The spirit of entrepreneurship thrives in America and many other parts of the world, but, unfortunately, most startups usually fail within the first year of operation. Statistics show that less than 10% of startups usually make it to the fifth year of operation.
Elijah Norton is a successful entrepreneur, having founded Veritas Global protection and steered it to success for over a decade. The executive chairman, founder, and president of Veritas Global Protection reveals the secrets to building a successful business.
The Veritas Global Protection Story
Established in 2011, Veritas Global Protection is an auto finance and insurance company that offers vehicle protection plans and auto finance. The company initially had only two employees, but the number has since grown to over 50 employees.
The company’s annual revenue is over $100 million and currently has a global presence with operations in Brazil, Chile, Argentina, the European Union, Mexico, the United States, and Canada. The company has a nationwide and global presence through its partners and network of agents.
The company is well known for coming up with one of the first electric vehicle protection plans and is also known for its exotic vehicle protection plan.
The Keys to Business Success According to Elijah Norton
Staying Innovative
Elijah Norton emphasizes the need for business innovation. Every entrepreneur must stay innovative to remain relevant in the industry and generate more revenue.
Technology changes every single day, and so does client needs. This means that an award-winning service of today may be irrelevant tomorrow. For this reason, constant innovation is encouraged.
Innovation is what helped Veritas Global Protection stay ahead of the crowd. The company’s car protection plans and car finance products have been designed to fill a gap in the industry, and they’re constantly being updated to ensure they match client needs ideally.
Competitive Pricing
Entrepreneurs can easily be tempted to raise prices if their products or services are in high demand or lower prices significantly to attract more clients. While lowering prices for a short period can be a great marketing strategy, prices should be competitive.
By quoting the same prices and offering superior services, business owners can quickly get an edge over the competition. In addition to increasing revenues, competitive pricing also helps to ensure the business is sustainable and stable in the long run.
Elijah Norton encourages business owners to try out different prices and get feedback from customers to get the pricing right. Doing market research can also help business owners to make informed decisions.
Quality Customer Service
In the information age, consumers are impatient and unforgiving. If they have a terrible experience with a service provider or vendor, they write negative reviews and offer low ratings.
Similarly, suppose they have a great experience with a given business. In that case, they are likely to write positive reviews, offer high ratings, and write great testimonials to recommend the business to other clients.
For this reason, every business needs to offer quality customer service not only to develop an excellent reputation but also to attract and retain more customers and increase revenues. Elijah Norton believes that the success of Veritas Global Protection can be attributed partly to the high quality of customer service they offer.
Evolving
Evolving and innovating go hand in hand. We live in a fast-paced world where the saying “you snooze; you lose” truly applies. Every business needs to evolve with time to stay relevant, remain competitive and grow in the long term.
Elijah Norton and Veritas Global Protection have had to evolve many times. For instance, they started offering online claims processing before the other firms. When electric vehicles were becoming more popular in the country, the company started offering electric vehicle protection plans to ensure this coverage gap was filled promptly.
Great Team
A company’s greatest asset is its team members. Elijah Norton advises entrepreneurs to hire the right staff from the beginning. The ideal team member should be willing to perform and show commitment to the company.
Great leaders know how to hire the right staff and maintain a professional working relationship with them. The needs of team members must be well-taken care of if you expect them to take good care of your customers.
The ideal team member should embrace diversity and other important values as this will favor the company. Team members should be rewarded for their efforts and get paid a decent wage in a timely fashion. After all, they are the company’s greatest asset.
Patience Pays
Elijah Norton understands that it takes time to achieve business success. He advises entrepreneurs to give their ventures at least five years to succeed. While some businesses may take a year or two to be successful, others can take up to five years.
For Elijah Norton, it took three years for his first enterprise to turn a profit and become a success story. For this reason, he advises entrepreneurs to remain patient as they put in the extra effort to turn their fortunes around.
Depending on the type of business in question, business owners should focus on overcoming the challenges they face. Success will come sooner or later if they believe in their business idea.
As the president and executive chairman of Veritas Global Protection, Elijah Norton always thinks about customers. He wants every driver to have peace of mind when using their vehicle, knowing they have an outstanding vehicle protection plan.
He believes in the core company values of transparency, honesty, responsiveness, and customer service. With Elijah Norton’s Business acumen, Veritas Global Protection is in great hands.
