Professional management consultant Aaron Eichler has helped numerous businesses create effective strategies for success in Minnesota. His academic credentials include a Bachelor’s Degree in Economics from Macalester College and an MBA Degree from the Carlson School of Management at the University of Minnesota. Business leaders have benefited from Eichler’s business advice over the last 25 years. His success is their success.
Many methods for creating a successful business can be the same for some companies. True success starts with a well-written and comprehensive business plan. Too many entrepreneurs get ambitious about their ideas without creating a plan for turning them into a profitable business venture. That is why 9 out of 10 small businesses end up failing within the first year. Avoid falling into this statistic by creating a business plan that outlines your company’s financing, management strategies, marketing plan, sales plan, and short-term and long-term objectives. Then you will know where your company is going and how to get it there.
Analyze the competition in your industry. Don’t assume that your business will become more successful than your competitors. Research the pros and cons of competing companies in your area and see what works and doesn’t work for them. For example, find out what your competition is selling successfully. Once you find out, come up with something better than what they’re selling. And if they are failing in certain areas, show your target demographic that your company is not failing at them.
Creativity always helps too. Sometimes the best improvements to a business come from the creative side of your brain. The ability to develop new products or services requires you to reach for the stars and develop new ideas that other people have never thought of before. Most importantly, never give up! Giving up will guarantee your failure. But if you stick around and never stop trying, your business will have a good chance of succeeding!