| Image for representative purpose only. |
Vital strategies required for the outstanding growth and prosperity of any new small or large scale businesses
Starting and establishing a new Business is not an easy task. To achieve the desired goal and prosperity in business, some strategies are need to be followed that form the key pillars behind the success of every businesses. Listed below are some of the important strategies required for the well establishment and prosperity of businesses:
1. Income
There is saying in Business that ‘Financial Success is the Mainspring of any Business, no matter what Size or Industry’. No business can run on the promise of cash or a future payment. It is one of the key stone that really matters and should be the primary measure of a company’s success.When it comes to measuring a successful business, profitability is probably the first thing that comes to mind. The key parameters on which an organization should emphasize are:
a) Compensation (How much can we earn?):
It is the total cash and non-cash payments that we give to an employee in exchange for the work they do for our business or organization. It may include many other type of wages and benefits such as Base Pay, Sales Commission, Overtime wages, Tip income, Bonus pay, Merit Pay, Insurances, standard vacation policy, retirement, stock options and other non-cash payments.
b) Profitability(Is there a good profit margin?):
It is closely related to profit, but it is key element used to determine the scope of an organization’s profit in relation to the size of the business. In simple terms it is the state or condition of yielding a financial profit or gain.
c) Leverage (Can we multiply our efforts or do we have to do it all?):
It is the ability to influence a system, in a way that multiplies the outcome of one’s effort without a corresponding increase in the consumption of resources. Leverage can refer to the amount of debt used to finance assets.
d) Fairness (Are the award fair for all levels of engagement?):
It is the ability to make judgments free from dishonesty. It has nothing to do with equality. The value of fairness is about the process of taking right decisions and not the outcome. In a business the main aim, is to take good decisions that serve the needs of the business without harming any stakeholders.
e) Return of Investment (How quickly can we return our initial investment?):
It is the ratio between the net profit and cost of investment resulting from an investment of some resource. As a measure of performance, return of investment is used to estimate the productivity of an investment or to compare the potential of several investments.
f) Commitment (What term or bucks is required for us?):
There is saying that ‘Running a Business is more than a full-time job, since it takes physical, emotional and spiritual commitment round the watch’.It is the state or quality of being dedicated to a cause or activity. To create an environment of business commitment, it is the foremost responsibility of the management to make sure that the employees are satisfied. If the employee has no job satisfaction then there is no way what so ever they will be committed. In times many new business owners waive their salary until they see a return on their investment. A successful business owner work a typical eight-hour per day.
g) Limitations (Is our income potential limited or unlimited?):
In business we had to overcome the limitation that was placed in front of us and work harder to move forward and prosper.
h) Payment (How and when do we get paid?):
It is the compensation, performance of an obligation, or reimbursement, by giving over something that is of satisfactory value to its employees or other recipient, such as money or salary.Most businesses expect payment upfront for services to ensure they do not provide products or services for free and also to ensure that the customer can provide payment in a proper way.
2. People
If you want your business to succeed, you need a wonderful team. People who surround us should be smarter than us.A company can achieve fascinating things when it has leadership and a team who is inspired, hardworking and believes in the company’s mission and vision. Too often, we can see young entrepreneurs get over excited about what they're going to call themselves, and who gets to put the title of "CEO”. Hence the leadership should not be ego driven. The key points that should be emphasized in terms of people are:
- It is the people of an organization who is there to help when we need to complete any target. We should respect each and every people within the organization.
- There should be graded recognitions.
- Every people of the organization should be offered free special events.
- There should be special gifts for outstanding works.
3. Company
The main reason for the failure of a company to meet customer’s Demand are related to flaws of process and systems rather than the employees. It is key to understand our company’s process and have the right systems in right place. The key points that should be emphasized in terms of company’s artifacts are:
- The time duration that a company has been operating with a particular business.
- There should be management team who is running a business organization to monitor each and every track records.
- The company needs to trade legally in all respects.
- The market of the company should be worldwide if possible.
- The company needs to have a strong internet presence.
- It’s essential to establish responsibilities, set goals, and track performance.
4. Product
Success in business requires doing something we are passionate about that fills a demand in the marketplace.To succeed as an entrepreneur, we must develop the ability to select and offer the right products or services to our valuable customers in a competitive market.Before selling anything online we must first do our own activity to Determine Market Demand and potential. The key elements that should be emphasized before bring a product to a marketplace are:
- Knowing the demand for a particular product or service.
- Are the products fashionable and smarter for the users?
- Do the products provide any value to the end users or customers?
- Uniqueness of a product is one of the biggest factor to create a demand in the marketplace.
- Longevity of the product in the market.
- Are there more products to be delivered in the nearby future?
- Keep monitoring on our competitors.
5. Trend
Success in business requires doing something we are passionate about that fills a demand in the marketplace.To succeed as an entrepreneur, we must develop the ability to select and offer the right products or services to our valuable customers in a competitive market.Before selling anything online we must first do our own activity to determine market demand and potential. The key elements that should be emphasized before bring a product to a marketplace are:
- Knowing the demand for a particular product or service.
- Are the products fashionable and smarter for the users?
- Do the products provide any value to the end users or customers?
- Uniqueness of a product is one of the biggest factor to create a demand in the marketplace.
- Longevity of the product in the market.
- Are there more products to be delivered in the nearby future?
- Keep monitoring on our competitors.
6. Support
Support of Business or Commerce means services provided in relation to business or commerce and includes evaluation of prospective customers, telemarketing, processing of purchase orders information and tracking of delivery schedules, managing distribution and logistics. The key points are:
- Training should be available.
- How should be the support method implemented, when should be the method implemented, what are the methods of support and lastly who should support?
- Meeting at a regular interval should be done.
- Are there multiple ways to get the most, from the system?
- How effective is the marketing? Can we develop our own marketing applications?
