From Startup to Success: Six Lessons with Marino Robert Sussich

Starting a business is an exciting time, but it can be challenging. To prepare for these challenges and learn from others before you, reaching out to experienced business owners is a good idea. Read on to find out the top tips for business success from Marino Robert Sussich.

1. Research Your Market

To understand your target audience, you must take the time to conduct effective market research. The following points will help:

  •  Set clear objectives: Identify your target audience, analyse competition, evaluate the market size, and identify market trends. Having clear goals will help direct your research.

  • Gather data: Research whitepapers, industry and government reports, statistics, and findings from market research firms. This will help you get precise information about the market.

  • Competitive analysis: To understand your strengths and weaknesses, identify market share, unique selling propositions (USPs), pricing strategies, and marketing tactics. This analysis will help you identify market gaps and highlight differentiation opportunities.

2. Create A Business Plan And A Business Strategy

A business plan is a roadmap for your business. It provides direction and a strategic framework to help you launch and grow your business. It also indicates to outsiders like investors, banking institutions and stakeholders that you have a clear vision, a viable business idea and a well-thought-out plan to achieve your goals.

A business strategy is a 12-month plan that lists clear goals and objectives. It also includes who is responsible for driving these. With a set timeline, you get clarity around key performance indicators needed to progress your business. Your business strategy should also relate to your current business capabilities, goals, and values.

3. Focus On Customer Service

Focusing on customer service and striving for a positive customer experience is integral to your business success. You can differentiate yourself from competitors by enhancing customer satisfaction, loyalty, and retention. Understanding your customers’ needs, preferences, and expectations is critical in providing personalised service that exceeds expectations.

4. Teamwork

It doesn’t matter what size of business you are; empowering your staff and creating a positive working environment is vital to ensuring business success. Empowering your employees to make decisions and resolve customer issues efficiently and quickly can help your team deliver exceptional customer service.

Clear communication, best-practice human resources policies, and a supportive team environment are critical to developing a solid business foundation. Setting aside a budget for training and development is also essential in the early stages of your business. By providing ongoing coaching, training, and support to your team, they will be able to thrive in their roles while delivering fabulous customer service.

5. Create A Network

In the early stages of business, spending time networking with colleagues and competitors can seem counterintuitive. However, developing a good reputation is essential to succeed in your industry. Formal networking opportunities abound online. However, face-to-face networking functions can be a better investment of time and energy.

From BNI and Rotary groups to Chambers of Commerce and local government networks. Choose a few meetings a month to attend; over time, you’ll develop a solid network of like-minded people.

Marino Sussich: Strategic Management Consultant

Marino Sussich is an innovative and experienced business consultant with a wide range of strategic management skills. His up-to-date knowledge and thought leadership ensure his clients get the best management coaching. Book an initial conversation with Marino Robert Sussich here.