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What it Takes to
Succeed in Business! |
by:
Murad
Ali |
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
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