Success of any business is depended on the dynamism of the proprietor to employ a set of strategies, especially in the beginning to facilitate not only its sustenance but also capture hikes. This essay dissects the four aforementioned strategies and critically analyses how each of them can be employed.
Communication
-This is vital in any business set up. Lack of it or failure to communicate appropriately and accurately can definitely ruin or lead a firm to failure.
-Ensure there is effective communication among the staff, between the staff and the management team as well as the business entity and the clients.
-Always ensure that the staff in the firm communicate effectively with the clients. lf need be the staff ought to be trained how to communicate effectively amongst themselves as well as to the clients in the course of selling the products and services.
-Effective communication within an organisation will facilitate growth in this regard. One can tell from feedback received, the areas that are working and those that they ought to work on in a bid to make a bounce back.
-Be conversant with the various channels and media of communication. ln addition to this, always apply the appropriate medium communication on its appropriate platform.
–All these is in a bid to MARKKET ANALYSIS
-The concept of analysing market trends, what the clients want, changes in demand of the target market should not stop at inception of a business idea.
-To foster growth, it’s imperative to ceaselessly observe, make analysis of the market needs. This Might necessitate changes in the products or services offered, re branding or other slight or major changes so as to remain relevant in the market field.
-Do not ignore the fact that the market is not static. Consequently, be dynamic and flexible. Accept and embrace negative criticism as this may help one to identify areas of weakness and take necessary precaution to avert a downfall.
-Continuously research, observe market trends, read widely and do statistics on the services and needs that consumers are in need of
INVEST MORE MONEY AND RESOURCES INTO THE BUSINESS
-Most young entrepreneurs would quickly revert the initial profit made to buy that personal luxurious car or house. This should not be the case. Spend the initial profit made to expand the business, buy more assets and other tools for the growth of the business.
-Similarly the human resource team needs to well remunerate so as to be more motivated. lf they are all well motivated they will definitely work better for you and ensure the growth of the business.
-One might need to consider opening chains of the same business in newer towns to maximise the sales.
MARKETING
-This is invaluable in any business. lt Can be done initially before the start of the business or as the business runs .Well-crafted advertisements have a way of capturing the consumer’s eye and provoking a need in them to experience the product or service being advertised.
If all these strategies are employed correctly there is no doubt that the business will definitely have early hikes.
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