Being a businessperson is hard these days, especially with tough competition. According to the latest research, more than 5.4 million new businesses are set up yearly. Considering these numbers, you require discipline, persistence, and a strategic approach to beat the increasing competition.
So, if you’re looking to venture into the tricky business waters, this is the right guide. We’ve sampled some tried and proven characteristics of successful entrepreneurs backed by real market statistics. Let’s prepare you for a head start!
Have a Business Database
Like it or not, every business needs a database, regardless of size or industry. With a working database, your business can collect, manage, and utilize information. A database gives your business a centralized and organized platform to store and access data. This can significantly boost your ability to make informed decisions and improve operations.
We aren’t making things up; Security Magazine reveals that 93% of established businesses use database monitoring and management tools. The study also shows that 57% of small companies use these programs, with most using cloud-based services. Overall, using a database to save critical business information can lead to more efficient operations.
See also: High Quality Custom Screen Printing Tips for Durable and Professional Designs
Join the AI Trend
AI (Artificial Intelligence) has been this decade’s most talked-about technological breakthrough. This technology uses machine learning systems to perform tasks that would typically require human intelligence. Interestingly, a new study published by Hostinger reveals that 89% of small businesses use AI tools for their daily operations.
Today, almost everyone is interacting with AI in one way or another. Entertainment platforms like YouTube, Spotify, and Netflix lead the pack by using AI to analyze customer behaviors and provide tailored content. Modern casino sites also use AI analytics to recommend online slots real money based on your gaming history. Let’s just say AI personalization is the new trend.
Other benefits of AI in business include:
- Analyzing large volumes of data to make strategic decisions.
- Providing 24/7 customer support through chatbots.
- Automate mundane tasks like data entry and email marketing.
- Cut operating costs by automating repetitive tasks.
- Analyze potential cybersecurity threats and recommend actions.
- Streamline business operations like the supply chain and inventory.
Leverage the Latest Technology
AI isn’t the only technology in business. Another technology that’s a mainstay in almost every business sector is cloud computing. According to Microsoft, cloud computing involves delivering computing services through the internet. This technology eliminates the need to invest in expensive data storage facilities while enhancing security and recovery.
Blockchain is another tech trend every serious entrepreneur must embrace. This decentralized technology uses immutable ledgers across computer networks, making it more secure and transparent. Cryptocurrencies are the most popular use of blockchain, with research by Tap Global revealing over 15,000 businesses in the US accept Bitcoin. Don’t be left out of this trend!
Ramp up Your Online Presence
Building a strong online presence should be your top priority. By having an online presence, customers can easily find information about your business without breaking a sweat. All they need is a phone and an internet connection. A 2021 survey by Forbes involving 500 consumers revealed that 76% search for a business online before visiting the land-based locations.
So, how can you improve your online presence? First, begin by creating a user-friendly website to display the quality and professionalism of your business. Make sure that the website contains explicit and easy-to-digest content about your brand. You can also provide live chat support and contact information on the site.
Another proven way is to maximize social media apps like Instagram and TikTok. You can frequently upload content on your business profile to engage followers and spread awareness. While at it, you can partner with social media influencers to market your products and services. A study by Sprout Social reveals that 86% of digital marketers collaborate with influencers.
Focus on Providing Green Services
Sustainability is a hot topic in business corridors right now. The consensus is that sustainable businesses operate purposefully, meaning they have certain ideals and values to uphold. Studies reveal that business goals and environmental protection are closely related. More customers continue to troop to businesses committed to protecting the environment.
According to a report by Bain & Company, customers in America are willing to pay 11% extra for sustainable products and services. On top of that, 50% of customers rank sustainability as one of their four primary considerations when making a purchase decision. All in all, sustainability in business is in high demand. Companies must adapt to this new trend or face extinction.
Conclusion
You can embrace these five practices to survive in the choppy business waters. The key to it all is learning how to spot and seize new opportunities by following the latest technologies and trends. However, there’s no surefire way to be successful in business. You must only adopt these practices and commit to realizing change. It can be frustrating but ultimately rewarding.
