Tips on how to grow a successful business

However, below are proven ways for running a business successfully and you'd do well to have these tips at your fingertips as you get going starting your own business.

1. Get Organised

It really goes without saying that you have to be organised to do anything successfully. To achieve business success you need to be organised. That means keeping a log of all things that need to be done and using it. This will ensure that you’re not forgetting anything and are actually completing all the tasks that are essential to the survival of your business.

2. Keep detailed records

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Many studies have shown that a staggering number if small business owners in Uganda don't keep any records at all. Without records, it becomes impossible to track the business trajectory and causes the business owner utter shock when everything blows up in his face. By keeping records, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges. Write down everything. Every penny that comes in and goes out.

3. Study your competition

One of the reasons people aren't coming to your business is because they are going to your competitor. To get more people coming to you as customers, you must know what your competition is doing right so that you get the upper hand. You can’t be afraid to study and learn from your competitors.

If you're a restaurant owner, you may simply be able to dine at your competition's restaurants, ask other customers what they think, and gain information that way. Plant spies

4. Risks and rewards

The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.

5. Be creative

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To be creative in business means that you are watching the reactions of your customers keenly to know what to do next to impress them, and what to stop doing in order to please then. Always be looking for ways to improve your business and make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and different approaches to your business.

6. Stay focused

There are going to come tough rainy days in business. Stuff will blow up in your face sometimes, and it won't even necessarily be your fault. In those times, you will feel like you want to give up and go host a pity party in your basement. But don't. You must keep moving or your business will get stagnant and stale. The old saying “Rome wasn’t built in a day” applies here. Just because you open a business doesn’t mean you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.

7. Prepare to sacrifice

The very day you decide to open a business is the day you must peel off that soft skin of yours and strap on a rough skin. You are going to have to work for long hours and struggle for a long time for the business to start lifting you up. You will sacrifice your free time just be able to please your customers. No more lazy evening at the kafunda. No more all-night drinking sprees. You will have to spend less time with family and friends to be successful.

The adage that there are no weekends and no vacations for business owners might ring true for those who are committed to making their business work. You might want to wait for year before you have that luxury again. But once that time truly comes, it will all be worth it.

8. Undersell and overdeliver

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This also goes without saying. Without a great service, it doesn't matter what else you are doing well, customers will get pissed off and leave forever. They will also badmouth you, which is great if you plan to fail bigly. The differentiating factor between successful and unsuccessful businesses is the level of service that the business provides. This is where the saying "undersell and overdeliver" comes in use, and savvy business owners would be wise to follow it.

9. Be consistent

Consistency is a key component to making money in business. For instance, if you make sure that you always keep time consistently, you are on the right track. One of the reasons the Mbarara-based Global Bus company became successful, according to most travelers, is that they were willing to make losses at first, just so they could keep time. Once this got to be known, everyone wanted to use them. Today, they have more customers than they need.

You have to keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.