Crow River Media | Why some businesses succeed; and what causes some businesses to fail

This column is based on countless conversations and observations during my 15 years' experience as a chamber executive.

There are many articles and even entire books that will go to great lengths to explain why some businesses succeed and others fail.

Recently, I've seen several local businesses close and several other businesses are expanding. Why do businesses fail? Why do businesses thrive? Here are some of the most common factors of successful businesses that I can point to:

* Leverage technology. Businesses that are successful use technology in every aspect of their business, whether on the production line or on the sales floor. They understand that for the business to thrive, they must be visible to consumers doing online research and shopping. Technology facilitates cross-selling between all communication channels - traditional media, SEO, social media, website, apps. The more a business leverages technology with its marketing and product development activities, the greater the gain.

* Understand and listen to customers. Whether a business uses online or offline marketing efforts, the most successful businesses give their customers an easy and immediate way to interact with them. Quick and helpful responses to customers makes a business stand out in an often-crowded marketplace. Referrals from customers are treated like gold by successful businesses. They go out of their way to turn a buying experience into a relationship.

* Adapt when the market changes. Successful businesses continually study their market and change accordingly. They loathe a status quo attitude. They research opportunities outside of their traditional market. They stay ahead of trends. They study how other business owners are thriving. They strive to stand out.

* Anticipate the competition. What's been done in the past will not always work. Every business has competitors. Successful business owners know what the competition is doing differently. They are open to new ideas. They take risks and experiment.

This is what I've come to believe is the difference between a thriving business and a failing business. If you have other ideas, I would love to hear them. Contact me at [email protected] or 320-693-8184.