In my last article, I wrote on; “#3 vital Keys that determine if your Business will attain Success or Failure“. And today I will be writing on; “How to build a successful business.
I know you must have read several articles or heard several messages on how to make your company or business successful. So what makes mine accurate?
If you are a new reader I know you probably asking yourself such questions, but my old readers, know my articles are not just theoretical explanations from research, rather they are from life experience.
Everything I share here with you is what I use to grow a small business from having a monthly revenue of N40,000 to having over N190,000 in less than 3 months.
And I am not indirectly telling you other articles on how to grow a business to be successful are trash, No!
But I am sure these four (4) accurate ways to turn your failing or struggling business to become successful one will definitely work.
There are four accurate ways to create a successful business.
- You must promote your purpose
- You must make sure your business strategies are more friendly and acceptable to consumers than your competitors.
- You must not chase profit, but rather chase demand
- Your employees
1. You must promote your business
All startup entrepreneurs must know this fact to have a successful business. It is you that must promote your business, not the business promoting itself.
Most early startups that end up folding up within a short time due to lack of demand are not because they render bad products or services, “though some do”.
But mostly because they fail to promote their business to the world. Carrying this mentality; “the business will sell itself.” It doesn’t work that way.
And if you do some research as to why the owners choose not to sell their business you will discover is because they are trying to manage finances.
But in reality, every business must demand money directly or indirectly for it to be popular.
In fact, you will lose more money when you fail to advertise your business than when you advertise it. How?
The Business you fail to advertise will cost you a lot of potential demands that would have brought in more revenue for you and your business.
And the loss is always bigger, than if you had done the promotion yourself.
There is something that amazes me with these big tech companies such as Google, Facebook, and others.
Google has dominated the search engine business from day one yet they never fail to apply this strategy of promoting their business.
Never assume your business can promote itself because it currently dominates a large market share, always promote your business to keep it growing in the hearts of the consumers.
2. Your Business Strategy
You must understand that your business strategy must be consumer-friendly and unfriendly to your competitors.
Consumers are kings, so you must treat them as kings if you really want to have a successful business. More on business strategies can be read from my previous article; “Business strategies that work today“.
3. Don’t You ever Chase Profit, Chase Demand
Many business owners don’t know this, because they believe profit should be the number one priority to get more revenue.
The truth is profit is a mirage. The more you chase it, “because you want more revenue”, the harder you find it.
The question now is; “what then should business owners chase?”
Good question!
My answer is; chase demand!
Most big companies went out of business or lost a huge market share to a new competitor because they think; by increasing the profit margin per product it will give them more revenue.
That thinking will only work when you running a monopoly business.
It will work against you in an industry that encourages new competitors by making it a big potential to anyhow who wants to venture into such business.
But if your focus is on high demand, then you will notice the high revenue and indirectly put your competitors out of business.
Chasing demand gives all-around advantages such as; huge profits, shutting down most competitors, reducing the chance of having new competitors, an increase in demand, and a very large market share.
4. Your Employees
"If consumers are the kings then employees are queens."
That shows how important employees are in every organization.
Take a car, for instance, no car can move automatically without fuel. Just like no company can move without customers.
But what is the essence of having fuel when the engine in the car is bad or the brake is not working well?
So, as much as every business craves to maximize profit by rendering value to consumers, maximizing the workforce to be effective and efficient should be the 2nd priority.
"Treat your employees exactly as you want them to treat your customers."
Anytime you go to an organization and you notice most customers are being treated badly by the employees, just know that the employees on their own end are being treated badly by their employers. Vice versa.
So no matter how carried away you are with creating or making a successful business, never think that creating great value and great business strategies alone can maximize your profit.
"A great workforce, great value, and great business strategies are what it takes to make any business successful."
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Conclusion
I hope you enjoyed this article on building a successful business.
I like to know your thoughts, contributions, or questions in the comments section below.
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