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Greetings Friends. This article unriddled the best strategies that could scale a business overtime incorporating the benefits of its application and the unequivocal downsides when not observed. I believe your business will take a favorable dive after a careful perusal of this publication.
First, what is business? According to
Mirriam Webster Dictionary of English, business is defined as a usual commercial or mercantile activity engaged in as a means of livelihood.
Getting it right in business goes beyond the amount of money in one's possession. It surpasses one's enthusiasm to get something done. Many people have failed in business as a result of high optimism but then there is always a means of the end in everything.
Abraham Lincoln, the sixteenth president of the United State of America once said
Give me six hours to chop down a tree and I will spend the first four sharpening the axe.-Abraham Lincoln.
Then this concludes that getting into business goes beyond the boom in your bank account or personal wallet. The few successful business moguls trending in the world today caught up with a strategy that revolutionized the scope of their businesses.
I will sincerely assert that early successes or failures in business may not absolutely determine whether one will maintain a successful drift in the long-run of his business or not but a diplomatic strategy is the way forward as we'll be seeing this lucidly expounded below.
There aren't too many ways to get it right in business but well driven strategies as I onboard below could go a long way.
Being Coordinated.
As a business driven person, you have to be harmonized, given to the multi faucet tasks on your table each day. When you're organized, it makes your workflow easier and also adaptable.
For instance you have certain customers to attend to, you also have other tasks within your jurisdiction which may not be given a simultaneous attention, all you need to do is to make a scale of preference as to attend to all your activities from the most important to the least issue within the day.
The use of Excel sheets, google sheets and docs could also assist in response to this. As a business person, you may be spending much money if you aren't organized but a well detailed work chart can assist in minimizing time and resource wastage coterminously.
Keeping Good Financial Record.
No one performs optimally in business without putting checks and balances over his business. Having a good expenditure and income book is an exceptional way of making credible progress in your and thankfully we now have a good aid using the Blockchain in keeping good and immutable record of our financial inputs.
The nuts and bolts in business and also the engine house of every business lies in their financial capacity and their ability in keeping account of their respective income and expenditures. As we have the cryptocurrency powering the Blockchain, so also our physical monies powers our businesses and hence, for every business to thrive, there must be an excellent keeping of their respective books of account.
Most businesses have rug pulled because they aren't sure on whether they are making profit or loss within the month or year which makes it imperative to have a good financial record which the Blockchain can be of good help.
Take Cognizance of Other Competitors.
There is always a need for improvement in business when it's obvious that you aren't the only person marketing a particular good or service. Being aware of other competitors will help you to know what to do at each time to stay ahead of the trend.
Many businesses have been relegated because they felt there is no need of being mindful of the operation of other competitors. Competitors keep you on the nerve and by default helps you to be a think-tank in your business which makes it an advantage but when you don't see competition as a necessity to keep improving, then you are set to be relegated in your business.
Most times, it's important you send your staff for a business tour to other firms to see how they're fixing ideas as to know where to improve in your own business. Consequently, this calls for creativity in business. Every business must be creativity driven since it's actually what distinguishes one from other competitors.
Creativity tells the world exactly who you are. Currently, if you talk about X everyone think of Elon Musk if you talk about Microsoft, Everyone thinks of Bill Gates. Moreover, in the hive ecosystem, when you mention Finance, everyone thinks of Leo community although the community is set to incorporate other concepts and so on. In essence, creativity stocks your business in the mind of the world without much exegesis.
Maintain a Good Customer Relationship.
Most businesses negate the fact that there is no business without customers. Even if you're enjoying the power of a monopolist, also try to create a good impression within your customers.
This is a feature I have loved about web3 medium like Hive at least, every participant is incentivised consistently based on his level of input either as an investor, a publisher or a chat paramour on the Leo interface.
Consequently, there are other means of maintaining good customer relations like: complementary texts, birthday wishes, honoring customers' ceremonial invitations etc. All these are measures of keeping good customer service.
Unreliability of Profit.
This is the issue with many businesses. Most entrepreneurs came with the mindset that the reward for entrepreneurs is profit. It is not always the case since the opposite of profit is loss, there is the proclivity that one will not be at profit all the time.
We are living in a World of uncertainties which posit that profit is not a guaranteed variable in determining the success of businesses over time. Even the crypto market has taught us that there is no trend in perpetuity, today might be for the deep while tomorrow will be for the peak.
At this point, we'll be looking into the advantages of being successful in business after a full knowledge of the above assertions.
It will be very fair to say that:
Success is a lousy teacher. It seduces smart people into thinking they can’t lose.-Bill Gate
Nonetheless, I must also maintain that consistent profit does not always guarantee success in business. For instance, ones previous year profit may be consumed by the subsequent year's inflation. Meaning that his previous profit level isn't enough to counter the contemporary rate of inflation but then. My definition of success in this context is getting things perfectly done as expected. Let's look into the advantages proper.
It gives satisfaction.
The deduction is true that human wants or needs are insatiable but the end product of profit is satisfaction and when an entrepreneur isn't satisfied, he then has a lot to fix over his profit margin. Profit is also a good measure to some point in assessing the credibility of a business and when this is achieved at some points, the end part is the satisfaction that accrues to the business owner so success in business gives satisfaction.
It Boost Ones Level of Fame.
A successful business man is a famous man. When your objectives in business have been perfectly accomplished it adds to your ego. For instance, Elon Musk has been an investor in different companies but he rose to fame given to his engagement in the production of Electric automobiles (Tesla) So success in business boost ones ego in the industry and world in general.
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I strongly believe that everyone wouldn't feel good even at the slightest failure but then, let's check into the disadvantages of business failure.
It brings one's world to a hurt.
The fact is that there is no happiness in failure despite how one manages to console himself over certain negative occurrences.
Business failure makes an entrepreneur consider downsizing organization, selling his business to others or probably thinking he's in the wrong field of business. Consequent to business failure, his next preference might be quitting the business for lack of success, profit or fame within his set period of not achieving his objectives.
It Can Lead to Death of The Entrepreneur.
There are cases where most people have taken their lives for not succeeding in business. We could recall according to cbc news about Rene-Thierry Magon de la Villehuchet a 65 year old man who died on account of liquidity and ponzi scandal, where the company he co-founded (Access International Advisors.) got involved into a $1.4b investors money on fraudulent grounds.
In essence, business failure can lead to the death of their owners if they aren't careful on how to manage their emotions at such periods. It can also lead to lack of concentration in some instances.
There are many benefits that could be derived from circumspectly paying heed to good business advice although there are more to the claims above if I should have unzipped my archive further.
We should also concede to the fact that loss in business isn't the end of everything but in such instances, entrepreneurs should improvise good measures in controlling their emotions against malignant eventualities.
The amalgamation of at least two out of the many steps I elucidated in getting it right in business above can help in driving one into a dinosaur of success. For instance, keeping a good financial record and maintaining good customer relationships can lead to a huge success in business amidst others.
Please permit me to draw the curtain at this spot as I believe I've done justice to the underscored context. Thanks for going through. Your questions will be humbly responded to if there's any bye as I hope to see you in subsequent publication.
References:
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- okorodavid19