I have seen many businesses that are small sized and even have seen the start-ups of the companies. I have also seen changes in the departments, collaboration or non-collaboration of employees, unhappy environment of the workplace, non-supportive behaviour of the employees and replacement of the employees due to under-performance.
These organizational changes have given experience and give insights when a business can be successful and when it goes toward loss. Following are 10 important rules that a successful business follows:
Rule no. 1: Set your vision and goals
A business cannot achieve the goals unless they are clearly set by the organizations. Entrepreneurs take time to develop vision because it is crucial for success and survival of their businesses. It is not just about documenting the plans to reach towards vision of the company. Execution of the plans is also necessary.
Rule no. 2: Small activities to grow big
Rather than competing for every customer, businesses select particular narrow market segment. There are different kinds of customers of a business. Moreover, there are different kinds of goods and services on which a business focuses rather than targeting the entire segment of the customers. Narrow market segment is known as niche market. Niche market segment supports businesses when there is large number of sellers in the market.
Rule no. 3: Clarification of your target market
Most of the small businesses do not understand the importance of target market. It is very important for the businesses to understand the psychology of their customers. That is why successful businesses get success by concentrate on the buyers’ identification and make strategies according to these buyers.
Rule no. 4: Take mistakes as the improvement of business
There are also some mistakes while analysing the severity of the risks and challenges of the organization. The mistakes did in history should be taken positively and improve your practices to get the success ahead.
You have seen many businesses take feedbacks of the customers at the start of their business. All new start-ups should follow this practice so that they can know the impact of their goods or services.
Rule no. 5: Aim for the betterment of the product or service, but not 100 %
It is one of the fundamental paradigms of business to work towards betterment. Although, a business cannot be 100 per cent perfect in few days, it has to work towards gradual betterment of the goods or services.
The businesses get succes they first, analyse what is needed to be improved. Then business owner check for the goods or services that where it has got loopholes in it. Hence, if the problem is identified they take suitable measures toward it.
Rule no. 6: Risk-oriented
Business is amalgamated with different kind of risks. It is an entrepreneur’s ability to analyse the risks before it arrives. The Hofstede’s culture dimension identifies that which country of the world takes initiative towards risks.
The successful economies such as Russia, South Korea, Turkey, Belgium, Australia, Norway, etc. are the large economies who work towards uncertainty avoidance. The corporate world of these cultures is also inconsistent with the risk avoidance practices.
Rule no. 7: Stealing ideas
Every business is not innovative at all. There are businesses in the industry that are just followers and preparing tremendous goods and services by copying market leaders. As Samsung is in competition with iPhone, it copies every model of the iPhone and thus, it is market leader today. The successful businesses also compete on behalf of the compatibility of the price of the product or service.
Similarly, your business ideas may also get steal. In this situation, you have to just focus on the innovation and induce series of innovation.
Rule no. 8: Establish a relationship with customers
It is very important for the businesses to establish rapport with customers. It is not enough that you have got regular customers for your business; you have to further make strategies to not let it go towards your competitors. For example take an example of KFC, McDonald’s and Domino’s Pizza. Customers love ambiance of these food chains and love quality of the food.
Every business has to retain its customers. Large organizations also give discount packages to their customers on different occasions and make them feel that they are valued customers. Don’t just keep saying you are our valued customers, instead show that they are.
Rule no. 9: Time estimation can be extended
For a business, it is necessary that budgeting and time allocation can be long. For example, if a business is giving more time to gain customers and getting slow response it does not mean they have not succeeded. If people see promotions then they come soon to the product or service they sell. However, it takes some time.
Rule no. 10: Use marketing tools strategically
As people don’t want to read much, successful businesses show them images. There brochures, company websites and Facebook page does not include massive information. They have to give explanation of the goods or services through images. This takes less time to grab the customers’ attention.