IG is a Business Development Executive who has experience and training in several fields including; Telecommunication and Construction.
Certain factors determine how successful a business could be. Often business owners forget to consider these essential elements before investing their resources.
A stable political climate in a populated domain is not enough to guarantee business success; you need the game-changers. They are the spices that bring about a significant turn-around in business.
The starting point is a good business case; get your act together, first and plan well. An expression of a good return on investment in black and white is a good start in business. Without it, investors will not give your idea a shot in the first place. It shows that you know what you are doing in business. Investors like to deal with people who can pay back with interest instead of tying down their resources.
A good business case includes all the foreseeable risks that could prevent a business from succeeding. If such risks occur, their impact will be minimal because of the reserves that will be used to cushion the effect.
When you light up a lantern and shield it under a shade, no one will see from afar. If your product is fine, it will sell itself but not as good as it would, when you promote it. Essentially, you must identify your audience to channel your promotional strategy effectively. When you identify your audience, patronage is in the vicinity. All you need is to investigate them, identify and concentrate on the most effective way to engage them so that they can patronize you.
The price of a product or service can influence patronage a great deal. Quality affects the buying behaviour of customers to an extent but not as significantly as price. When a buyer wants to make an informed judgement, they consider the cost and the benefit. Ordinarily, a business environment has standards which must be maintained. Where the price is not regulated, sellers with low-profit margin get the numbers, which is usually a big boom for them. As long as the price is affordable, there must be a reason to buy.
Blue chips continue to grow and affect more lives with the help of shareholders who are willing to part with their resources for innovation. How do you get such business enthusiasts? First, you have to do a thorough economic analysis to justify your business case. Sell your idea to investors who have an interest in what you do. Some may require data to show the level of patronage or interest from end-users to validate the viability of your business. Show them statistics, show them survey results. Once they are convinced, get an attorney to draft a win-win agreement for you.
People with the right attitude build successful organizations. You cannot adequately estimate the worth of one customer as you can link them to at least ten linked to a hundred, and the chain continues. Clients always emphasize the attitude of employees as their source of satisfaction or dissatisfaction, which is one of the deciding factors for them to either stay with a business or go elsewhere.
Good employees transform organizations, through their commitment and willingness to learn and add value. A friendly employee can bring you good luck and unwavering customers; find one and keep them.
If you have not embraced technology yet in your business, think again. Technology can reveal quite a lot to you so that you can concentrate on the things that matter the most. It can make your business more efficient and have you processing more demands than you used to; reduce downtime and increase customer satisfaction. Technology gives you the flexibility to attract clients from far and wide via numerous avenues that give you and the customer ample opportunity to communicate effectively.
Bracing up for changes that could occur within an organization or its industry is vital for sustenance because of the uncertainty that surrounds every business.
To be successful, you need to add value to an existing system. It means that something will have to change. You also need to create a risk management plan for contingencies that may happen and a governance document that will state authorization requirements for such modifications.
Again, cost-saving through resource management is crucial. You must not be in a budget crunch to avoid setbacks in business. You must plan your resource usage with schedule and availability in mind. Resource planning is necessary for you to succeed exceedingly through cost minimization. Avoid making resource plans based on invalidated assumptions as this could affect the schedule of business activities.
Finally, to make a meaningful impact, you must know your product. Product knowledge is vital in business. It is might and main of a businessman to convince business prospects for buy-in and patronage.
If you consider price, awareness, attitude, cooperative investors, technology and preparedness, and you'd excel in business.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.