Today we will tell you 10 steps of business start which will be very important for your business. This article is going to be very needy for you. If you do business, then you are a businessman, then where do you commit mistakes? This article is going to be very amazing for someone who is worried about business.
Missing Innovation around Customer’s Money Making Model:
All traders always think about their own money-making. And he tries his best to get success in his business, but businessmen do not try to understand the needy of the customer, the businessman does not think about his client’s money-making, on which your business depends on that customer, you Don’t think about it at all. So how will your business grow?
First, you need to understand the 11 steps of the customer given below, that the customer is said to be smile.
You have to understand the needy of the customer about the 11 steps given above, only then your business will grow, because I have seen so much for which you do business (on which your business depends) Example: Customer if you understand that your business will grow smoothly.
Negative Cash Flow Negative Working Capital:
Negative Cash Flow means, if I say in the native language, like when your blood is in your body, then your body remains in circulation when that blood gets dried in the body, then the circulation in your body is closed, similarly your business, profit and hair are also different. If you have a company the person who writes the account sees profit in it, but the customer’s payment is coming late. You will feel that your business is growing; after all, otherwise, your business is going down.
Customers like that. The product is being taken, but the payment is not able to make up for it, you will have to invest capital to run the business. When your payment is coming late. So the product that you are selling in your business will have to be filled with stock, similarly, to run your business in future, you will have to take a loan from the bank, so that you will be demotivate in your business….
Always make you a Positive Cash Flow. The customer is taking the product at the same time. Or pay in advance, then you should pay attention to such a thing.
Expansion with Negative Margin:
If there is no growth margin. Many startups think nowadays. Let’s do the market acquisition strategy. And grab a loss-leading strategy, and start selling the product cheaply, you think that your product will grow in the market. Then we will take a loan from the bank. And your business will grow.
But I would like to explain to you that you do this as mentioned above. Before this, how are you not supposed to bring profit? But you do not compression with any other product about your product. This happens in the case of selling cheap, make a plan in advance. When they will cover their margins, there is no propulsion for the deep pocket in acquiring the market in the process of selling cheap, if you do not prepare before, then you will keep replying throughout your life. Later your business-level will dropdown.
Lack of Talented Manpower:
Do you have manpower? : High Potential | High Performance | High skill | High Will
Have you prepared manpower with people? Have questions in this? Have you measured their competency, are you assuring your competency with people, do you have people who can reclaim your vision? Do you have conversion to audio conversion? Do you have such people who are the most talented people? Who is working with more energy? All these things are very important things for your business. You understand their age. And you make them busy always. If you do not have the manpower, then you will not do a little work alone in the company. If you are a businessman then you must have the manpower.
Scalability with Recurring Revenue Model:
Scalability and Recurring this is both different.
Scalability: Means that your model of growing your business did your research? Have you thought seriously about scalability? After several days, did you think that you are getting customers every day, is there feedback coming from your customers, do you take steps on this, have you seen the increasing level of your business in the month or year? If work or more is happening, should you think about it, then all these things should be in Scalability.
Recurring: Meaning that the Recurring system is being generated in your business that your income is increasing every day? This thing is also necessary for the businessmen (you).
Mixed Marketing Signal & Wrong Positioning:
Mixed marketing means this. Who is your perfect customer? And who is your perfect customer? And which is your perfect product? And which product do you have? Your product was not planned properly that the customer’s segmentation was not planned properly.
Going everywhere, say your product in the market, (you too have a good product, very good margin), and you do not have to waste much time by going to the market. First, you have to find the customer’s demography and Psychograph before you go to the market; you find your own signal. Have you identified your product? Are you nearest Are you a problem solution, are you good, are you a convention, does all these things matter about your product in the market. Always have to keep a good position inside your product market.
Releasing Product as a Laggard:
Laggard means, that by reaching your product late in the market, the product that is taking them to the market, the product has already run. It should also be kept in mind that if you reach your product in the market, you do not analyze your product on all the things that I am saying, such as discount, stem, margin, credit, product timing Have you reached the market with the product? You will have to face the market regarding your product and you will have to work very hard, so I say according to the steps mentioned above.
Save Your Self from Getting Outcompeted:
This means that you have started a business, but your competitor is watching you, what you are doing. How should you keep this thing on your mind, how is your business progressing? That what I am doing, no one knows where I am bringing the product from. How I am bringing, the frontman should not even read his shadow, whatever should be kept in mind.
Missing the Process of Converting Feedback into Feed-Forward:
Any feedback comes from your customer. Do not ignore it, you convert it to “again – forward”, create your team to decide the feedback from the customer immediately. And this happens in the minds of many people. This customer will be competing for a discount. But it is not so, you should consider it Sirius. If you ignore their complex, then your business can have a great impact. We will tell you that the feedback coming from the customer; you should bring a good solution and reply to the customer at the right time.
Business Model of Building Complete Ecosystem:
This is an amazing point for you.
“Jive, Jeevasya Jeevanam” – (One organism depends on another for its life), it is said. Never work alone, work with the whole society and build an Ecosystem.
For example, if Face book closes, there will be an outcry in the whole world, Face book has worked for everyone. And have built an Ecosystem. Similarly, YouTube and Google Play Store do all such things.
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