When it comes to business, America is where it is at. After all, it has traditionally been the land of opportunity for Americans and people from around the world for more than three centuries. Indeed, the American government, culture, and people have traditionally embraced entrepreneurship through favorable government policies, an environment which welcomes and encourages startups, and big tax breaks and other incentives for businesses, both large and small. Additionally, America’s commitment to stick to the free market, its principles and values, and a democratic system of government has traditionally encouraged people to start their own businesses and nurtured their businesses once founded. These are just a few of the factors that have resulted in best businesses in the USA to develop and prosper. This article mentions a few more of the factors.
- Cash management
The best businesses in the USA all have one thing in common: their owners are great at managing cash. The main thing about managing cash is ensuring that you (the business owner) have enough cash on hand (this is called petty cash) to pay daily and small unexpected expenses. You also have to have a good record keeping system so that you can know where your cash is going, how much cash is coming in every day, and how much is flowing out every day in the form of payments (this is called a statement of cash flow). Cash on hand is NOT the same thing as revenue or even profit. Your business could be killing it in terms of generating revenue and making profits, but you may still have to declare for bankruptcy if your cash on hand was not enough for you to meet small, daily expenses, and if you don’t have a good record keeping system so that you can know your business’s cash position every day.
- Develop a data-based culture
Let’s face it, at the end of the day, business is all about data – whether it is creating, managing, interpreting, or storing it. This is because you will be forced to make critical business decisions, ones which can mean the difference between your business succeeding, or failing, every day. You need to have enough information that is good, accurate, relevant, and up-to-date in order to do this. It is no surprise then that the best businesses in the USA have entire departments and information systems developed to manage data, and that their entire business and office activities revolve around it.
- Engage in lean planning
The owners of the best businesses in the USA have developed well strategic and financial plans which allow them to track their business activities daily. This is crucial because you will need solid strategic and financial plans in order to make the crucial decisions which can mean the difference between your company prospering, or going under.
- Understand all of your margins on your products and services
If you only understand how the products or services which you sell contribute to your total revenue and profit streams, you may end up overestimating the value of your company, especially if the profit margins on your products or services are razor thin.
- You need a sound strategy, both for recruiting, and for retaining talent
Since business is the sum of the knowledge, information, and usefulness of its employees, only the best employees will do because they alone are capable of turning the business into a success. Conversely, hiring the worst employees can make your business eventually declare bankruptcy. As a business owner, you need to develop those training and other programs that will help attract employees. You must offer your employees great benefits and an attractive salary in order to keep them. One way you can develop amazing training programs is to fully understand how your company’s culture works.
- Listen online every day
When you listen online as a business owner, you set up alerts online which will inform you of what your competitors are doing. You can then formulate plans and strategies to outsell them. One good alert you can use is Google alerts. These alerts will also make you aware of what your customers are saying about your company, and what they think about your company through their customer reviews.
- Only do the marketing that will make you money
Let’s face it, marketing is where it’s at in terms of selling products and services to people in your target market because this is how you make people aware of the amazing products and services that you sell. However, marketing is expensive, your budget is limited, and your funds are precious. You need to only do the marketing that works or brings your business money. You can figure out what these marketing techniques, and how to build plans and strategies by networking with local companies who are in similar industries.
- Talk to your customers
Talking to customers is the only way you are going to keep them abreast of company developments, and the products and services you are selling. You also talk to your customers to figure out what they think about your company, and products or services. Are they satisfied with what your business does for them? You can talk to your customers through social media platforms. Facebook is an excellent example.
- Know your competitors
You need to know what your competitors are doing, how they structure their businesses, what their short and long-term plans and strategies, and the products or services that they sell, among other things. If you don’t do this, you could find yourself literally driven out of your market and industry by your competitors.
- Give your business a higher purpose
Customers buy when they feel as though they belong to, or are contributing to a higher purpose. To satisfy this need by incorporating a noble higher purpose in your business plans, strategies, and marketing campaigns. A good example can be the offer to donate $1 out of every $5 customers spend to a local and worthy charity!
As is evident, businesses that follow the ten items of advice mentioned above and more will be so successful that they will be the envy of their competition and of their industry. So if you follow the 10 things we all hate about the best businesses in the USA, your enterprise is bound to be a great success!