How To Succeed In Business

In business we often hear most professional advocating that most businesses fail because of that economy of its host environment , as much as this is true, I would like to bring to your notice that in third world countries where the economy is worst than useless, most businesses still blossom and thrive.

If these professionals are wrong, you may be tempted to ask why, do most business still fail. Well if you want to know that am sorry I can't tell but what I have I will give to you and what I have is some practicable and reasonable steps on how to make your business succeed.

Mission statement


When going into business know why. Do not rush into it. Take time out and ask yourself what you hope to achieve at the end of the day, prepare a clear and concise mission and vision statement from it. Try as much as possible to communicate this mission statement and make sure it is understood by all stakeholders in the business. If the vision is clearly stated for all to see deviation become inevitable

Succeed


Most business that succeeds does so because they were created to meet a need. If your business is to succeed then it should be crafted from the onset to meet the need of all its stakeholders (customer, employees, and owners). Great companies like Microsoft, Google etc that are successful today are because they found out what people needed and came up with it.

Closely related to meeting need is the issue of culture. A great company or business should have certain culture and belief, tradition and uniqueness that set her apart from other companies. When a company has certain values and customs that meet customers need, the customers will be able to predict the actions or reaction to elicit from the company at any point in time and thus will be able to ascribe a certain level of trust to the company. When this happens the company has not only succeeded in meeting a need but also in setting a standard, creating a uniqueness that sets her apart from competitors and can be identified as her ultimate selling point and also answering the question of how they should conduct themselves as they do business. It is expedient to mention that if a company fails to meet a need then her integrity is at stake.

Attract the bees


Every successful business or organization is like the Honeycomb that attracts bees. The success of a company greatly depends on her ability to attract develop and retain top performing manpower or human resources. Your ability as the founder of a vision(business) to find top performing people to with special skill and charisma to accomplish your vision is very important . For your business or vision to flourish and succeed you should be able to identify people who posses those special needs that your business needs to succeed even when the individual those not even know that he or she posses such skill.

Build up and make proper use of financial reserve.


Build up reserves from capitals accumulated from a healthy stream of profit. If this is done successfully more investors would be attracted by the healthy streams of profit. As we all known investors love any investment that creates wealth for them.

The reserves that have been built up should be used for the further improvement of the business, improvement should be the topmost priority even when the business is doing well . Improvement ,should be invested in with reserved and pursued with much vigor

Cut cost and save pennies.


Any business that want to succeed should ensure that all possible avenues are been explored when trying to cut cost. Stiff measures should be put in place, and s suitable alternative should be sought for all business activities whose cost is high.