For which of you, intending to build a tower, does not sit down first and count the cost, whether he has enough to finish it— 29 lest, after he has laid the foundation, and is not able to finish, all who see it begin to mock him,
Many persons admire and celebrate the owners of the many giant business enterprises that they see all around them. Some other individuals even wish to be owners of these corporations, but as we already know, wishes are not horses. Apart from envying the success of those big companies, very few people go on behind the scenes to find out what they must do to achieve a similar result. There are no two ways about it. To build up a business from scratch is a very daunting task, but eventually, when the company begins to blossom, the rewards can be overwhelming. So what are the steps you must take to start-up and sustain your business?
Steps To Begin And Maintain A Growing Business
No two businesses are alike, even if they have very similar features. So, besides receiving mentorship from some top business moguls, you would still need to adhere to the following tips for business growth.
- Organize Your Ideas
It would be best if you got yourself together before you can get a business together, so organize yourself and your plans. Achieving a great business empire becomes a reality following critical thinking and calculations. What should your business be all about? What service do you want to render? Where will you be situated? Would you need partners initially or later on? What class of persons would your services be opened to? As compared to your competitors, how differently would you operate?
Think! Think!! And think!!! Thinking lower than your competitors is a disaster waiting to happen as this would keep you underneath the “big guys.” Yes, competition is a normal part of the business sector but you need to seek ways always to be ahead of the curb. Therefore you must think analytically, note the success points of your competitors, and come up with ways to best what they have done.
- Keep Concise Records
Every outstanding company keeps detailed records of their profits, losses, failures, challenges, successes e.t.c This is done without fail so that the corporation can highlight their financial situations, preempt their most likely future challenges, and work out solutions before a disaster arises. You would have to diligently keep the financial records continuously over the years to monitor your business’s growth.
- Be Patient With Sales and the Profit Margin
Honestly, most people get into business to make a profit, and it can be discouraging when the profits are not rolling in as soon as you expected them to. The natural tendency is to become discouraged and quit, but this should not be so. Rome wasn’t built in a day, neither will it take you “one day” to build a successful business. It would take some time to gain trust with your desired customers, and it would take some time to convince them that your product is better than those who have been in the market longer than you have. Consistency and patience will get the job done instead. Every day, you must keep adding to what you are doing, and in a long-term view, you would have made something substantial.
- Go The Extra Mile To Make The Business Succeed
Your business would achieve very little if you sit still and perform the regular services performed by your competitors. You might need to put on your creativity hat and add some spice to your dish. Create some new wonder that the mind of your customers can muse on for a while. This might cost you more money than you thought initially, but it would be in your favor at the tail end.
Get to work, and you might need to spend some more time away from your family to be able to give more to the new company. You might need to commit more financially, and you might need to do extra as customer service, e.t.c. Do all that is within your power, strain if you must, and seek partners. Nothing should be too much to be committed to a business if you want to reap uncommon success from it.
- Provide fantastic customer service
After creating your trade name and establishing a sales outlet, the next most crucial factor you might want to consider is customer service. This is because customers’ are another group of individuals that can improve or reduce the growth of your business. Nothing beats unrivalled customer service; therefore, you must commit to providing fantastic customer service that your customers will not forget in a hurry. Your business will thrive by word of mouth from one customer to another if you can offer fantastic customer service.
The customer might not be clothed in the best of apparels, neither would he always be approachable, but we reason that since they somehow found your sale outlet, you can take the opportunity to impress them. Thus, be mindful of how you speak to them, compliment them, appreciate their decision to purchase your product, gain their loyalty, and they would help you grow your business in unique ways.
- Understand the Risks and Rewards
Every business venture has a measure of risk attached; therefore, you would thrive if you choose the risk to engage with and the risk to forego. Always be willing to reason out the advantages and disadvantages before involving any risky venture. Take only those risks that show the most potential to make your business grow. Understand what each option involves and which has the most significant disadvantage. As a rule, never invest in anything you have not completely understood; every risk must be calculated thoroughly before engaging it.
According to data from the U.S Bureau of statistics, about 20 percent of new businesses fail in their first 2years while 45 percent close up in another 3years. A whopping 65 percent leaves the market before the end of their first ten years, while only 25 percent live for 15 years and more. Therefore, if you want your business to be a part of the 25 percent that survives the tide, pay heed to all we have shared here.