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How to create a successful business

#teaching how to successful business

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John’s Answer

Naif you do have a business plan before starting your business, right? A business plan is vital for startup businesses for many reasons, including testing the viability of your business idea and securing debt or equity financing. If you haven't made one, it's not too late. Successful, established businesses update their business plan annually to review accomplishments (or lack thereof) and decide on new goals or directions. The financial health of your business is summarized by the income statement, the cash flow projection, and the balance sheet, which are contained in the financial section of the business plan. From there you can determine ways to make your business more profitable by increasing sales, reducing losses, or cutting expenses. If you want your business to be more successful, you need a plan for how to get there.

1) CONECT WITH YOUR CUSTOMERS – Creating a professional-looking website can be quick and easy nowadays, and your small business needs to be in the online space. A simple website that describes who you are, what you do, and how to contact you will suffice for many small businesses. If you do nothing else with mobile technology this year, you need to make sure that your online presence, including your business website, is mobile friendly. Increasing numbers of people are surfing and searching with their phones—even when they’re at home.

2) PROVIDE GREAT SERVICE – There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come to you the next time they need something instead of going to your competition. Consistency is a key component to making money in business. You have to keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.

3) STAY FOCUSED – Theres old saying “Rome wasn’t built in a day.” Just because you open a business doesn’t mean you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals. Always be looking for ways to improve your business and make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and different approaches to your business.

4) WATCH YOUR BUSINESS COSTS – Business costs for everything from office space to vehicle expenses seem to always be on the rise, so keeping expenses in check is a crucial task for business owners. Keeping track of expenses is ​time-consuming and tedious, so wherever possible try using new technology to make the job as easy as possible. For example, there are a number of mobile apps for expense tracking, including many cloud-based accounting applications that allow you to automatically add expense information into your accounting system by snapping pictures of receipts with your mobile device.

Good Luck Naif

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Rebecca’s Answer

Firstly, you may have identity what business you are interested on. You can shortlisted a number of industries. Then, you can do research on the industry. And, you can have to analyze the industry like :
- Is it easy to enter the industry?
- Any substitutes?
- How is the competition with rivalries?
- How is the bargaining power of suppliers?
- How is the bargaining power of customers?

After answering these questions, you will know whether it is worthwhile to develop in the industry and can shortlist a few industries.

Hence, you can choose the relevant subjects in your tertiary education. You have to acquire the relevant knowledge on the industry. I would suggest you work in the industry first before starting your own business.

Hope the above helps! Good Luck!

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Sirel’s Answer

1. Get Organized. To achieve business success you need to be organized. ...
2. Keep Detailed Records. All successful businesses keep detailed records. ...
4. Analyze Your Competition. Competition breeds the best results. ...
5. Understand the Risks and Rewards. ...
6. Be Creative. ...
7. Stay Focused. ...
8. Prepare to Make Sacrifices. ...
9. Provide Great Service.