After fulfilling the legal and other obligations required in starting and running a business, an entrepreneur must understand and foresee the future of his/her venture and also plan, lead, create and innovate in order to be able to avert/minimize impending failures.
The following are few ways to assess the potentials of your business and determine the best action plan(s) to adopt to forestall failure or achieve success:
When a product/service is widely accepted as solution to problem, the first hurdle in the business will be behind the entrepreneur. Sometimes a great deal of convincing needs to be done so as to help the potential client understand the propose value inherent in the offering and the importance compared to other existing product/service.
When a business is able to generate revenue to break even and yield profit for its owner, there will be stability in its running and activities. Revenue also gives a business the opportunity of growth, expansion and also helps it compete favourably against others in its industry.
When the opinions of your customers about what you offer are positive, you tend to work on sustenance and improvement but when they are otherwise, you have to improve in order to meet their expectations.
It is very important to visualize the future of your business, understand the strength, weaknesses, opportunities and threats (SWOT) surrounding the business. This will provide the insight for divestment and other decisions.
Assessment of the structural make up of a business reveals the placement of roles and responsibilities in whose hands and how these roles and responsibilities are being carried out with competence. With proper structuring, a business can achieve its goals easily and record great success
Assessing your competition and devising how to better your product/service and stay ahead is crucial to the survival of every business. Adopting efficiency, quality, location and strategic positioning as competitive styles can help a business gain more market share and customers loyalty.
This article was written by Sule Muhammed Lawwal