HOW TO SUCCEED IN YOUR BUSINESS
Often, the simplest changes can help your business succeed. If you truly want to achieve success, work with a plan, passion, and organization. No business consultant, no mentor can help you if you are not committed to your goal.
1.ENVISION SUCCESS
Be specific. If you are not clear about your goals you will hardly achieve them. You can’t start without a compass, without a course plotted and expect to get to where you dream. Dream. Envision. Connect your goal with an image. It could be a group of new customers or an enhanced version of an application. Whatever it is, connect it to an image. Visualize daily. Repetition makes it more real. It brings it closer to you. Only improvements are allowed. This is your dream, don’t let others kill it.
2.STRIVE FOR MAXIMUM RATHER THAN OPTIMAL PERFORMANCE
In the first period, no matter how perfectionist you are, you will need to make some compromises. Especially if you don’t have huge funds. Of course, we don’t mean compromises that concern your values. We refer to compromises on working conditions, procedures or working hours. You have to give your all at the start. Try to achieve victories every day. Spark excitement in your team and your customers.
You should work with balance and safety. Don’t get carried away by your enthusiasm if things start going better than you had planned. It takes maturity and wisdom. Develop your business at a pace that allows you to manage and finance its growth. Nowadays many companies exploit their staff. This is cheap but immoral financing. With high unemployment as your assistant, you can easily force your people to work 12-hour days, and pay them for eight and a half hours, but you should know that you will not get quality work. You must also remember that your employees are human beings, and if you don’t respect them, you should fear them. They have a circle, of friends, and relatives that they will talk to. Today when we are all more sensitive to social issues, such practices are reprehensible and probably no one will look favorably upon such businesses. The biggest business advice is to respect your staff.
A clever advertising campaign can bring you new customers. However, if you cannot serve them excellently, you’d better stop. You may fill your cash registers in the short term, but most likely, in the long run, you will damage your reputation.
Do not grow your team faster than you can train them. An untrained person from your team, no matter how good their efforts, can make your customers unhappy.
3.INVEST IN THE LONGEVITY OF YOUR BUSINESS
Always choose safety over fast growth. A few years ago, business in Greece was growing at a geometric rate. With no capital, no organization, and no trained staff. Unfortunately, today most of them do not exist.
Limit your activity. Minimize competition as you become unique in your field of work. Always strive to become the ultimate expert in your industry. When you are the best at your job, it is unlikely that anyone can beat you. Invest in perspective. Focus on markets that are either growing or stable. Never enter a shrinking market, even if it seems attractive as a short-term prospect.
Go beyond your geographical area. While we all wish our work to be in the next street from our home, if opportunities lie farther away, don’t hesitate.
Don’t rest on your laurels.
Complacency is the road to failure. Constantly seek innovation. Your competitors will always see your back.
Become valuable. Give your customers more. At least give them more than your competition is willing to give. Going the extra mile is what creates strong brands.
4.DEFINE YOUR TARGET MARKET
Make a list and answer the questions below:
Who are your best clients? If your business is brand new and you have no customers, study your competition. Who are your competitors and where are they targeting? Are there any markets that your competitors are not going after?
Be very specific about your demographic targeting. The demographics of your B2C customers should include:
Age
Location
Income
Education
Family status
Nationality
For B2C customers also consider psychographic elements such as:
Personality
Values
Behavior
Interests
Lifestyle
Ideally rely on research rather than speculation. There are several surveys on the internet from business consultancies. Finally, based on the data, ask yourself whether you can attract a sufficient number of customers that will provide the necessary revenue to your business.
5.LEARN FROM YOUR COMPETITION
Consider your competitors as your teachers. There are plenty valuable things you can learn from your competitors:
Pricing – determining the right price is difficult. It’s more like a blend of art and science. You can learn so much from the price structure of your competitors. If you are a new entrepreneur you can immediately learn how your competitors charge consumers for comparable products or services. Such a process can save you a lot of time.
Marketing – find out which way and which method they use to promote their products or services. Monitor their social networks, subscribe to their email lists, and check where and how they advertise.
Customer satisfaction – nowadays customers are quick and willing to share the good and especially the bad and bad experiences. You can monitor social networks, forums, search engines, websites, etc. To get a good idea of how customers are talking about your competition. If customers are complaining, it’s your chance to become the alternative. If customers love them, you need to make your presence known and offer them something more.
Mistakes – every company makes mistakes. They give you opportunities to learn and hopefully avoid them with your own business.
6.Build trusting relationships with everyone
Almost no one buys any good unless he or she feels a minimum degree of trust. Even if they have made a mistake. Even rationalizing situations the customer today consumes after trusting first. Imagine which one of us will go to eat in a restaurant when we think it is dirty or when we have heard that it uses bad, untested raw materials. Which of us would use our credit or debit card if we were afraid of being hacked and having our money taken away. Obviously the examples are endless. So note that one of the greatest assets for a business is trust and a good name. Be consistent with your customers. Don’t fool them, don’t lie to them. You will sell once and then you will lose them forever. Similarly, build trust relationships with your staff. Give them the money you agreed to, on the day you agreed to it. Don’t exploit them. The cost you will pay will be huge. Finally, build trust with your suppliers and partners. Surprise them. In a market where most people don’t honor their agreements, you call them to pay them earlier than you agreed to. They will love you and support you when you need them.
7.Measure and Analyze Performance
To ensure your business is on the right track, it’s essential to measure and analyze performance regularly. Key performance indicators (KPIs) provide insights into various aspects of your business, from financial health to customer satisfaction. Using this data, you can make informed decisions and adjust strategies as needed.
By adhering to these seven strategic rules, businesses can build a strong foundation for success. Understanding the market, developing a unique value proposition, building a strong brand, focusing on operational excellence, embracing innovation, cultivating relationships, and measuring performance are all critical components of a sustainable and thriving business. Adapting these strategies to your specific context and continuously refining them will help you navigate the complexities of the business world and achieve long-term success.
