A successful business seems to be the most satisfactory thing that you have done in life. But is it that easy to succeed in business? Well, with the extreme level of competition in the market you need a structured approach to business. So what are the basic principles that you should follow to achieve success in business? Let us check out
Build A Good Management
As a business owner, it is always not possible for you to directly interact with the clients and the employees; your directors, managers and team leaders does this on your behalf. So to make certain that your customers are getting the best deal you need to have the best management. In order to make your employees feel to be at ease in the company, you must build a strong and sensible management. Appropriate delegation- to the right person, at the right time is pivotal for business success.
Now just building a good management is not enough; you must provide them with enough ownership. Micromanaging every aspect of your business is not a way which will lead you to a successful business. Be ready for mistakes because as they take responsibilities in hand they might make mistakes, but as they make mistakes they learn. Worried how to get a smart management team for your business? There are some good consultants in the market who can help you with this.
As a business owner, it is always not possible for you to directly interact with the clients and the employees; your directors, managers and team leaders does this on your behalf. So to make certain that your customers are getting the best deal you need to have the best management
Keep Things Documented
How long can you remember someone’s instructions? Not more than 10 minutes if you do not write these down. This is the reason it is always best to write down what you want your team to follow rather than just instructing them verbally. Moreover, if orders are not documented and things go wrong, you will probably find people denying the fact that they knew what was expected out of them. So communication should always be more written than verbal.
Document all guidelines that you want your organization to follow in the form of SOP, that is, a Standard Operating Procedure. It should contain all the steps that every department should follow to ensure a smooth running of the business. A SOP is made keeping all employee and customer considerations in mind and hence when it is followed strictly, you can easily achieve success. Also, when you have a SOP in place and a new employee joins the organization it is easier to help him/ her follow the instructions. Do not forget to upgrade your SOP on regular basis to keep pace with the changing needs of the customers.
Moreover, if orders are not documented and things go wrong, you will probably find people denying the fact that they knew what was expected out of them. So communication should always be more written than verbal
Make Less Commitments
It is a common human psychology that people get happier when more is given to them than the expectation. The same theory is true for customers; they will return and spread the news when their expectations are exceeded.
On the other hand, if you commit more and deliver less there will be extreme negativity among the customers and you may start losing them. So commit less and deliver more to achieve business success. Another tip to get good business is to meet deadlines. If you need 5 days to manufacture and deliver a product to the customer take a time of 7 days to have enough time to handle any mishap or unforeseen event.
It is a common human psychology that people get happier when more is given to them than the expectation. The same theory is true for customers; they will return and spread the news when their expectations are exceeded
Understand The Market
What is your customer base? How large is the market for your products? What do they prefer? Keeping these facts in mind is extremely important to achieve success in business. Research always helps. Before investing your life, money and time into manufacturing a product be sure that you have enough customers for it. Also depending on the market, you can provide the best quote to the client.
Do not have enough time to research? Engage a consultant to do this job for you. They have a team of experts who are constantly involved in analyzing the market and can help you get important details. They can even help you negotiate with the customers and get the contract.
Research always helps. Before investing your life, money and time into manufacturing a product be sure that you have enough customers for it
Get Advanced Systems
Continuous improvement is the key to achieve success in business. But how can you achieve success without advanced systems? Improve and innovate embracing high-end technology, like on cloud backup of data. Use automation to relieve workers from repeated and boring work and engage them in some exciting and productive stuff.
Get in one to one sessions with employees, identify the problems that customers are facing with your products and then hire a talent pool who can help you in this.
Improve and innovate embracing high-end technology, like on cloud backup of data. Use automation to relieve workers from repeated and boring work and engage them in some exciting and productive stuff
Appreciate Good Work
Appreciate your team’s hard work to get success in business. Build a good team, where there is less ʺmeʺ & more ʺwe.ʺ Your employees should feel valued in the organization. Any organization which has high attrition rate and dissatisfied employees cannot get good business.
Arrange regular rewards and recognition in the company to generate higher levels of productivity. There should be unbiased performance appraisal and anonymous systems to capture employee feedback.
Appreciate your team’s hard work to get success in business. Build a good team, where there is less ʺmeʺ & more ʺwe.ʺ Your employees should feel valued in the organization
So why wait? Implement these guidelines as soon as possible in your organization and taste ultimate success in business. Not confident enough to do this all by yourself? Engage an expert consultant to assist you.
To read more article related to this topics click here:: 4 Benefits of Integrating ERP with SOP | YRC, How Can an SME Raise Funds from Public? | YRC, 05 Reasons why Developing the Right Culture in the Organization is Inevitable for Growth | YRC, How SOPs will Benefit Wholesale Brand Venturing into Retail | YRC.
YRC is an “Expert Service Division” of Mind-A-Mend Consultancy Pvt. Ltd.
Author Bio
Rupal Agarwal
Chief Strategy Officer
