Tips for growing a successful business
As you can see from our story, it was a constant balance between capitalizing on opportunities and hedging against risk. It’s been a successful journey to date, and we’ve learned some things along the way.
1. Analyze your competition
Competition is a good thing. Observe your competitors and recognize their strengths and weaknesses. How you analyze the competition will vary between sectors, as some are more limited than others. In industries with limited access, it can help to work with a third-party association to review what a company is offering and to try to get some intel.
2. Understand the risks and rewards
The key to growth is taking measured risks. Le Bijou learned to weigh the risk against the reward and to capitalize on opportunities, such as when Alexander decided to bring on investors in 2015 rather than go the more conventional route of securing a bank loan. Risk-taking can pay off, but sometimes it does not, so it is important to always weigh the downside.
3. Be creative
Le Bijou prioritizes innovation and creativity with new spins on old ideas, like hotels and rental income. We have three arms of operation, thus diversifying our income streams, as well as branching into new development projects. All of this stems from our initial core idea of providing tech-enabled luxury stays.
As a business, let your creativity flow. You do not have to reinvent the wheel, but instead, look for ways to address needs and differentiate from the competition.
4. Stay focused
Opening a new business does not guarantee success. It takes time and patience. Stay focused on achieving your goals. Remember that most small business owners do not see a profit for years while they use the revenue to recoup investment costs.
However, if a business is not turning over a profit after a substantial period of time, you should find out if there are issues with the product or service, assess whether the market still exists, and evaluate any other possibilities that may be impeding growth. Knowing when to pivot is critical.
5. Prepare to make sacrifices
Starting a business is hard, and so is running it. In most cases, you put in more time when you are working for yourself than if you were working for someone else. It might mean sacrificing time with friends and family, but the motivation is that short-term sacrifices will pay off in the longer term. It is important not to underestimate the time commitment required and to understand that sacrifices involved.
6. Provide great service
Companies need to provide exceptional service, as it can tip the scales against competition and generate recurring customers. Le Bijou offers every guest 24/7 concierge services, in-room services on demand, exponential technologies, a fully equipped kitchen, automated check-in, and more.
7. Be consistent
Along the way, we have learned that consistency is crucial. Keep delivering value, creating, and staying focused. Anyone can show up, but consistently doing so separates the good from the great.