There is no better time to up your game now than ever. And just as professional businessmen would say, “the best time to invest your best was today, and the next best time is today.” This assertion is as true decades back as it is today; it opens your eyes to how best to grow your small or mid-sized business into a successful venture that is capable of supporting employees.
The following are the top 7 secrets to succeeding as an entrepreneur in any private business in 2017, regardless of its size or type.
- Rework your business plan: Plans get dim as objectives get closer, so it is always best to overhaul your business plan in the light of emerging opportunities and challenges. Remove ambiguities from your business plan, reword goals and objectives, reshape strategies, and generally rethinking your business to get it in the right direction.
- Double what gives you success: Whatever worked best for you last year must be improved upon this year. If you invested an amount and gained 300% last year, then you must redouble your efforts to recoup up to 500% or more this year. Put more money, time, resources and efforts on what works best for you; and do more with products that sell more.
- Take risks: You can’t be a winner if you’re not a risk taker. It is always best to experiment with new ideas while improving on existing strategies to gain more. The best time to try new marketing or product experiment is when sales decline for existing products or there is change in tastes and preferences. It is best to change products and techniques to suit changing needs of customers, and this is where experimentations come in.
- Encourage performing customers to buy more: Customers come in categories, and it is best to focus more attention on high-profile customers that raise your revenues while encouraging low-profile customers to do better. Ask your customers what more they need and how you can please them more, while trying to increase their base to reach a wider market.
- Explore weaknesses in the market: It is best to place large orders for supplies and materials when their prices drop remarkably in the market – before they rise up again. It is also better to buy in bulk to obtain discounts than to buy in units and small batches that increase overhead costs. You can promise to buy from a supplier for a whole year if he’ll drop costs significantly in return for your given patronage.
- Add to your network: You can’t do well in business by operating in isolation, but you have more to gain by expanding on your network with a view to selling more, winning new business, and getting referrals. Connecting with customers and other businessmen will widen your horizons and help in several ways.
- Leverage upon the benefits of your product brand. Obtain business loans or refinancing to expand your assets and operations. Fire up your employees to give their very bests, while teaming up with other businessmen to learn more on what works and what does not.