Rules of Business Success 101
In the medieval ages, and long before that, some of the greatest scholars in the world looked for the secret of the philosopher’s stone, an object that could turn any substance into pure gold and grant those who wield it immortality. Today, all of this may seem funny to us, but the obsession over the secret of fame and wealth has been persevered. Nowadays, it is the attempt of many great scholars to try and find a secret recipe to business success. Of course, these attempts are as absurd since there is no definite recipe for business success. Otherwise, no one would ever fail. Nevertheless, there are some rules that may drastically increase one’s chances.
Plan for the Long Run
Even though some ideas may bring you momentary success, you should always plan in the long run. Let’s, for example, say that you have decided to make a discount and even calculate how much of a concession you can afford. Still, you need to ask yourself whether this is the best way to go. Sure, giving an immediately lower price will draw in some customers, but why just offer this for free. Instead, turn this idea into a loyalty program. Instead of free for all discounts, make it into a points game or a coupon gathering. This will give all those who buy from you a reason to come back and provide you with a steady income.
Always Get Your Money
While most people worry about getting the initial capital, what they tend to forget is that their expenses don’t end here. In fact, what most businesses succumb to is a financial affliction of a different sort. Running a healthy business costs day in, day out, but sometimes unconscious lenders won’t return the money on time. This is where your financial troubles will begin. All the money they owe you is yours, yet you cannot count on it since you don’t know for sure when (or if) you are ever going to get it back. To prevent this from happening, you can encourage cash payments, but when the damage is already done, why not hire someone to do the debt recovery in your stead.
Digital Marketing ROI
Large companies can afford to just hire digital marketing experts and try different teams. A small business and a startup, though, can afford only one method that provides them with the best ROI. This is why getting a proper analytics tools is invaluable. Sure, your page may have a lot of likes and your tweet a lot of retweets. Still, what does this mean for your sales and what is the conversion rate? These tools can answer the majority of these questions.
They say that the man’s reach often exceeds its grasp and, when this thing happens in a business world, the results are often catastrophic. Sure, you might want to grow your business in time, but getting bigger (thus more expensive) premises than you actually need or hiring more people than you have the need for will quickly deplete your budget. Always be realistic about your possibilities and requirements and don’t make business choices in state of intense optimism or euphoria.
Even following all of these guidelines to the letter can’t guarantee you a 100% success. Nothing can. By inquiring further into this topic you will just return to the place where all those alchemists were with the philosopher’s stone. Still, what these rules can do is significantly improve your chances. What more can you ask for.
Dan Radak is a marketing professional with ten years of experience. He is a coauthor on several websites and regular contributor to BizzMark Blog. Currently, he is working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies.