5 Key Ingredients to Build a Successful Business in 2020

by commitbizadmin 19, Jun 2020

5 Key Ingredients to Build a Successful Business in 2020

Ever questioned what it takes to build a successful business? Many people have talent, but not the right motivation and execution. Brilliant people with ambition often limit their success through simple mistakes. To achieve success in business today, you need to be flexible and have good planning and organisational skills. Many people set up business thinking that they will turn on their computers or open their doors and start making money, only to find that making money in a business is much more complicated than they thought.

Here are the five tips to make your business success this year.

1.Have a Full-Proof Business Plan

This point is quite generic, as you already have a business plan in place. However, it is vital to know the purpose of your business and to have a vision of how things will shape up. For starters, a one-page business plan may be adequate, but it’s vital to chalk out the necessary product details, sales strategy, marketing strategy, all of this in detail before you get started. Writing a foolproof business plan is a critical step to run the business.

2.Have a Good Marketing Plan

Marketing is often ignored or taken for granted by business owners. Nevertheless, it is an essential component of running a company. The marketing strategy should always be ‘outside-in’ and not ‘inside out’. The product should be about the customers. With changing times, you need to grow and ensure they are networking with consumers at multiple touchpoints. But, do not expect skyrocketing sales from the day you start marketing. Sometimes, it is about creating awareness and not about selling.

3.Cut your Business Cost

Business costs for everything from transport expenses to office space seem to always be on the rise, so keeping expenses in line is a vital task for businesspersons. Keeping track of costs is time-consuming and tedious, so wherever possible, try using new technology to make the job as easy as possible. Make dropping expenses part of your job description and company culture.

4.Find and Keep the Right Employees

Appealing and retaining the right employees is one of the most important things you can do with your organisation. While employing and training people every other week might be business as usual for a fast-food restaurant, most successful companies rely on hiring quality staff and keeping them for a long time.         

5.Stay Balanced

No one goes to the grave wishing they had spent more time in the office. Too many entrepreneurs sacrifice their physical and mental health, family relationships, and friends in chase of their business goals. Don't be one of them—find a suitable level of work-life balance. Getting enough sleep, taking time for friends and family, and getting regular exercise will help you stay healthy and let you and your business to prosper over the long term.

Few more pointers can also be taken into consideration, like –

  1. Keep Detailed Records
  2. Compelling Content
  3. Build your Online Presence
  4. Expand your Marketing Efforts
  5. Build Word of Mouth for your Business

Whatever kind of business you want to start, using these ten tips can help you be successful in your venture.

We at Commitbiz Management Consultants can help start a business in the UAE. Should you decide to start one contact us today. We’d be happy to help you.