What it Takes to Succeed in Business!
What it Takes to Succeed in Business!
Business if tough in today's world! Most small businesses go
bankrupt or are closed abruptly in the first five years. Over
the course of the next five years many of the remainders also
"pack up" shop and lock their doors. Why do so many businesses
fail?
The reasons lie in three main spheres. Those spheres of
influence can be labeled personal, customer, and operations.
The Personal Sphere deals with the owner's personal motivation
to start a business. For example, if an owner wants to start
their own business, but isn't willing to make the sacrifices
necessary to make it thrive, then they are at a disadvantage
when compared to other motivated businesspeople. When a business
starts for the first time often it doesn't have a lot of money.
Owners are required to sacrifice time, money, and happiness to
succeed. If you can't do that, it is unlikely that such a
business will flourish. Many times owners thought they could
handle the hardship but once the novelty of "being your own
boss" wears off they close the door.
The Customer Sphere is one of the most important components of
your business. Without customers you do not have sales, without
sales you do not have money and without money you do not have a
business. Many factors go into 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 a psychological profile of your customer and then
advertising in those places that they frequent. Because it is
more expensive to get a new customer than it is to keep one you
must make sure they are 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 only second to the Customer Sphere. In
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operations you must have an appropriate method of reducing
costs, keeping track of paperwork, and maintaining improvement.
Operations can also take into effect the tax paperwork,
accounting, scheduling of workers, benefits or any non-producing
functions.
If all of these three components are well thought out and are
appropriately designed you will increases your chances of
survival. Failure to understand the integral details of your
business and what it takes to succeed may mean failure in the
long run. If you are having difficulty putting all the pieces
together then consider a small business consultant.
About the author:
Murad Ali is a two time published author on economic reform and
development. He also runs the Muslim Times Paper and a small
consulting service. For more articles written by Murad and
information about his businesses please visit
http://www.muradenterprises.org
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