By Michael Jjingo
“When something is important enough, you do it even if the odds are not in your favor.” Elon Musk. Starting, Building and running a successful business is hard work and if you’re starting a business for the first time, you should be prepared to work harder than ever before. Commitment and determination to win are vital commodities in the race to create a successful business. If you have these, and a great idea, you will be at table. If you command respect and can negotiate well, then you are at table. If not, you will be eaten or feasted on!
Better for the business to Identify your mission, a great vision, create goals, purpose. Then, build a strong and great team, ensure customer satisfaction, make the best product/service possible, great financial management. Others: getting organized, keeping detailed records, analyzing competition, understanding the risks & rewards. The only way to do this is by recruiting and hiring the best people. And not just any team; build a super team.
Customer experience is the secret sauce for business success. When your customers feel they are appreciated and your products, services, customer support, and brand positioning give them a wow experience, they will find difficult or even impossible to get elsewhere; you create lasting brand loyalty and can drive customer retention, as well as act as your brand ambassadors wherever they go.
Better to develop a compelling and impactful business concept. The idea and everything that goes with it must make an impact that resonates in a crowded marketplace. It’s perfectly possible to take a concept that’s been around for years and then improve it, repackage it, enhance the value it delivers and the service you provide; and you can create a market winner. However, the key to every successful business concept is, answering a problem. It must be the best solution to a pain-point that your target audience is looking for.
Value to the niche can be determined by two things, is the product or service reasonably priced, and does it deliver a solution that’s worth more than the sum I just paid? If you can create a compelling concept that solves a nagging problem, you’re halfway there. This is called your customer value proposition. When it’s greater than the cost of entry, buyers will be drawn to your door.
Adaptability; Economies change, fashions change, technologies change, consumers change. Successful businesses ride the waves of change, adapting and responding to the shape of things to come. To avoid a similar fate, embed the ideas of continual development, an adaptable business model, and a willingness to change to meet evolving demand into your business’ DNA. Nobody ever went broke by being on trend.
Well, hesitation is the enemy of successful businesses. When you’re faced with an issue, such as a product line that’s not selling, be prepared to make the bold decisions that will deliver the best fix and do it as soon as the issue appears. Take the same approach to problem-solving, instead of looking around to see what your competitors are doing – ask yourself what they haven’t done. Be prepared to experiment. It may just give you the market edge that boosts your business to the next level.
Foster attentiveness and mindfulness by staying alert to changes and events within your industry and your customer base. Let’s listen to that customer, be aware of what he/ she wants (and what is said). Better to encourage teamwork, but also urge employees to think outside the box and develop ideas they think are worth pursuing.
Better to engage in external interactions beyond office. Building a business can be mentally and physically demanding. Keep some time for yourself. Visit friends, enjoy a sport, just get away from work on a regular basis to recharge. Remember! The best ideas are usually born from the experiences we encounter when we’re away from our desks.
Always shop around for business loans and banking products. Few businesses succeed without strong financial help. This means loans, leases, credit lines, even invested equity from lenders and financiers who understand your sector and support your business model. Shopping around to secure the best deal is essential, but finding good financial help can be difficult and time-consuming, especially for young businesses.
The writer is the General Manager Commercial Banking at Centenary Bank
