The adequate application of certain principles in business will guarantee quantifiable success, experts say. In this report, Okechukwu Nnodim writes on some other basic points that will enable one’s business thrive amidst daunting challenges.
In the first article on ways to make your business stand out, it was stated that you can make your business outstanding when you give your customers what they want, good at meeting tough demands, take advantage of what works for others, and win awards.
Others include your ability to meet specific needs, get feedback from customers, add extra to your output, be honest, take no one for granted, and share your experience.
According to management and human resource experts, the in-depth knowledge of how to remain in business after starting one, will guarantee the sustainability of any business. They note that many ventures, especially those in the small and medium enterprise category, often fail because most entrepreneurs lack the basic expertise required to successfully run a business.
Below are another set of basic principles that will make your business stand out when meticulously applied, according to experts:
•Be an expert in your business
Most customers tend to be more relaxed when dealing with experts, than when carrying out transactions with ordinary entrepreneurs. The Managing Partner, Simply Exponential Consult, Mrs. ’Fayo Williams, says being an expert may only require extra effort from the entrepreneur. She notes that the benefits will definitely outweigh the efforts made, though this may take some time.
Experts advise entrepreneurs not to fall to the temptation of being involved in many businesses at a particular time. This, they say, will lead to a situation where the entrepreneur makes promises which he may not be able to deliver as at when due. They note that if you do not spread yourself too thin, you will have the chance to perfect the areas that you are really good at.
And by so doing, you may end up being the entrepreneur in your community who is the expert to work with. Williams notes that you should be able to have a list of trusted entrepreneurs to suggest in the fields that you do not cover.
•Advertise your unique features
The Nigerian business environment is harsh, experts say. This, according to them, has its way of hiding shrewd entrepreneurs who fail to make their businesses known to the public. An entrepreneur’s expertise may only sell him to a limited extent, but showcasing your prowess to the public will give further edge. Experts say entrepreneurs must tell people around and far from them what they do. The entrepreneur must let people know what makes his services or products better than others in his line of business.
The President and Chairman of Council, Nigerian Institute of Management, Dr. Michael Olawale-Cole, in an interview with our correspondent advised entrepreneurs to always come up with tag lines that will put psychological triggers in the minds of their clients. He noted that the entrepreneur must endeavour to live up to expectations as stated in his tag line, as this will endear his clients to him the more.
•Communicate in your clients’ language
Experts say a key principle of success in business is the ability to understand and speak the language of customers. Speaking the customers’ language goes beyond the lingua franca in the community. It includes being able to achieve certificates or recognitions from either government or reputable organisations, that will tell your clients that you know exactly what they need.
Experts say while ensuring efficient and effective communication with your clients, the entrepreneur should try and meet specific demands stipulated by regulatory agencies within the community.
•Create a personality/brand identity
This may be tough for starters; but for entrepreneurs in business for a long time, it is important to start working on your brand identity. One way of achieving this, experts say, is the ability of being yourself in what you do. They note that as far as what you do is gaining meaningful acceptance, you should be cautious before undertaking a sway in business model.
“So, just like in our day-to-day personal relationships, just be yourself in all you do,” says Williams. Experts note that your business will be unique when you are unique. They advise that you allow your personality to shine through in your chosen field of endeavour, stressing that as an entrepreneur, you may not have to be the biggest or the fanciest or the most popular company to be successful.
•Enter gainful partnership with customers
For customers that you find sensible enough to boost capacity and expansion, experts say you should consider partnering them. This, however, depends on the type of business you are involved in. Experts note that some ventures have grown beyond the plans of their originators as a result of gainful partnerships between business entrepreneurs and their clients. Experts advise the entrepreneur to adopt referral programmes that will pay member-customers a percentage of the earnings of other customers they refer to the business. This makes member customers earn money without even shopping and eventually establish residual income for themselves.
•Keep to your words
Many entrepreneurs fail when it comes to upholding this principle. They make promises, but fail to keep them often times. Experts say the entrepreneur must learn to do what he says he will do. This may be tough, but once you have made the promise, the onus is on you to uphold your words to your clients. Businesses lose customers when they fail to meet deadlines or uphold agreements. “All you have is your word, respect it and others will definitely give you the respect you deserve,” Olawale-Cole says.
•Allow free trails
Some customers will always want to have a feel of your service or product. To these ones, offer a free trail. This has its way of attracting more customers to your business, experts say.
•Provide adequate guarantee
This could be by giving back money to the customer if you fail in meeting one or more objectives as demanded by your customer. There may be associated risks at first, but as time unfolds, you will appreciate the benefits of doing this, experts say.
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