How to achieve business success – entrepreneurs share their secrets

There are around 5.5 million small businesses in the UK, accounting for 99 per cent of all businesses, according to government data. 

However, four per cent of new businesses cease trading by the end of their first year, rising to 34 per cent by the end of the second year, and up to 50 per cent within three years, according to Experian.

Running a successful small business is clearly no mean feat, so what are the key ingredients to making progress and being profitable?

With the help of some established small business owners, we take a look at how you can give yourself the best chances of success.

Revealed: 4 tips for business success

As well as being able to solve a problem for your customers, a successful business often hinges on the approach of its founders. 

With this in mind, two established businesses have revealed their tips on what makes a successful entrepreneur.

As part of the My Duvet Flip podcast, two former winners of Simply Business’s Business Boost share their stories.

Read on to hear from Mo Kanjilal, Co-Creator of diversity and inclusion consultancy Watch This Sp_ce, and Sarah Jordan, Founder and CEO of sustainable underwear brand Y.O.U Underwear.

1. Look for opportunities 

No matter what stage your business is at, grasping opportunities when they come your way can help you to expand.

“We said yes to things and they led to bigger opportunities,” explained Mo, Co-Creator of Watch This Sp_ce.

“When we worked with people, we found that they recommended us to other people all the time. That still happens.” 

She added that it’s important to pitch for business regularly and not worry about whether prospective customers are going to say no. 

“You have to talk to people and listen to their feedback. If they say no, why are they saying no? Continue the conversation with them and be consistent. You’ve got to keep talking to people because, eventually, they might say yes,” she said.

2. Be prepared to fail

There are many ups and downs when you run your own business. And it can take years to perfect your offering.

This means that from the very start there will be times when things don’t go according to plan. How you deal with these failures can have a big impact on your future success.  

“Everybody fails, everybody makes mistakes. Some of the best businesses have gone in a very different direction from what they thought at the start and that’s OK,” explained Sarah Jordan, Founder and CEO of Y.O.U Underwear.

“You’re always going to regret what you don’t do rather than what you do. If it doesn’t work, the worst case scenario is you’re back where you started with three, five, or 10 years’ experience.”

3. Be resilient

Anyone that you speak to about running a business is likely to mention resilience. That’s because there’ll be plenty of obstacles to overcome as your business develops.

Whether you come up against financial difficulties, problems with employees, or legal challenges, it’s important to remain resilient in the face of adversity. 

For most entrepreneurs, there’ll be times where you question what you’re doing and wonder whether you can keep going. 

According to Mo, the best way to remain resilient and turn a corner is to continue believing in what you’re doing. 

“If you keep at it and really believe you can do things, you win those projects. It’s about keeping going and having that belief that it will happen,” she said.

4. Surround yourself with the best people

Whether it’s business partners, employees, or family and friends, those you choose to have in your close network are likely to play a crucial role in the success of your business. 

“Find people that you trust, who you can bounce ideas off of, who will support you and genuinely have your back,” said Sarah. 

She explained that it can be useful to surround yourself with people with no vested interest in your business, who will support you whether or not you’re successful. 

Another important aspect of building your network is putting yourself out there and speaking to lots of different people. “A broad diversity of opinions can challenge your thinking, although whether you take that advice is a different thing.”

Getting the views of those you trust and respect can help you to make big business decisions, but ultimately you need to follow your instinct. 

“One of the benefits of getting older is you start to listen to yourself a bit more and trust your gut,” said Sarah.

How to find a co-founder

When looking for a co-founder, Mo said that you have to find someone who has similar ways of working to you. 

“It doesn’t mean you have to be exactly the same. I think you have to bring different things to it as well,” she said. 

“You also need to figure out whether you get on – do you have fun? Do they feel like someone you want to spend a lot of time with?” she said.

How to run a successful business – what else do you need to focus on?

Having the right mindset is key if you want to be successful in business, but there are also many practical things you need to master. 

From having a business plan and understanding bookkeeping, to getting to grips with the legalities of running a business and creating a marketing strategy, there’s plenty to think about. 

While you may already have expertise in some of these areas, there’s no shame in calling on professional help when you need it. For example, hiring an accountant or working with a solicitor. 

This can help to take the pressure off while making sure you’re giving your business the best possible chance of success.

Other crucial aspects to running a successful business include:

• understanding your audience
• setting goals 
• being flexible and creative
• monitoring your competitors
• providing the best customer service

Getting to where you want to be will take time and, in most cases, a lot of trial and error. However, a healthy mix of the right mindset and the practical side of running a business can start you on the path to future success.

What are your top tips for how to run a successful business? Let us know in the comments below.

Useful guides for small businesses

• Small business ideas – best businesses to start yourself
• How to start a business in 9 steps
• How to do a Self Assessment tax return – the complete guide
• How to open a business bank account – a simple guide

Photograph: Seventyfour/stock.adobe.com