Summarizing the most fundamental concepts of business and startup in only six brief points. And the basic reasons behind the failure of any new business or startups.
If you work according to these six fundamental principles, then your business will grow rapidly and will sustain for the long-term with maximum profit.
1) Work For Customer
Focus on your solution that your customer required from your business. And understand the need of your customer with full intention to help them in the best way.
Business is all about sharing something at a market level. It means that whenever you start any new business or any startups you simply share the things which you possess and receive something in return. Isn’t it?
Now come to the point that, who is important in your business? Ask this question with yourself. You or your customers. Definitely, the answer would be – ” Both” You and your customer as well. But who is more important? Now the answer would be – Your Customer.
But why your customer is important in your business. Simply because they will only buy your things or take your service which you will provide. So, if your customer is significant for your business then, can you do one more thing to enhance your business in a more flexible way.
“Just treat your customer as a King” I mean you just need to understand the requirements that your customer needs. And you need to even value it so that they can satisfy with your product or your service which you provide.
You must take care of your customer regarding their …
- Turn Over
- Cash Flow
After planning and implementing the right strategy, you will able see a huge difference in your business.
Always think that how your business can help your customer. Even sometimes any customer complains about your product then don’t get frustrated about it but rather than taking any kind of tension, be happy.
As “Complain is considered as a Gift”, you just need to catch it. And improve your business instantly.
2) The positive flow of Cash is Required
A cheque in hand means nothing, by the way, profit is important but cash is also important.
In your business, cash is very important. It’s better if you are earning a profit from your business but if your customer delays to pay for your service or your product then it means that you are not an exact business person.
The flow of cash, or in another word constant transaction of money is very important. Don’t delay to get paid back from your customer, Either take in advance or take at the point when you provide your service or product.
Know the reason behind this, that why I am asking you to maintain the cash flow in your business. By the way, if sometimes your customer delay to pay you and it happens in huge range then your business will stop growing. Because it will lack money.
In any business money plays a crucial role, If you won’t earn a profit at the beginning of your new startups or business then its normal but never compromise with your loss in it. If you are losing money constantly then there is no chance of growth of your new business or startup.
3) Don’t Neglect the Margin Point
If you are thinking that you will acquire the market, and sell your product at the cheapest price then let me inform you something about the margin. First of all, try to understand the margin point of your business, don’t simply start giving a huge discount at the beginning of your business startup.
If you do such an act, then it means that you are not prepared fully for your new startup or new business. And I am writing something here for you if you just don’t bother about the margin point of your new business .” If you don’t know that how your business will earn a profit than you are just gambling with it” So, never compromise with the margin.
Recommendation – Prepare at the very beginning of all – your business budget, and wait for the momentum of your new startup or new business.
And if you don’t prepare at the first then you will suffer to repair it for the rest of time.
4) Build a High-Performance Team
If you are working alone at the beginning of your new startup, because of some financial or any reason, is not considered as bad but once your new business or startup is raised to the high level then you can’t just handle it all alone. You will need to build a high intelligence team.
While you hire a new employee for your business you need to keep in mind these things.
An employee must have…
- High Will, to work in your business or in your new startup
- High Skill, to improve your business
- High Potential, to constantly bring the best outputs
Manpower plays a crucial role in the growth of any business or startup. So, pay attention to these all during your new startup or new business. And one more thing adding here, Let your employee work independently. Don’t give any kind of pressure. Just suggest them on the improvement of business.
5) Improve together with Your Customer
Don’t just enhance your business which is not based on customer satisfaction. As I have stated earlier that your customer is your everything for the sake of your growth. So, maintain the regularity between them.
If you are getting a more new customer than it’s a good news but you must also take care of your previous customer who has joined your business or startup. Always keep in mind that customer retention is much more important than getting a new customer.
So, if your business is improving then your all old and new customer must also satisfy with your work. Don’t forget to give them offers. It’s the best point to keep your customer for long-term altogether. You can understand why the Amazon company is so big today. Just because they know how to keep happy with their all customers. Even by doing this it will generate you recurring revenue also.
6) Never Delay in releasing your product
Last comers are less rewarded. Yup! This is seriously true for your new business. If you are making any new product and you delay to release it in the market than what will happen, do you know? Oh my God !! You will lose the chance to sell it at a huge level.
You will lose your customer, as they will run away to your competitor. And by the way, if these things even happen in your new business then it’s hard to say that your business will improve.
Is it confusing you, chill! It simply means that you must not do late to upgrade your market product and never ever delay to make it available for the market. If you do such a mistake then you will only be left blank handed.
Then you will only shout for your product to get it sold. you will have to suffer !! OK let me tell what will be the exact problem.
You will have to give.
- Discount to get your product sold
- Deal with the margin
- create any kind of stuff scheme
So, if you don’t want these things should be the barrier to your business then never ever delay to release and dispatch your product. Follow Time Management strictly.