her dog or tackling a new DIY project.

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