Millions of businesses are started every year, but only a small fraction survive the startup phase. A lot of startups usually end up closing before reaching the five-year mark. There has been a lot of debate on what makes a business successful over the years, and a lot of tips have been offered.
Entrepreneurs are advised to only take advice from experienced business professionals who have achieved success in their industry. Elijah Norton of Veritas Global Protection is one such professional.
About Elijah Norton
Elijah is a successful entrepreneur, influencer, visionary, and thought leader. He has experience starting and running successful businesses, one of the most notable among them being Veritas Global Protection. Elijah Norton managed to transform the entity from a struggling startup to a thriving business in the auto finance and insurance industry.
The main product offered by the company is vehicle protection plans. Elijah. Norton was selling vehicle protection plans for insurance companies before Veritas. He noted the industry’s shortcomings and decided to venture into the industry full-swing to fix the problems found in the industry.
At the time, nobody paid attention to customer service, so he decided to focus on customer experience and customer satisfaction. Secondly, the vehicle protection plans offered by service providers at the time could have been more flexible. They did not address the needs of the client. Elijah Norton decided to make plans to address the unique needs of different types of clients.
He developed innovative products, such as exotic vehicle protection plans. However, what sealed the deal was the simplification of vehicle protection plans. When other companies were using complex legal jargon and business terminologies on their contracts, Elijah Norton decided to use plain and simple language that everyone could understand without consulting a lawyer.
Why Startups Need a Strong Business Leader
In a recent interview, Elijah Norton explained why startups need strong leaders to thrive. He noted that running a startup is not easy, as it requires a lot of patience and persistence. An entrepreneur may have to spend more than 14 hours every single day running their business.
Secondly, it takes time to achieve success, so a startup needs a strong leader who is patient. A strong leader knows when to make complex business decisions, such as letting go of employees, asking for financial help, and borrowing money to spend on marketing, among other things. Without strong leadership, a startup can quickly fail and become another sad statistic.
Tips for Business Success
During the interview, Elijah Norton offered several tips. The following are some of the keys to success he shared:
Elijah started by highlighting the importance of innovation in business. He noted that innovation gives a business a competitive advantage over the competition. Therefore, entrepreneurs need to constantly innovate with the goal of either improving existing products and services or coming up with new products and services.
At Veritas Global Protection, Elijah Norton and the team were constantly innovating new products and services as well as improving the quality of customer service they offered. For instance, the company came up with new vehicle protection plans, simplified auto service contracts, and found ways to serve customers better to ensure the company was rated highly on customer experience and customer satisfaction.
Elijah Norton noted that patience is essential for any entrepreneur or business leader. This is because things do not always work out as planned. For instance, an entrepreneur may expect to achieve success in a few months or within a year.
However, the reality is that it takes around 5 years for a startup to succeed. This means that a lot of patience is required.
Elijah’s first business was successful after only three years, but entrepreneurs should give their businesses at least five years before they call it quits. It’s important to note that some businesses may take up to 10 years to succeed. Elijah Norton advises entrepreneurs to be patient.
iii) Evolve With the Times
To ensure a business does not become obsolete, business owners must change with the times. They have to constantly evolve. Entrepreneurs must keep tabs on their competition to ensure nobody has a competitive edge over them.
Stagnation or complacency usually leads to obsolescence. Therefore, business owners must constantly look for ways to evolve with the needs of the market.
iv) Assemble the Right Team
A business is as good as the employees who work there. If the employees are not passionate about their job, customers will take notice and look for a better service provider. Entrepreneurs are advised to always look for employees who are hardworking and committed.
Employees should also embrace diversity and other community values because they want to attract all kinds of customers. The success of Veritas Global Protection, Elijah Norton says, can be attributed largely to the team members who have been with Veritas for many years.
v) Embrace Technology
Technology provides solutions for most of the problems faced by businesses and consumers. Therefore, business owners should leverage technology to improve the quality of service they offer. If a piece of technology can improve customer experience, be sure to embrace it to reap the maximum benefits.
vi) Appreciate Employees
As noted earlier, the biggest asset a company has is its employees. While the customer may be king, it is the employee that serves the customer. Therefore, business owners should take care of their employees through fair remuneration, providing a conducive working environment, paid vacations, medical insurance, and other perks. These are the secrets that have contributed to the immense success of Elijah Norton.