Business is exciting. Entrepreneurship is alluring. It’s a breathtaking experience that will change your life.
But along with all the excitement, business is risky too. Your business may only run for a couple of years or even months and it is usually the result of bad management and bad marketing.
So, to prevent from failure, there are many things you need to approach and understand. Here are the 5 P’s to follow if you want to take your business into the right path and eventually making it successful.
When we are talking about business, passion comes first.
Passion is a strong feeling or emotional desire to do something. Without it, you cannot expect the energy to get started.
Business is a continuous process. It has its ups and downs. That’s why passion plays a big role in entrepreneurship. It is something you can hold on to when things don’t get along well.
You should have at least a product or service to offer. Define the features in detail and how it can benefits your market.
It is also important to identify how your products differ from the ones offered by your competitors. What innovative and unique solutions you can provide to solve market’s problem in a way that is different from the existing ones.
Now you have passion and products ready on the table. It’s time to approach the ones who can contribute to your business.
They are your partners, your employees and your customers or clients. Without them, you can’t run your business. That’s why you must establish a good relationship with them. You have to be fair and honest because people needs to feel appreciated and trusted.
Your way of managing people can give big impact to the business success.
To reach the business goals, good process is a must. All businesses need a well planned system, strategy to increase productivity and solution to answer any challenges.
Researching, analyzing and accumulating as much knowledge as possible about the market is crucial before you can plan and develop strategy.
An effective and efficient productivity has to be maintained too for a sustainable growth of you company.
Profit is the remaining financial gain minus all expenses to run a business.
There are many ways to make your business profitable such as increase volume of sales, raising margin per sales, maximizing cash flow and track your expenses regularly.
Profit should be the primary goal of a company. A good profit shows the company is running well and healthy. Otherwise, it may face bankruptcy.
As an entrepreneur, you are obliged to recognise your business situation, keep on exploring new opportunities and take practical approach to solve any problems while adapting to steady changes.
The 5 P’s above could come in handy but creative viewpoint should be projected to maximise their potentials. It is by nature, unique to each business. Write down what you can do in all the above 5 P’s and execute them.
However, be prepared for any mistake, learn from it and modify your tactics. Be persistent though, it can take a while.
Do you have any idea to grow a business? Comment to let us know.
Wahidin Wong is a digital marketer at Adkomu.com and an editor at Tobeeko.com. He is also a jazz and bossa lover.