Just like a human being takes birth, lives and dies so does a business, except the last stage. The business can go on forever and have perpetual succession provided the entrepreneur learns to crack the code. So, let us decipher these five codes to success:
- Money can be one of the goal but should not the only goal of business. Entrepreneur should strive towards achieving greater good for its employees, society and environment as a whole. Of course, good sales and marketing plan is quintessential for generating the profit. However, how the business utilizes the profit should be given equal attention. There is no single rule for this so wisdom works where there is no science.
- At the initial stages, the entrepreneur may feel that this business is the only thing that they will do throughout their life. However, when it starts to flourish and becomes automated, they should also start to focus on second source of income or new idea. Taking a business as a stage wise project, not a life time project will create new sources of income.
- Networking is the key to expand scale of operations. So the entrepreneur should become part of various business groups, Chambers of Commerce and other industry related events. Strong Public Relations is very important for growth. The usage of social networking sites and online marketplace is expanding. Therefore, business has to be registered at these platforms.
- The business, howsoever small it is should be shown in Search Engines. It is a form of new age advertisement. Also, as more viewers are moving towards OTT platforms than television, so the visibility at these platforms can work magic for business.
- Last but not the least, categorization of product in right price range. At the starting stage, products can be sold at minimal price without profit. Once, the brand is established, the price range can be fixed to suit prospective customer type.
On top of that, following the right plan and strategy rigorously would work like miracles.
Good one
Thankyou Sir