- The world is growing, and businesses are evolving.
- Various organisations are competing with each other to survive in the marketplace.
- Also, some firms struggle during the initial stages after commencement.
- At times, people have the passion and the idea required to start a business, but because of a lack of planning or due to implementation difficulties, they end up facing numerous challenges.
- Coping with changes is vital for the growth of any company.
- Over 40% of the companies at the top of the Fortune 500 list in the year 2000 were no longer there in 2010.
- One needs to understand the marketplace well and identify the key performance indicators.
- Drafting a business plan that focuses on all pertinent aspects of the business to establish a brand image is crucial.
- The goals of the business in terms of profitability and growth should be clearly defined.
- Applying the right marketing tools can help attain the objectives of a business.
- This article focuses on ten tips that will help you build a successful business.
Benefits Of Running A Successful Business
- Businesses benefit society as a whole.
- There are various stakeholders associated with any organisation.
- Some of the benefits of a successful business are:
- Increase in sales and revenues.
- Expansion of the customer base.
- Healthy cash flows and profit.
- Goodwill of the firm.
- Contribution to the development of the society.
Top 10 Tips To Make Your Business Successful
Following are ten tips that can help you grow your business :
1. Proper Planning And Organising
- Planning is a prerequisite for any business.
- A well-designed plan clearly states the steps that need to be taken to achieve the goals and objectives of a business.
- With the help of a blueprint or a plan, one can make important decisions on every aspect of the business.
- The organisational structure should be clearly defined.
- Organising may prove to be complex initially but it helps prioritise and allocate human resources and finances.
2. Continuous Research
- Research should not be limited to the inception stage of the business.
- Many businesses think that research is important before starting a new venture or establishing the business.
- But the fact is that continuous research helps us find solutions for any new problem that arises from time to time.
- It helps a business provide better services and cater to the needs of its customers.
- It will also ensure that you remain closely informed of the changes witnessed in the marketplace.
3. Customer Service Is Key
- Customer is the king of any business.
- Focus on providing superior quality of services to your customers.
- Indulge in customer engagement programs using different tools and techniques.
- Even for a prospective customer, your service should be phenomenal.
- This helps in the effective word of mouth publicity for your business and also ensures customer-base expansion along with good customer retention.
- It is 6 to 7 times more expensive to acquire new customers than to keep a current one.
- If customers are convinced about the quality of your services, their loyalty can be assured.
- Customer satisfaction should be the motto of your business.
4. Right Marketing Strategy
- Marketing strategy helps determine the future of the business.
- It is important to select the right marketing tools and techniques.
- When deciding any marketing strategy for your business, you should focus on the type of business, the industry, the target market, budget, etc.
- Facebook has more than 1 Billion users.
- So using it as your main tool would never fail.
- Without considering all the relevant factors and conducting adequate research, we cannot market our goods and services effectively.
- Marketing has become crucial for every business, and it plays a key role in the success of a business idea.
5. Financial Planning
- We know that without sufficient funds running a business is nearly impossible.
- Financial planning refers to studying your income and expenses well to facilitate easy movement of cash and resources along with ensuring liquidity.
- Funds help us plan for the future.
- Determine how you wish to raise funds for your business, know your interest payments, and invest wisely.
- Capital appreciation should be considered.
- Ensure liquidity and proper utilisation of available funds.
- Also, ensure that your business has enough contingency reserves and can prevent any probable losses.
6. Do Not Indulge In Show Business
- Good. Many businesses spend an exorbitant amount on branding and creating awareness for their brand, but when customers purchase these products or services, they are disappointed.
- You should be able to give your prospective customers the right information about your product or service offerings and allow them to make an informed decision.
7. Innovation And Creativity
- The chances of success are high when the business idea and the subsequent products offered are unique.
- The products you offer should be useful and must carry enough value to generate interest.
- The services should have a human touch, and a little extra should be provided to delight your customers.
- You can also take advantage of various lucrative schemes that the government offers to budding entrepreneurs and innovators.
8. Keep An Eye On The Competition
- Watching the movements of your competitors will strengthen your knowledge of the marketplace.
- One can make changes or additions to their products and services by analysing the shortfalls after careful comparison.
- As far as possible, you should offer a quality product with several innovative features at an affordable price.
- Your competitors must find it difficult to replicate your product and introduce a parallel offering.
- Build a professional rapport with entities that are important for the growth of your business.
- Not only with your customers but also with the other stakeholders such as suppliers, creditors, employees, government agencies, etc.
- Offering discounts and loyalty benefits to your regular customers, increasing the credit period, etc. can help create a positive image.
- Networking is always beneficial.
10. The Right Team
- Selecting the right people to build your business will eventually decide the success story of your organisation.
- The people you hire should understand and agree with your vision, mission, and objectives.
- They should work towards the betterment of the business and try to achieve new milestones.
- The team should be dedicated, hard-working, passionate, and actively engaged in all activities that foster growth.
- India is estimated to add a million new workers every month for the next two decades, which means you can always hire the best.
- We can conclude that success is not an overnight act.
- It takes a lot of effort, timely changes, and one needs to have faith.
- These business tips can help you create an effective business strategy.
- Do everything possible to retain your customers, along with keeping them happy, and you are halfway there.
- Stay motivated to do something better all the time.
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4) What are the top-10 most profitable businesses in India?
Q. Which is the fastest emerging marketing tool in recent times?
Ans. Social media marketing has been emerging as a widely used tool or technique for all kinds of businesses. Selecting the right marketing strategy depends on the nature of the business and the target audience.
Q. Are there any financial planning tools available?
Ans. Many paid as well as free financial planning tools are available for businesses. These usually include an interest calculator, loan amount calculator, expense book manager, etc.
Q. Why do businesses fail?
Ans. There are various reasons why a business could possibly fail. The most common ones are:
- No value addition in the products or services.
- Selection of wrong target market.
- Unable to generate or convert leads.
- Supply chain deficiency.
- Unable to compete.
- Increasing expenses and low profits.
- Leadership issues.