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What It
Takes To Succeed in Business!
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by:
Murad Ali
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Business if tough in today’s world! Most
small businesses go bankrupt or are closed abruptly in the first five
years. Over the course of the next five years many of the remainders
also “pack up” shop and lock their doors. Why do so many businesses
fail?
The reasons lie in three main spheres. Those spheres of influence can
be labeled personal, customer, and operations.
The Personal Sphere deals with the owner’s personal motivation to start
a business. For example, if an owner wants to start their own business,
but isn’t willing to make the sacrifices necessary to make it thrive,
then they are at a disadvantage when compared to other motivated
businesspeople. When a business starts for the first time often it
doesn’t have a lot of money. Owners are required to sacrifice time,
money, and happiness to succeed. If you can’t do that, it is unlikely
that such a business will flourish. Many times owners thought they
could handle the hardship but once the novelty of “being your own boss”
wears off they close the door.
The Customer Sphere is one of the most important components of your
business. Without customers you do not have sales, without sales you do
not have money and without money you do not have a business. Many
factors go into generating a good customer base. In the beginning you
must have a cost effective marketing strategy that targets your
intended buyers. This can be done by developing a psychological profile
of your customer and then advertising in those places that they
frequent. Because it is more expensive to get a new customer than it is
to keep one you must make sure they are satisfied with your business
and product. Keep in touch with them by sending them a follow-up letter
with a survey.
The Operations Sphere is only second to the Customer Sphere. In
operations you must have an appropriate method of reducing costs,
keeping track of paperwork, and maintaining improvement. Operations can
also take into effect the tax paperwork, accounting, scheduling of
workers, benefits or any non-producing functions.
If all of these three components are well thought out and are
appropriately designed you will increases your chances of survival.
Failure to understand the integral details of your business and what it
takes to succeed may mean failure in the long run. If you are having
difficulty putting all the pieces together then consider a small
business consultant.
About the author:
Murad Ali is the published author of “A Call to Greatness: Reforming
the Muslim World” and “An American Mecca: A New Muslim Homeland”
available at most large bookstore websites. He is also the editor of
the Muslim Times and a doctoral student. For more articles like this
one please visit http://www.muradenterprises.org
Circulated by Article Emporium
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