Many people today aspire to be successful business owner but they fail. This may be due to lack of knowledge or training.
When you start your own business, you also should learn how to make business successful. If you are starting fresh and seeking help to become successful business owner we are herewith behavioral aspect of successful businessman.
How to become successful business man?
3 common issues with which business owner deals with
(1) Making more money:-
First challenge which every businessman come across is making more money. Business owner can make more by adopting various method but most common method are:-
By selling more product
Introducing more product range
Innovating in product
Promoting business aggressively
(2) Having more time:-
Time is money. To run business effectively you should start managing your time well. Extra time can be utilized for thinking about new product line or business enhancement.
(3) Having Productive Employees:-
Another challenge which businessman comes across is having productive employee in team. Selection of right person for right work will defiantly make difference.
3 Step Process for Success
(1) Attitude :-
Attitude is most critical aspect for running successful business. You should develop positive attitude in order to be successful. Your attitude must have following elements.
Solution Focus
Taking Ownership
Never Give up approach
Give credit
(2) Strategy :-
Companies that don’t have good business plan or strategy are like ship in harbor without water they just go on a circle. They have trouble in understanding how to go ahead, for them they not define what success means to them.
If you don’t have strategy you don’t know how to hire people, how to fire people, who are your customer, what are potential market etc.
Strategy doesn’t have to be long document it can be simply one page guiding document. Business strategy document is living document and one must revisit and review this document at regular frequency.
(3) Discipline:-
You must be discipline in order to be successful business person. Many companies create business strategy and document but they don’t follow it. If you don’t work on plan you create you will not be successful.
This extract is taken from following Youtube video of Ron Finklestein
In the competitive landscape of today’s business world, continuous improvement is not just a choice; it’s a necessity. To thrive and stand out, businesses, whether small or large, need to adopt a proactive approach towards enhancement. Here, we present 25 actionable tips that can transform your business and pave the way for unparalleled success.
25 Tips to Improve Your Business
1. Set Clear Goals for Your Business
Establishing goals is the cornerstone of achieving success. Clearly define your business objectives and targets to provide a roadmap for your journey to triumph.
2. Optimize Organization for Efficiency
Maintain a well-organized workspace by implementing efficient filing systems. Eliminate unnecessary paperwork to enhance accessibility and streamline operations.
3. Strategically Plan Your Day in Advance
Take control of your time by planning and scheduling your day in advance. Prioritize tasks to ensure optimal utilization of your valuable time.
4. Monitor and Manage Cash Flow Effectively
Keep a vigilant eye on your daily, weekly, and monthly cash flow. This practice offers valuable insights into your financial standing, and if financial management isn’t your forte, consider hiring a skilled accountant.
5. Embrace Value-Based Marketing Strategies
Implement value-based marketing to connect with prospective buyers. Bridge the gap between perceived and actual product value, creating a compelling value proposition.
6. Master the Art of Communication and Presentation
Enhance your business through powerful communication and presentation skills. Mastery in these areas can exponentially improve your ability to connect with clients and stakeholders.
7. Motivate Your Team Consistently
Boost team performance by providing continuous motivation. A motivated team is a productive team, and the benefits will undoubtedly reflect in your business outcomes.
8. Effective Time Management is Key
Success hinges on effective time management. Develop and implement strategies to manage your time efficiently, optimizing productivity.
9. Create and Update Your To-Do List
Craft a comprehensive to-do list categorized into short-term, medium-term, and long-term projects. Regularly reassess and adjust your list to align with evolving business needs.
10. Prioritize Product and Service Innovation
Innovation is vital for business survival. Continuously explore new products and share innovative ideas with your team to stay ahead in the market.
11. Stay Informed about Market Trends
Stay abreast of current market trends as no business operates in isolation. Political events, tax changes, and new regulations can significantly impact your business.
12. Adopt Best Practices for Business Excellence
Incorporate proven best practices into your business operations. These methods have stood the test of time and can elevate your business performance.
13. Enhance Your Team’s Skills Regularly
Regularly invest in sharpening the skills of your team members, especially those in sales and marketing. Increased skills translate to improved sales and revenue generation.
14. Define Clear Priorities for Your Work
Distinguish between less important and crucial tasks. Prioritize important tasks and focus on them first to ensure optimal productivity.
