Every entrepreneur dreams of having a successful business. Although you might have humble beginnings, it is not about how you start the race, but it is how you finish it.
Business owners are quite passionate about what they do and they want people to know that. But, how exactly are you to create a business plan that will help you lay out the foundation of your company and to ensure that long-term success is going to be achieved?
Well, aside from acquiring company formation services in Malaysia, you could follow some simple tips on how to ensure business longevity in this article.
It is simply a matter of asking the questions: who, what, and how?
Who Are Your Customers?
Every business owner already has products and services in mind that they want to turn into a business and make a profit. However, before you sell anything, you must first establish who your customers are going to be.
This is important so that you will know their habits- like where they shop, what they like, and how much they’re willing to pay for a particular product or service.
Ideally, you want to get a high-value customer. What I mean by this is that you want to target customer who is already looking for the products and services that you provide. This means that you do not have to sink in a lot of money on marketing to entice them to shop and buy from you.
You can also leverage the use of social media to find out what your targeted customers are looking for in a particular product or service and then tailor your offerings as per their specifications.
If you went above and beyond what is normally required of a business owner, then you are guaranteed to have a lot of profits.
What is Your Value Proposition?
As a business owner, it is your job to look at your competitors so that you can provide a product that is arguably better than theirs.
Now, “better” is a relative term in this sense. For instance, if you sell mobile phones, you might offer a 10% discount on a customer’s first purchase just to make your store more competitive.
It could be that you provide your customers with freebies, especially when they meet certain thresholds.
For example, if they spend $100 on your store, they are entitled to receive an item that they can use in conjunction with the product that they’ve bought from you.
Although these may be simple things- increasing your value proposition can really do wonders for your business.
How Are You Going to Deliver?
Every business operates on the premise that you, as the business owner, is going to get some profits. Now that you have established who your customers are going to be and how you can best create products that they will love, the last part of the equation would be how you can deliver said products and services to them in a more efficient and feasible manner.
This entails a lot of things- from the production of the goods to its distribution to local stores and your consumers.
The main idea here is to provide products and services that people would like to have on a regular basis, ensuring that you are getting steady cash flow. If you get this sorted out, your business is, no doubt, going to grow given enough time.