10 Secrets To Running A Successful Business Enterprise
Running a business enterprise is not an easy task. Doing business can be challenging and involves a lot of risks. When you have to work under a business or an industry, you don’t have to bother about making the decisions or coming up with a business plan, but when you are the owner of the enterprise, them the bulk of the success of the business depends on you.
To succeed in business today, you have to be creative, and have a good planning and organizational skills. If you started a business because you thought it was an easy way to make money, or because you want to be ‘free’, then you’ve got yourself a lot of work to do. Making money in a business is a lot more difficult task than most people think. From making the business plan, to making sure it is viable, to getting investors to find the business, to hiring employees, to getting customers, none of these come easily.
Whatever business you want to start, or have started, there are things you must do to succeed, such that if you don’t do them the right way, you may get frustrated in the business. A successful business requires analytical thinking, sustainable business plan, detailed record keeping, and great organizational skills.
Below are top 10 secrets to running a successful business enterprise:
- Create opportunities
You shouldn’t just rely on making the best use of opportunities that come your way alone, you should try create some too. Opportunities will always be present for those who recognize them in business, some people will create opportunities, while others will carry take advantage of the opportunities created by others. There are a lot of ways you can create opportunities to succeed in your business and create more profitable chances of success for yourself. Once you can widen your reach and scope, you’ll be able to generate new opportunities. Whether it is launching a new program, adding new programs to your already existing business, or engaging your clients regularly, there are a number of ways you can create opportunities. For instance, you can launch a programme within your business that creates opportunities for investors with a promise of ROI that’s inviting. This is one of the key ways businesses are staying afloat nowadays.
- Understand your business
A lot of startup business owners just go into a business just because they have an idea. You cannot succeed on merely an idea you got while in the shower, you have to learn and understand all there is to know about the business. You need to know the nitty-gritty of what is involved in your business. A business has a lot of sectors and you must know about these so you can have total control of your business operations. You need to develop some necessary, basic skills for your business to prosper.
These skills include
- Basic accounting: knowing how to keep financial records, how to file records, and which records to file per time.
- Customer service: your business won’t go far if you do not have great customer service skills. They are the life of your business, and the way you treat them determines if they’ll keep coming back or not.
- Strategic management: creating a strategic business plan for your business is one of the first things you do before you set up a business. And the ability to keep to the plan will go a long way in determining your success.
- Marketing: it is not enough that you produce great products, you must know how to market them to your audience to the point of sales and continued patronage.
- Sales: you must know how to close a deal and take care of your customers’ needs.
- Human resource management: you should be able to organize a team, and motivate them to achieve success for your business.
- Be organized
To achieve success in business, you have to be organized. It allows you to be able to complete a lot of tasks and manage things properly. Organization helps you create a to-do list and prioritize tasks. And as you achieve each task, you cross them out on your list. It helps you ensure that you do not leave anything out, and that you complete all necessary tasks per time. It also allows you assign tasks to different members of the staff, or different units. You do not just perform all operations, but the important ones that are needed for the survival and success of your business.
- Keep detailed records
Every successful business keeps detailed records. This helps you to know where your business is financially, and the challenges you might be facing. You have to be on track on the revenues generated in your business, so you can know if you’re making profit or at a loss. Knowing this is crucial to the success of the business. Even if your business is making a lot of profits, you still have to be aware of how you’re doing financially. Knowing your numbers is the best way to manage your business’ finances and revenue, especially with a lot of uncertainties in the market today.
You have to know your cashflow, profit and loss, price point, net income, gross margin, and total inventory. Everything that makes up your financial sector has to be in record and be detailed.
- Be persistent
Before you start any business, you have to understand that you’ll face failures and downturn, and that these failures do not determine your self-worth. This has caused many businesses to shut off these days. You have to be persistent and ready to weather through any storms that the business will face all through. Establish a plan for the probability of having to close the business, and be ready to learn from the failures. Open mindedness will also help you to keep on track, be available to learn from anything. See problems as opportunities, not setbacks, that can allow you serve your customers better, and as a way to develop your business.
Read Also: Building a Team For Business Success
- Have the right network
Networks are important for your business since that is what you leverage on to connect, share experiences, gain insights and opportunities ahead of your competitors. Having the right networks allow you to gain greater application of your expertise. This helps you to guarantee success for your business, and for further development of your business skills as a person. The right networks position you
- Know when to quit
The cliche statement, “A quitter never wins and a winner never quits” is actually correct, but for a business person, it is not that they don’t quit. They just when and how to quit. There are times in your business that quitting will be the best option. Successful people always know when to step back and move on, instead of hoping and relying on customers, or investors. There’s nothing wrong in quitting, as long as it is for the right course. Quitting sometimes allows us to reevaluate ourselves and see new opportunities. If you never quit, you will not be open to new opportunities.
- Understand your customers and provide the best services for them
You have to first understand your customers’ needs and wants before you venture into any business. Do market survey and research to know what your customers needed. And when you have identified it, you can then go ahead to create great products that add value to your customers. Market survey helps you to adjust your market timing to be able to reach your customers fast and effectively. It will also let you know if your market is viable enough to support your business.
- Know your cost base
Your cost base is the cost involved in producing and delivering your products and services. This helps to determine the markup you’ll include in your selling price; it also helps you know the right amount to sell a product or service so you do not sell at a loss. Your cost base can include the following: manufacturing overhead, direct labors, direct materials, etc.
- Ask questions, get advice
It is a sign of maturity to seek for advice when you do not know what to do. Seeking counsel from those ahead of you in business, mentors, suppliers, or even peers is one effective way of enhancing your business. Asking for help does not reflect weakness, but it increases your chances of success. It improves your knowledge of the business, and also enhances your relationship with people. There are a lot of people who have gone through what you’re currently going through in your business, and have had other people help them, they will be more than willing to share their experience to help you too.
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