15. Combat Stress for Enhanced Productivity
Stress is the nemesis of productivity. Combat stress by incorporating daily exercise or yoga into your routine to foster a healthier work environment.
16. Delegate Wisely
Delegate tasks that can be handled by team members and keep a close eye on delegated responsibilities to ensure efficiency.
17. Cultivate a Visionary Approach
Develop a visionary outlook for your business. Visualize the future and strategize on how to reach your goals.
18. Champion Innovation in Problem Solving
Innovate solutions to challenges, understanding that there are numerous ways to overcome obstacles in your business journey.
19. Passion and Commitment Lead to Excellence
Be passionate about your business and commit to excellence in all aspects of your work. There is no substitute for striving for the highest standards.
20. Recharge with Breaks
Running a business is demanding. Take breaks and go on vacations to recharge. A refreshed mind contributes to improved business strategies.
21. Build Strong Networks with Partners and Customers
Collaboration and networking are keys to success. Regularly engage with partners and customers through various channels to foster strong relationships.
22. Prioritize Health
Adopt the mantra that health is wealth. Schedule regular medical check-ups, exercise consistently, and address any health issues promptly.
23. Regularly Assess Your Business Situation
Frequently evaluate your business situation and take proactive steps to enhance your financial standing and brand position.
24. Exemplary Customer Care
Customers are the cornerstone of business success. Provide exceptional customer service, knowing that one satisfied customer can bring in countless others.
25. Golden Rule for Business Growth
Remember, the golden rule for business growth is to either acquire more customers or increase sales to existing customers. Apply these 25 expert tips to fast-track your business towards unparalleled success.
In conclusion, consistent improvement is the key to achieving and sustaining success in the ever-evolving business landscape. By incorporating these 25 tips, you’ll propel your business towards new heights and stay ahead of the competition.
Gold yellow shining metal is most popular investment option of Indian. Majority of Indians purchase gold in Diwali. In last 10 year first time gold has given negative return this diwali.
Gold has lost its glitter this diwali. In Samvat 2069 gold has given negative return of 4% and silver has given negative return of 20%. In last year diwali gold price was 32,300 Rs/- per 10 gm and silver price was 66,500 Rs./- per kg. This year diwali gold price is 31,200 Rs/- per 10 gm and silver price is 48,800 Rs/- per kg.
This year gold price has reduced by 1,100 Rs/- and silver price has reduced by 11,700 Rs/-.
Let’s look at Gold and Silver price movement of last 10-15 years
Gold & Silver Price Change Diwali to Diwail:-
From above comparison we could say following:-
Gold is consistent performer and mostly give positive returns.
Gold price is growing exponentially.
This year gold and silver both has given negative returns.
Silver price history shows that silver is volatile in nature & difficult to predict.
Silver in certain years gives magnificent return more than 30% (5 times in last 13 years)
What do you say gold and silver will give good return in 2014?
This year stock market also says Happy Diwali to Investors, as sensex scales to fresh life time high 21239. For next year also analysts are positive and they see upward movement in stock market.
This diwali CNBC Awaaz has taken opinion from 9 different stock market analysts to know Rocket stocks for 2014. Rocket stocks are stock that are expected to fire like rocket & shall give magnificent returns like rocket.
We are herewith details of 16 Rocket stocks by CNBC Awaaz for 2014.
Rocket Stocks:-
Sr No
Stock
CMP
Target
1
L&T
979
1200
2
ICICI Bank
1130
1400
3
Kolte Patil
82
150
4
Amtek Auto
71
110
5
Natco Pharma
690
1000
6
Persistent System
815
1150
7
Reliance
908
1300
8
IDFC
113
140
9
Jet Airways
346
430
10
Shakti Pumps
62
70
11
PTC India
58
112
12
Eros International
164
250
13
First Source
21
30
14
Vaibhav Global
312
350
15
Geometric
85
125
16
Mahindra Ugine
110
160
CMP date is 3rd Nov, 2013
Do you think that these stocks can give good returns in 2014?
Do you think that expert has suggested right stocks for investment?
Do share your views on this.
(The stocks recommendations given in section above are of CNBC Awaaz own and do not represent those of Moneyexcel.com. Please consult your financial advisor before taking any position in above stocks.)
