It is easier to get business set-up but it is difficult to keep it running and even more difficult to keep it growing. However, in spite of all such challenges and obstacles, we have seen so many businesses grow at 10x times. So, let us discuss about that one thing which keeps business high in charts:
Innovation is the key to success. The business has to keep on moving and evolving itself so that it does not evaporate with rapid change in technology.
This evolving tech affect all types of industries, be it manufacturing, trading or service sector. So, not even a general store can say that they still have good sales, even when platforms like Blinkit and Swiggy are present in market.
This means that howsoever small or large a business is, it needs innovation. Manufacturer needs to keep on producing new type of products that suit environment such as many textile companies are now producing polyester yarn out of plastic bottles. On the other hand, they also have to keep on making the process more capital intensive. Timely compliance with law is another key factor of innovation.
As Service sector is dependent upon human resource, so this industry has to keep on working on new techniques for empowering the resource, making them work for team and giving them training on usage of new software such as usage of ERP for accounting purposes.
If we talk about trading, they have to engage themselves with social media platforms for increasing sales. Making effective use of Artificial Intelligence, such as running their advertisement through various applications like YouTube, Jio Cinema, which masses watch is another way they can grow their business.
Hence, it can be said that a combination of traditional and modern methods can keep business growing so strict thinking patterns should be made as flexible as possible.
