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A Simple Guidance for the Growth of your Business

A Simple Guidance for the Growth of your Business

Is it necessary to Grow your business?

Definitely Yes, If you want to grow your business massively and want to increase the revenue by creating more value for your customers then you must read this.

 

1. Understand the Likes and Dislikes of customer: The majority of people just focus on what the customer likes but they forget his dislikes. It can be anything like improvement in your services, communication, your website load time is another factor. If you want more customers then you should solve these issues quickly. Understand your customer from every angle to provide him the best suitable products and services.

 

employee

 

2. Expect more from your employees: Always select a perfect fit employee, not a near fit employee. If an employee makes a mistake then do not fire him, he will learn from his mistakes and will build great assets for the company. To serve thousands of customers you must have a skillful team that will provide a better service to the customer. If an employee is weak in his work, train him, and provide special attention to him and then expect extraordinary work from him.

 

3. Take quick decisions: If you have a clear idea of what you want, you will make quick decisions and will change them after long thinking. Those who do not have clarity in the mind takes a long time to make decisions till then there will be huge competition waiting for you. You can go further and make improvements in the product by taking a simple decision. So don’t wait for more. Go ahead!

 

innovation

 

4.  Make Innovation in your business: Lots of businessmen focus on innovation in their business because people want something new and great compare to the earlier one. You can simplify your production method which can save your time, installing a new feature in your business like opening a new product line or improvement in transportation, coming up with good quality products, etc. The only thing you need is deep thinking which can keep you on top of the market.

 

business expansion

5. Expand your business: Some small businesses start with a small company and they remain at that level they don’t try to expand their business to get more revenue. You can expand your business by hiring more skillful employees to make a big team, expanding in distribution by building great infrastructure, expand your business where your market share is low and make a strong distributing network to attract more customers. Make a variety of products to do upsell and cross-sell. So that, under your own brand other products will also get sold. So, you don’t have to market other products it will sell automatically according to its demand. This is called Umbrella Branding.

 

7. Taking Day to Day Reports: Always take reports of the company departments to get a clear idea about how it is working. You can take a day to day reports of some departments or at the weekend. This will help you to know which department is working above expectations and below expectations, accordingly, you can pay more attention to these departments. You should also place Productivity Tracker to track the KPIs (Key Performance Indicator), time, and workflow of the employees. You should frequently check these reports have a clear idea of your business. Further, this can help you to take the business on automation without being physically present.

 

8. Focus on the Main thing: If you are the owner of the business you should focus on the main thing to achieve massive growth and let your employees do multiple things on behalf of you. Make day to day commitments and try to complete it, also have a record of goals that are remaining to do. Ultimately it will create an improvement cycle in you which is necessary for the growth of the business.

 

Market penetration strategy

 

 

6. Market Penetration Strategy: See in which area there will be a huge growth in the future and which has very low competition but high demand. Understand the business climate and make your product according to the market need. Sell your product half of its actual price to capture a big market. This method is called Loss Leading Strategy. Create a monopoly on a product where your customer will become a promoter and from there, your revenue will start growing

 

7. Business Format: If your product is simple and everyone can make the product better than you, you need to focus on the business format to build scalability. Make strong your franchise, train him to make the product, and give him huge profits to grow your sales and to make standardization in the product. Always find an opportunity to develop and improve your business. Overcome all the fears and problems, and your business will have huge growth in the future.

 

8. Happy Employee: Always keep your employees happy, give them extra facilities such as breakfast, taking a trip, National holidays. If you make the employee happy he will make the customers happy and he will enjoy his work.

 

9. Identifying your Business Progress: This question will come to mind that I understood how to build a business but how I will come to know is it showing definite results. Analyze whether the customer is ready to make the payment in advance or having a great interest in your product, how much value do you created for the customer for his benefits. Take feedback from the customer whether he is satisfied or not with your product. Analyze all these reports and you will have a clear idea about your business growth.

 

All the best for your further Entrepreneur Journey! If you like this article leave a comment below and subscribe to my newsletter.

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The Easiest Way to get Funds for your Business

The Easiest Way to get Funds for your Business

 Getting Funds for Startup-Most Important

 

This is the point where most of the Startups get stuck. This the point where some Startup take-off and some of them gets shut down. Imagine that your major problem i.e capital or funds gets resolved and you are very excited to go further. Seems to be interesting! Yes, it is. First of all question yourself Why do you want funds? It can be for business or any other reason. Make a well-organized plan, that when you will receive the amount the money. What will you do with that money? Make your purpose clear, it helps in explaining your plan more understandable to people.

A question will arise in your mind that HOW TO CONVINCE PEOPLE that we will make the best use of that money to render useful services. Now, it is the time to explain the plan which you have made earlier, you have to explain every element of your plan like How will you make your team and train them, the competition in your field, etc. People will have some doubts about your idea, make them clear in their understandings. But where to do this all, you can contact media, gather people and deliver a speech about your idea. It will definitely have an impact on some people if your idea is about helping people, creating value for them, or solving their major issues. When your intention is to help them or to provide better service you will definitely get results for your effort. Be Persistent in your effort results will not come immediately it will take some time, but when it comes, it comes in HUGE amount.

 

capital

 

Intelligently Organizing your Capital

 

Without having a Well Organized plan for your Capital you cannot make a multi-billion-dollar company. Making a well-organized plan is essential for GROWTH and SUSTAINABILITY of your Business. Make a plan which includes competitor research, Advertisement, Product Development, Drawings, etc. Invest the money intelligently to get higher returns. Managing your Financial Accounts is equally important, appoint an Accountant which will keep a record of all the transactions. After having sufficient growth of your Business your profit can be able to pay your dues on time which will ultimately increase your business efficiency. Having unselfish thoughts, providing useful services at a much affordable price will bring riches to you.

 

Personal Savings and Crowdfunding

 

You should invest your personal savings in the business along with the investor’s money this will help you to focus more on the business because your money has invested and you will not lose your money in any situation. Crowdfunding can help you to get funds for your startup easily without much effort. A lot of people can give you a small amount of money which will be a Kickstarter to your business. You can also take help from incubators which will provide you the funds and other things that are necessary for the initial stage of your startup and in return they will receive some amount of share in your company. Remember you should have the capability to sustain the business in the long term then only you will get funds for the startup.

 

debt management for startups

 

Debt Management -Startups

90% of the businesses fail because of debts. They take the debts from banks or any other non-institutional sources and fail to repay them. I will tell you the things which will give you more return. See how many EMIs you have taken and which loan is taking the highest interest from you, clear them first, and pay the short term loans in a small amount. If you pay the high-interest rate loans on a huge amount in less time it will give you 3 to 4 times more benefit than paying in medium amounts. Sell the things that are useless and unnecessary lying in your storeroom that can pay some loans of yours. Keep in control of the unnecessary expenses, comforts, and luxuries that can also help you in paying the loans. Always have the habit of budgeting your money so that you know in which area you are spending more and that you can redirect to your loans. The last point, build strong your savings with your income so that you don’t need to take loans and pay the interest. You can invest in mutual funds or the stock market for extra savings.

 

knowledge

 

Investment in Knowledge

 

Do not stop here, your journey has just started, you have only gathered capital for your Business. The most important thing which will make your Business to the NEXT LEVEL is gaining more and more practical knowledge about your field. Which will keep you ahead of your competitors. All the best for your Startup!

I hope you have understood what I have told you and soon start implementing it. Further Articles about Businesses will be published soon. If you like this article leave a comment below. Thank you!