A successful business is made on a strong business model. This can be done by new companies as well as the existing companies. This helps in moving towards profitability. Successful businesses have adopted business models that let them to accomplish customer requirements at a economical price and a bearable cost. Over time, many businesses revise their business models from time to time to reflect changing business environments and market demands. This also helps in identifying company’s actual cost and the profit.
- Generating Ideas
- Observe the surrounding and try to identify the problems and their solving techniques
- Read articles from the successful people from your same field
- Do Market research meet as many professionals and experts as possible
- Search online for more information
- Generating Ideas
For all sort of work, we require planning and when it comes to Business a strong and effective business plan helps in getting yourself prepared for the uncertainties and upcoming challenges. Planning also helps the company in identifying its goals and in setting targets for all the team members and to work together towards achieving the set goals.
- Identify your Customer
The most important step will be to identify your customer market. It can be on the bases of occupation, gender, age, Income based or location/ community etc. (For e.g. working people, health care industry or schools etc.). This helps in making strategies for the target market by looking after what your customer want and why. It also helps in finding out the ways to reach and attract the target market.
Identifying the customers helps in understanding their spending habits the income group, the amount they are willing to spend on the services you provide.
- Identifying your competitors in the market
To survive in the market you need to be aware of what your competitors are offering. One needs to be updated with the new market trends. Comparison can be done in terms of pricing, Services, social media activities, and the marketing strategies which could help in creating a healthy competition.
Try to identify what customers find different in your competitors and what makes them select their service or products.
Major things to be identified:-
- What type of customers they are targeting?
- What new products and offers they are developing?
Try to find out what they are lacking or doing better than you.
- Build best possible Customer service
As a happy customer may recommend you to one or two friends but an unhappy customer. This can also affect your company’s online image. Try to build more loyal customers; a loyal customer stays with you for a longer period of time. Build an excellent customer servicing experience that will provide value to your customer.
- Identify from where you can generate enquiries
Generating more enquiries or leads is the first step towards generating revenue. Leads can be generated through:
- Network Marketing
- Social Media Marketing
- Print Media Marketing
- Events etc.
- Budget Planning
It is important as every business must have the control over the money they have. The proper allocations of the funds help in being prepared for the upcoming expenses and prevents from unnecessary spending. It helps in making sure that the business can fund the current commitments. Helps in ensuring that the business has money for the future projects.
A well allocated budget gives the employee a clear picture of the company’s priorities and help to move towards achieving the long term goal.
Now comes the implementation after all the planning an execution method needs to be followed as this process makes the concept and planning turn to reality. For a well execution of the plan, the managers must communicate clearly to the team members, every ones roles and responsibilities must be made clear and proper reporting system must be implemented in order to ensure effective implementation of the plans and policies.
- Open to changes
As per the changing environment all the companies must be open to change and must leave some room for uncertainties and change in the market requirements. One must be flexible as one has to upgrade themselves according to the market changes. Like in 2020 companies with online presence have flourished and companies with no online system are upgrading themselves for the upcoming changes in the market.
This blog is written by Ms. Smita Thomas, Business Advisor at Flyingcolour Business Setup, VAT and Accounting Services, Dubai. If you have any query related to setting up any business in Dubai or anywhere across the UAE or need any kind of business related consultation then feel free to call +971 4 4542366 today for a quality consultation or please send inquiry to info[at]flyingcolour[dot]com.