The common vision for shrewd businessmen is to grow their businesses to outlive them. For any business to outlive its owner, it should not only grow continually, but remain a going concern. It takes a lot of discipline, expertise, exceptional managerial acumen to manage and grow any business. If a business must grow, some factors which are considered fundamental must be taken into consideration.
Below are some of them.
Have a Plan and Set Your Target
As the saying goes that “He who failed to plan is planning to fail” One of the major functions of any manager anywhere in the world is planning and To achieve effective planning you must be equip with facts and figures and not guesses. Mapping out a plan in business includes determining your target market, their demographic and psycho graphic characteristics as well as the best distribution channel for the product or service. During your planning stage you can set a target and develop a strategy to achieve the target set because without a well define target, you can easily be distracted and thereby loose focus.
Train and Keep Training
My former boss often said that he would not mind training a staff today and losing him tomorrow to another employer rather than manage a mediocre. Any crop of competent staff with initiative can take any business to any height. An avoidable error by one incompetent staff can put an organization out of business. Therefore, you must be knowledgeable about the business you do. Many of the businesses that collapsed were on the account of incompetence and ignorance.
Strive to Win More Customers
The only enduring asset every business strives to have is large customer base. No business can operate in a vacuum. You need customers, and lots of them, whether you are selling a product or providing a service. These are the people who need your product or service and are buying from you. Therefore, the more of them that you have, better chance you have to grow the business. How do you win the customers? One important thing to do is to give them satisfactory service so as to keep them coming.
Add value, Do more
One of the ways to make your business grow is to do more than just sell a product, add value to your customers. If you are a hotelier, it will not be a bad idea if you have a strategy that makes it easy for your guests to easily get a taxi to drop them to their destination. It is established that it is easier to sell to existing customers than attracting new ones.
Trust is an indispensable pivot on which the wheel of business rotates, no how small or big. Most businesses sell a lot of fake and substandard products while charging the prices for original and quality products. Some charge exorbitant prices, making abnormal profit. If your customers can trust you with quality products, good customer service and fair prices, you are on sure way to growing your business. If you want to grow in business then be honest in your dealings.
You need wisdom to successfully manage all the resources available to you. These resources include your customers, staff and finance. Wisdom will teach you to put your customers first, put yourself in the position of your customers and keep your operating cost under control.