How to make your business successful
There is no secret method to make your business successful. Its all about the timing of business decisions, & interval between we make the expansion, product differentiation etc.
To make it simple I can say business will be successful if it is backed by a successful businessman. apart from economic conditions & business conditions, some business will be stable in spite of other competitors losing, this is due to the positioning of products or services among customers.
As this article should focus on small startups also I will start from initial phase before setting up the business, you can also surf through another article on business discipline for startups
While starting a new business most of them look only on to industry perspective & prospects. The main thing I should consider is who are my customers how I am going to satisfy them how I am going to differentiate my products/services from others.
Just because I have money I am not going to start a new business without interest, basic knowledge about business is essential.
Example: If your target customers are quality oriented then first step would be knowing how to differentiate quality products from substandard products. you can go one step before to know how your product is processed in both cases.
Don’t change anything until you are facing any major issues, try to sort out minor issues
For example: If you are getting a quality product from one of the dealers for the affordable price you should not change him/her for improper delivery here customer is not affected until stock out so try to maintain buffer stock always to overcome delayed delivery.
Don’t change anything which affects customers permanently & gives the opportunity to competitors.
Top 3 Pricing Strategy :
- Quality Oriented:
If your selling quality products compared to your competitors you should prove your superior quality to customers. Provide at same price or reduced price of competitors
Don’t run offers all over the year
- Selling price:
If you are selling some products really cheap than your competitors just add two prices “selling price” (Price of a competitor )& another one as “our price”.
At initial stage, there will be many problems which require experience & time for solving, so take decisions patiently after analyzing all effects for minor problems you can find consolidated solutions once all linking problem appear
At this stage, branding is important for making your business stable, create brand value without expanding or adding more products, once you realize your business is growing you should understand that it is because of your existing products so don’t try to change or innovate your existing products. In this phase, it is Right Time to go for change Business structure if your existing business structure lacking financial credibility. You may register a private limited company with the help the company registration service consultants for added advantage.
This phase is critical in term of business stability & financial stability at this stage you suit to be ready for arranging all building blocks for next step i.e.; finance, maintain proper books of accounts & maintain bank account properly & filling your income tax business return properly on time.
Top 3 Expansion suggestions :
My suggestions are for initial expansion after existing business stabilizes
One has to look on to the working capital requirement for expansion, it should not affect the running of the existing business. Draw budget and plan accordingly, don’t devote your attention completely to expanded business you may lose stability of existing of business
Don’t dry to manage all activities by yourself for other outlets also delegate to staffs through proper reporting or rework organization hierarchy and Hire new employees to bridge the functionalities
Till expansion, you may carry your business without reporting while your business is small, but while your business has grown you should concentrate on the highest level of activities & monitor lower level activities by reports and other mechanisms this help will you to devote your valuable time to most important aspects.