5 Golden Do’s for a Successful Business

Posted by Chetan Bharadwaj | Posted in Management | Posted on 20-08-2009

Ever since the time in memorial I used to wonder that what could be the key points to a business making an unremitting success all the way its existence? Little did I know or had I ever realized that any economic process, not necessarily only significant to money making, had to have some checkpoints before they actually become ‘successful’.

Just few days back when I pondered upon this issue to draw away the conclusion to the ever existing question of my mind, was when I jotted down these “5 Golden Do’s” that should be embraced by any business process to flourish.

Once you reckon this out, you can convert the ultimate challenge into the ultimate opportunity.

Growth being the foremost focus

The focus should always be on “growth”. At times, one may sacrifice profit in the business, but at no cost should the “growth focus” be lost. Losing one customer is most sorrowful and bad for the organization, since developing new and fresh customers is 5 times costlier. Expansion is the keyword that all the entrepreneurs should have in their mind as a long term goal of the business if he/she want it to survive in this evolving competitive market structure.

Think differently but rationally

Imaginations and dreams have no limits. It is said that entrepreneurs are those who dream dreams and are crazy enough to try to make them come true. They have to create like God, command like a king, and work like a slave. This capability of turning dreams to reality could only be the outcome of fruitful thinking. They must also be aware that the speed of thoughts is much higher than the speed of light. That is more important. This not only just requires one to think creative but also aspires him/her is to innovate and concurrently plan out the implementation of such thoughts to action.

Have a flexible outlook

Another aspect is commitment to learning. Learning here is more than training or education. An open attitude, curiosity and, last but not the least, taking the initiative is the part of learning. It is the willingness to look at the problems from different angles that matters the most. As long as an entrepreneur is ready to look at the difficult situation from various perspectives of his knowledge for an answer, till then he is sure to land up finding the most appropriate solution to it. This attitude of commitment to learning ultimately pools in to his experience and acumen which is useful for business to overcome any setbacks in the real battleground.

Maintaining the dynamism of the business

The time of earning money by cheating the customers intelligently has gone forever. The whole community is becoming dynamic and so called ‘technologic’. With the ingress of IT, there is now a race between “bytes” and “molecules”. Both of them want to convert to money where the new economy sectors like IT is creating visible wealth and high paying employment. Hence such IT start-ups are forming a significant part of the growth in an economy. Keeping this in mind, the economic paradigm of the business has to be in accordance with the prevailing technology. Businessmen or entrepreneurs should very well know that the key to survival is understanding that business must embrace new technologies and processes constantly.

Adopt distinctive positioning and marketing strategies

Once the goal & mission and technology choices are fixed, the entrepreneur has to succeed by effective market research and control. A very good sense of timing and game plan for decision making is a must. Supreme level of marketing strategy has to be adopted after assessing the market situation. Competition is the fact of life, fact of business. Not only do the number of competitors increase day by day, but the nature of competition undergoes rapid changes. Thus pricing and positioning is to be fixed by doing economic assessment. In such a strategy formulation, one has to develop a core benefit proposition by offering value addition.

The points that I mentioned above are not published in any book of management or business, but they are what I personally draw from my limited knowledge of the past. Although these golden 5 do’s are not any standard form of making a business successful and flourishing, yet I believe that however large or small a business is it has to stick to these basics always.

Comments (4)

  1. I must say this is a great article i enjoyed reading it keep the good work :)

  2. Young thoughts which brings us back to basics (which we tend to know, but forget too often)

    Great work.

  3. great work buddy…really it does contains some great thoughts which if executed well will definately show gr8 results in future…

  4. […] 5 Golden Do’s for a Successful Business […]

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