The way you look at the core of new businesses startups is awesome and to be honest with my writing I can say that you will enjoy reading this business management post. And you will learn new ideas which will help you and your business to grow rapidly.
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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 the 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 a 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 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 won’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 to 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 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.
Step: 1 Know What to do
Starting a business is not a big deal but it must clear that what kind of business you want to do. Search your own interest, because you know better than in what field you are interested.
Now when you are clear at some point that you want to do the business of clothing, food, technology or anything else. You must have the knowledge about it. If you think you are a beginner then do research. This process will definitely help you. Information is the power and you can use it.
Step: 2 Start Making a plan
You have done research on the topic that you choose to implement your new business. Fine, What can you do with your knowledge if it has no planning for implementation of it.
Try to make a plan as a goal without a plan is just like dreaming. How to plan ? Questions that will arise in your head. OK no problem, let it arise. Take a copy or a board and write down the plans. Don’t just speak or utter your plans but instead of it just jot it down somewhere.
Planning will help you to remind that you were targeting something, and which you have not achieved yet. Think positively here, because you need the flow of creative thoughts for your planning. Actually business is thirty percent all about your plans. As your plan will only change into reality.
Step: 3 Start Small and take a move
Now your planning did. You need to make it into reality, for that you need to work for it. Anyhow Start small, and once you have started keep on moving.
Work until you either succeed or fail. No matter because if you failed then also you will gain something that is more precious than anything in this world. Definitely, you will gain experience. And let me tell you something more about it that ” your experience is your best teacher”.Start again and keep on proceeding…
Step: 4 Build a community
Your business will come in real power when there are so many people working for it. Try to connect with people. And make a community which will help your business to grow rapidly.
Step: 5 Choose and Register your business name
In any good business you need to have a unique name for your business and to do this you need to get registered your business name.
Keep in mind that you have to provide something to the world and for doing this you need to have a unique name for your business. After this, you need to get licenses and permits for your business. It will be a legal procedure for starting any good business.
Step: 6 Accounting Management
In order to get your business in the real world, you need to deal with money matters. So for that, you need to manage and plan your accounting’s.
If you know about accounting than its better to deal with it or if you have any kind of confusion about it than you need to hire some accountants. To fix rates and prices or to deal with tax matters you need an accountant. if you are not aware of accounting management.
Step: 7 Fixing your Place
Maybe you want to do the business or something related to food, clothing, machines, toys, etc anything. You need to have some platform for it. And it should be well-organized.
Take a decision with your team members. Choose a good location and establish your company or your so-called platform to work for your business. At the initial point you don’t require this but at some level when your business reached than you may have to.
Step: 8 Keep your Team member Happy
This is also very important because you need to maintain the consistency. And want to improve your business than it is necessary to keep your team members happy. And for that, you need to learn the leadership quality. (Check out the topic on my blog for a leadership quality.) Be Happy and keep the rest Happy.
Step: 9 Don’t let your financial problem to overtake your Business Startup
There are so many business beginners in this world and eventually most stop their business because of financial problem. It means they lack some money. Actually in business money plays a great role but it is not that much great to overtake everything. The money will help you out to get the things you required at the starting.
But it will not help you everywhere in your business. Ya, you can say that it is extremely important to have some money in pocket to start. Anyway, you are a beginner and you know you will get help from so many people if you have decided to do something. Right !!
So, don’t worry about money just focus on your business strategy and its right implementation. Everything will be solved easily. Remember it that “Every great startup was once small”
Step: 10 Your small Business needs Promotion
You have almost done everything and at the last, you need to promote it. Spread it and let everyone know about your products or services which your business provides. After promoting your business you need to let it go. And keep on improving your small business. Success will come in its own way.