Business plan
Did you really draw any projections before starting your business? Or, did you just think everything will just be fine, profits will keep coming in and that you will be super rich in no time? The truth, however, is that you can’t truly navigate to the acme without a plan.
If you must succeed in the market place, the first thing you need to have is a market strategy. You need to go to your drawing board. Gather a team of experts- those who are very familiar with the business; gather as much information as you need. Draw out a feasible business plan, while not neglecting to begin with the end in mind.
Before commencing operations, ask the necessary questions. How do we make our product or company a powerful brand? How do we penetrate the market? Where are the loop holes? What are our strength and weaknesses? What tactics do we employ? Who are our competitors? What are their strategies? How have they been faring all the while? What are they not doing right? How can we do better than them? What are the obstacles we need to overcome? Are we able to survive with this number of people or do we need to seek reinforcement? What series of action do we take in order to reach our target? What back up plans do we have? These are some of the questions you need to ask while drawing your plan.
Your business plan is your road map to success. A good business plan will force you to think about aspects of your business that you probably would not consider. Sales forecasting, cash flow, operating capital return on investment, inventory control, advertisement expenses, rent, utilities, taxes are some of the things your business plan will cover. A business plan will always cause you to see the obstacles ahead so that you can overcome them.
Good enough idea
Nothing can withstand the power of great idea. ‘’Greater than the tread of mighty armies is an idea whose time has come,’’ says Victor Hugo. People will not patronize you if your product is substandard, but once they see that your product is exceptional, and that your services are excellent, they will throw away their cynicisms. You must therefore ensure that your idea is excellent and exceptional. The superiority of your idea is what will guarantee your success in business. Your idea must be unique, original, perfect, unrivaled, convincing, attractive, irresistible and effective. Your idea is your ticket to the business world. The more unique it is, the better your chances of penetrating the market. Let your idea be so reasonably priced and yet so efficient; let it be so simple and yet so sophisticated.
Narrow business perspective
You went into business just because you needed money to meet your needs and not because you wanted to solve a global problem. You have never seen your business grow beyond your locality because you do not have a big vision. That is not all about doing business. Every business is expected to grow across borders, but an establishment can only reach as far as the vision of its owner. How big is your vision? Do you see yourself owning just one shop, or do you see yourself controlling conglomerates? Do you see your products consumed locally, or do you see them becoming world-class brands? You need to see the big picture. You can only move ahead as far as your eyes can see; that’s why you need to look beyond your horizon. If you want your business to grow, you need to first broaden your perspective. Get rid of every limiting belief or doubt. Think big! Dream big!
What about a vision statement
You believe you know where you are going, so you did not border to make your employees see the big picture too. You believe it’s your vision so you keep it to yourself, instead of putting it in paper and pasting it on the wall for your workers to read. Your business will not grow that way. You need not only a vision, but also a vision statement. Having a vision statement could be as simple as saying or writing what you want to become after five or ten years. It could range in length from a couple of words to several pages, but normally people prefer shorter vision statements because they are easier to remember. For example, your own vision statement could be like this ‘’To become the leading internet service provider in Sub-Saharan Africa’’ or ‘’To become the largest exporter of cocoa in the world.’’
By writing such statements on the wall for your workers to see, you keep them motivated, and you also make your customers want to identify with you.
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