There's a good idea, I'm talented - I can't fail. In practice, this is not really the case. In the States, Israel, South Africa and UK more than a million businesses are closed every year. Most of them small businesses. In order to start a successful business you need a plan
The recipe for success in our new business
You've been living with a sense of dissatisfaction for 3 months now. The boss does not Care, colleagues are working at a slow pace. Business marketing does not work well. Time management is ineffective and you find yourself managing constant conflicts and extinguishing fires. And maybe everything is good at work, but you still feel unfulfilled, like your abilities are worth much more. It all happens until one day you get up in the morning with an idea for a business entrepreneur that might be just what you were looking for. At first it seemed simple and comfortable. It is unclear how it is possible to fail with such an idea. But one day reality comes knocking at your door and you undesrstand that maybe your idea was good, but you still have a lot to learn.
How to run your business correctly?
In order to be on the right side of statistics, it is important to understand first of all that good idea, motivation and talent are not enough in most cases to start a successful business. In running a business it is important to understand how to build the business right from the start, what are your strengths and weaknesses as a business owner and how these gaps can be bridged to start and run a profitable business.
10 Tips for Successful Business Management
It is impossible to compress knowledge gained over 10 years into an article format, read the article and expect that if we do exactly what we write we will have a successful and profitable business. Therefore, the purpose of this article is to provide guidelines for an existing, new or entrepreneurial business owner at the outset. The tips below will give you thinking directions that will help you develop or increase your business profitability:
- Business Plan - Whether you are submitting a plan to the investor or you are an investor, it is important to build a business plan and conduct a feasibility study. Many businesses that do not build a business plan, find out in retrospect that they have more expenses than they thought, they cannot run the business alone or their product is not as exclusive as they thought. Excellent execution begins with excellent planning. You can contact a business consultant to build a plan for you or build your own if you have the knowledge and tools. I always recommend an electrician to deal with electricity and a gardener to work in the garden. If you have the ability to work with your hands, it still doesn't mean you can do the gardener's job better than him. It is strongly recommended to hire a professional and not regret it later
- Start a business you know - it's very difficult to market and sell in a field you don't know. Starting a business is hard enough work without having to add a whole new field of study. If you have decided to start a business that you do not know, make sure you surround yourself with experts who know the field.
- Always consult - it is best to pay several thousand Euro's to an expert in areas where you understand less. Proper business advice and coaching, not only will it cost you money, it will ultimately save you from unnecessary expenses, lack of knowledge and wrong work
- Customers don't come from the air - Marketing is one of the most important things in the business. You can't start a business without understanding where we will bring your customers - Google Adwords Marketing, Facebook Marketing, Website Creation and more, these are all very important keys to the success of your business. Imagine a tastefully designed restaurant with great food and amazing service. Without this restaurant's customers, you can't exist. The increased competition in the restaurant world does not allow such a restaurant to exist only by word of mouth. Most of the best restaurants in Israel and in the world market themselves in a large number of media in order to attract customers
- If there is no sales no revenue - it is important to separate marketing and sales. Although business marketing and sales are many areas of mutual interest, there is a significant difference between the two. In a nutshell - marketing brings the customers, in sales we have to convince the customer to purchase our product or service. Similar businesses that advertise similarly have significant differences in sales volume and profitability. These gaps are usually due to sales training, experience and persuasiveness
- Location, Location, Location - Many businesses have risen and fallen for an unsuccessful location choice. A tangible business that provides service and sells its products in the store must choose its location very carefully. A business that does not receive an audience must also think about the location for other reasons such as: hiring population, cost of product deliveries to target audience, etc.
- Know your competitors and do constant market research - no need to invent the wheel, you can always find someone else's wheel and upgrade it. To invent something that did not exist until now and to succeed is possible but very difficult. It is important to see what the competitors are doing and what they are doing and not doing well. The website, method of sale, product description and service provided can be examined
- Always stay up to date - in every business area there are always changes and updates. Those who do not keep up to date and identify the trends may not survive. Look how much the global Nokia company is struggling in the mobile market, after a decade ago dominated the market unchallenged
- Be open to new ideas - In retrospect, many of the craziest ideas I've ever thought of or suggested to me have later become great successes. It is very important to spend time listening and thinking about new ideas and ways to develop and grow your business
- Provide appropriate training for you and your employees - management, marketing, time management, sales and service training courses, inventory management, enterprise knowledge management, negotiation, conflict management and more. These are just examples of the courses and training courses the professional market has to offer you and your employees. These courses may drop many tokens and help your business succeed
The end game of your actions start first at thoughts. As a business owner or entrepreneur at the outset, it is very important to plan and work methodically and systematically to produce successes. I hope this article gave you the initial knowledge and material to think about setting up or upgrading and improving your business.
Other Articles you might like:
- The best sales tips for any service and product
- How to build a call center
- Why is it important to hire a business consultant
- Sales courses that will increase your profits