Skip to main content

What it Takes to Succeed in Business!

 

Business is tough in today's world! Most small businesses go bankrupt or closed abruptly in the first five years. Over the next five years, many of the remnants will also pack up shop and lock their doors. Why are so many companies failing?

The reasons lie in three main spheres. Those spheres of influence can be labeled personal, customer, and operations.


The Personal Sphere deals with the personal motivation of the owners to start a business. For example, if the owner wants to start his own business, but is not willing to make the sacrifices necessary to make it thrive, they are at a disadvantage compared to other motivated businessmen. When a business starts for the first time, it often doesn't have a lot of money. Owners are required to sacrifice time, money, and happiness to be successful. If you can't do that, that kind of business is unlikely to thrive. Many times the owners thought they could cope with the hardship, but once the novelty of being your own boss is worn out, they close the door.


The Customer Sphere is one of the most important parts of your business. You don't have sales without customers, you don't have money without sales, and you don't have a business without money. There are many factors in generating a good customer base. In the beginning, you must have a cost-effective marketing strategy that targets your intended buyers. This can be done by developing your client's psychological profile and then advertising in places they frequent. Because it's more expensive to get a new customer than to keep one, you need to make sure they're satisfied with your business and product. Keep in touch with them by sending them a follow-up letter with a survey.


The Operations Sphere is second only to the Customer Sphere. In operations, you must have an appropriate method to reduce costs, keep track of paperwork and maintain improvement. Operations may also involve tax paperwork, accounting, scheduling of workers, benefits or any non-producing functions.

If all of these three components are well thought out and properly designed, you will increase your chances of survival. Failure to understand the full details of your business and what it takes to succeed may mean a long-term failure. If you have difficulty putting all the pieces together, consider a small business consultant.


Comments

Popular posts from this blog

What Does Your Logo Color Say About Your Business?

And not only your logo, but also your website, brochure, business cards, and marketing materials.   Yes, colors do matter They communicate feelings and emotions. They represent ideas and thoughts. So before you create a logo or any other piece of marketing make sure you select the right colors to communicate a personality that accurately represents you and your business. Following are some generally accepted principles of color and the emotions they evoke. Keep them in mind when selecting colors to represent your business. White/Silver: purity, truthfulness, faith, contemporary, refined, wealth Black : seriousness, distinctiveness, boldness, power, sophistication Blue : authority, dignity, security, faithfulness, heritage, trust Brown / Gold : history, utility, earthiness, richness, tradition, conservative Gray / Silver : somberness, authority, practicality, corporate mentality Green : tranquility, health, freshness, stability, appetite Orange : fun, cheeriness, warm exuberance, ap...

WebSite Promotion Ideas for Small Businesses

  Website promotion You've already figured out that your small business needs a website to compete with the big boys and maintain every aspect of your relationship with your customers. But once you have your website up and running, you'll need website promotion ideas so that people know about your website. After all, no one will visit your website if they do know it exists. The first of your website promotion ideas is submitting your website to all the major search engines. Search engine traffic is a major draw to websites and most web masters will tell you that the vast majority of their traffic comes from search engine clicks. Most of the major search engines have a specific page you can use to submit your site. Once it is submitted, it will usually take a few days to a week before it starts showing up in keyword searches. Other website promotion ideas include advertising your website on internet message boards and discussion forums centered on subjects related in some way to...

How do I build a winning business plan?

Starting or running your business without a business plan is like being a human without a skeleton! Not only will the use of a sample structure highlight any areas that you haven't fully thought through, but it will also give you a good idea of what makes a good business plan, and what doesn't. The importance of your business plan as a motivating factor in running or starting your business cannot be underestimated. You will find that your commitment continues to build as you gather information, research and write each section. Your business plan should always accompany applications for Small Business Loans, and lenders or any kind of angel investor will simply refuse to consider your business proposal without one. Once you've commenced trading your small business plan will act as a steak in the ground, and help you measure where you expected to be against where you actually are. It will help you take corrective action as necessary. Sample Business Plan Structure :- All plan...