General

HOW TO MAKE A BUSINESS SUCCESSFUL

MAKE A BUSINESS SUCCESSFUL

                           The aim of this article is to highlight the key parameters necessary to make your business successful. Many people engaged in business activities ignore these key parameters which cost them not only a decrease in their profit but stagnant with no further expansion.

                         Doing business is a dynamic process. The process should regularly receive feedback and the mode of the business should be changed accordingly. A business with no space to receive feedback/or change accordingly will fail to compete and ultimately survival will become difficult in the modern competitive environment.

PROCESS OF SUCCESS

The following picture gives complete illustration of the process for a successful business. We will discuss each step in further detail.

Success of business

IDEAS/SCOPE/VISION

  • What you have planned to offer (Services/Products)?
  • What is the scope of your services?
  • Do you know your future planning?
  • Have you different innovative approaches to perform?

KNOW THE UNKNOWN/POSSIBLE ISSUE

  • Do you know all the possible issues that you may face?
  • How you will solve the un-expected issues?
  • Have you discussed these issues with experts before you go on implementation?
  • Do you have any relevant past experience?
  • Do you have all the needed resources to solve these issues if occurred/faced?

PLAN ACCORDINGLY

  • Did you plan as should be?
  • Did you share your plan to experts already passed through the same as you now going to embark?
  • Is your plan dynamic or static?

IMPLEMENTATION

  • Is your plan ready for implementation?
  • Have you worked to minimize the risk factors?
  • Do you have any alternatives in case you fail in a certain phase?
  • Do you know the initial investment to be kept below 50% of your total capital to be invested?
  • How you planned to compete in the market teamed with competitors having enough experience and popularity?

FEEDBACK

After you passed through the implementation phase you receive feedback from customers.

  • What is the feedback? Positive/negative
  • Have you any space to consider the feedback?
  • Can you afford the cost of making possible changes to consider the feedback?

So we conclude that making your business is a dynamic process. Planning, implementation, and feedback go side by side. The last three steps form a loop and it shows the importance of these last three phases.

Making changes in the existent system is a risk if the feedback is wrongly interpreted so make sure that the feedback is properly calculated/estimated (Feedback is real).