We
are all born with an inner entrepreneur in us. Even those who have never had a business
can start one any day. Anyone can run a business,
but a successful business? That takes more than just starting an enterprise
that generates money. Running a successful business is not an easy task.
Regardless of the service or product being sold, the learning process is never
truly over. Many aspiring entrepreneurs hardly break even, and many who manages
to, have a hard time staying above the break-even threshold. Whether you're
just starting out, or you find yourself stuck in the middle of a failing
business, this article is focused on helping you become successful at running
your business.
- Have a business plan
The
importance of a business plan for your business cannot be overstated. If you
are a new entrepreneur, the best thing to do before looking for capital or
office spaces is to write a business plan. A business plan basically is a
writing of your ideas, expectations, and
knowledge of the niche you are about to go into. Going into a business without
first writing a business plan is like flying an airplane
without technical support. If you already have a business but you didn’t write
a business plan before starting, it’s not too late to get started. Your business
plan will also help you stay focused on the end game. It will be impossible to
secure Financing from investors if a business plan is not created. Apart from
that, it will give you a realistic idea of what to expect in the business and if
the business can actually be successful over time.
- Give good service
The
main aim of starting a business is to make profit.
You cannot make profit if you have
unsatisfied customers. Believe me, the best form of advertising is still word
of mouth. If you give a bad service to a client, he/she will tell six people
about it on the average. If those six people tell six more people, do the math-
that’s bad publicity for your business. So if you want to have a successful
business, make your product/service the best and your customers/clients will
stick around.
- Treat your employees well
At
the end of the day, you cannot do it all. The thing about business is that you
must work with other people even if you have a one-man business. If you have or
are planning to employ staff to help you run your business, it is important to
treat them with respect because happy employees work more efficiently. Give
them a raise if they deserve it. Allow them opportunities for growth. Treat
them to exclusive perks like a discount on the items you sell or the services you provide. Avoid favouritism because it only encourages rivalry,
which is not always healthy in the workplace.
- Have a mentor
While
most people do not feel the need for this, I would strongly recommend that you
have a mentor. Someone to look up to for advice and business strategies. Usually,
a mentor is someone who has walked the same paths as you, probably made all the
mistakes there is and is ready to guide you so you don’t make the same
mistakes. Your mentor should be someone with experience in the area you are
looking to develop yourself in and be willing to share their knowledge and
expertise with you. Where possible make
sure you give back to your mentor too. Remember that the best relationships are
always reciprocal.
Starting
a new business can be one of the most challenging things to do. To be successful
in any business venture you go into, you have to first acknowledge that you cannot
do it all on your own. Take lessons on entrepreneurship if you have to, have as
many mentors as possible and most importantly, learn from your mistakes.
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