There is no single aspect that leads to the success of a business. There are various factors and reasons that can destroy the entrepreneurial dream if they are unaddressed – various business elements like Business Strategies, Operational Management, Business Planning, Strategic Planning, Routines and implementation of these aspects. A failure to cope up with these important aspects leads to the downfall of businesses.
Poor Decision-making is another factors why businesses don’t work. Many companies lack the power of generating good ideas and are less rational in making decisions that entrepreneurs or managers make in running their businesses. Business Plan is very essential for all businesses to be successful. The business plan should be based on real and accurate information reliable for the future. There are various other factors that you would be willing to concentrate on like – the business goal (long term & short term), potential issues, competitors’ analysis, budgeting etc. when it comes to business planning.
Marketing team is the back bone for every business – the frontiers of the company. Considering the market, this team should get up with business development plan which would lead to the growth of the company. It is very crucial for the team to realize the significance of 4 P’s of marketing – Product, Price, Promotions & Place. In simpler terms, they should know what product or service they are selling, what is the market value for the product/service, what promotions can be taken in to consideration while selling this product or service and finally which geographies you should target to make the desirable profits and revenue flow.
Besides, the team selling your products doesn’t know what they are selling! The sales people or the frontiers do not have enough product knowledge to engage the customer and make it a sale; or the customer services are not corresponding to the needs of the customer. The thumb rule for any business to succeed is to establish an environment of understanding the value to make the customer happy.
Another aspect to consider would be to do a thorough market research of your competitors and kind of equivalent products/services that are offered. One of the most considerable factor that results in the downfall of any business is to launch a product which the market doesn’t demand or see a demand for in the near future; your product is made on older technology and your competitor has a product with better features built on newer technologies; you offer them low quality of service/product than your competitor.
Office geographies play an important role too. It is very important that companies open office or branches or franchise at a convenient business area which is accessible by the customer. This will help you survive in your business by allowing you reach out to the target customers. Also keep in mind the location of your competitor which will guide you to branch out your business.
These days having an online presence makes a big difference to your business brand. People tend to research first about your company on the web before they start buying your products. This online presence can be a company website or blogging about your company or creating presence on social media etc. I would recommend having a strong professional and well-designed, user friendly online presence in order to brand and sell your products effectively. Remember, website is the only real estate that will help you gain the trust of the customer by showcasing your competence and capabilities to your customers.
Lastly, for any business to succeed, you need a strong business leader – leader could be a CEO or director or chairman –, who would ultimately drive the business with sturdy determination, optimistic attitude and patience. The right entrepreneur is the one who sees an opportunity to grow in every failure he encounters, his sincerity to innovative knowledge and enthusiasm to learn anything that can make them successful. This is possible by making a SWOT (Strength weakness opportunity treat) analysis of the companies that will determine the control of the leader. It is the long term vision of the entrepreneur that matter rather than the focus of short term profits.
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