3 essential rules for running a businessMunira Rangwala
Are you thinking of starting your own venture? Have you been looking for a rule-book that will guarantee you success in business? If so, you need to stop your hunt for a go-to guide for business prosperity because there exists none. Although there are no secrets to a flouring business, there are certain principles that prominent businessmen live by. No matter what product or service it is that you offer, you'll always stay ahead in the game if you live by these three essential rules. Want to know what these rules are? Read on.
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Meet the needs of consumers
The primary reason why people spend on products and services is because they need those things in their life. Whether they are necessities and basic products such as food and shelter or whether they are luxuries in life such as cars and technology, the only way to make consumers buy your product or avail your service is by meeting their needs. As an entrepreneur, you should focus on taking the existing needs and creating products to meet those needs. Trying to create a need first and then developing products to cater to those needs can make you fall flat on your face as not everybody is Steve Jobs. When you know that people already need a certain product, you don't have to spend a lot of time and money convincing prospects that they need what you sell.
Be true to what you sell
Value your customers over everything else. If your customers are placing their trust in your product, you need to deliver nothing but the best to them. When your customers see that they are getting value for their money, they'll spread the word about the goodness of your commodity. Word of mouth has always been the primary source for the expansion and growth of any business. However, in your haste to make sales, never promise what you cannot deliver. Exaggerating or lying about the benefits of your product can harm your business in more ways than you can think. Be true to what you sell and your business will take off like never before.
Don't stick to the number ‘one’
One is the loneliest number in any business. One client, one product, one service, all your business records on one hard drive – these are a recipe for failure in business. If you've built a loyal customer base over time and yet you sell only one product or service, you miss out on selling more things to people who already know and trust you. If you have only one major client, you'll hit the wall running if they decide to change vendors or if they suddenly develop cash-flow problems. It is therefore advised to expand your business gradually and not play it safe all the time.
As an entrepreneur, you will make your own mistakes. However, following the above principles will help you mitigate your losses by preventing fires you know will erupt sooner or later.