Semalt Expert Reveals 13 Simple Techniques Every Successful Business Mind Explores
For some people success may seem like lifting a bag of sand, but for a few, it's just a routine. How is it possible?
The initial stage is to kill the fear, that comes from the sense of failure, by asking continuously and planning properly. The leading Customer Success Manager of Semalt, Igor Gamanenko claims that the years of the experience are invaluable as they have contributed to the realization of many projects. Here are the thirteen tips on what to do to succeed in business, that the expert shares drawing on the experience of productive work practice in Semalt.
You should have a big picture of what you want to achieve from the idea stage to the final implementation and monitoring. At the same time, it is important to understand the number of people you want to engage, the technology you plan to employ, the vehicle that allows conveying both people and technology. Define target customers, the regulatory authority and the price benchmark that will guarantee a profit or at least sustain the initiative for some time until you break even and beyond.
After you're done with idea mapping, a detailed planning of all the distinct facets of your idea is done. From the most important to the least, all cost implications should be equally itemized. The essence of this rigorous process is to estimate better what time it will take you to accomplish your goal which was vaguely expressed during conceptualization.
Of course, you should be acquainted with some specific sort of information, but that's not enough to guarantee your success. Thus, the need for an in-depth research is inevitable as some facts may not be open to you from the inception or things have got different, and you need to know it. Again, depending on the information you need, the eliciting of information should be done appropriately. In the end, the right information is very important so that, you don't waste resources on the wrong path.
Do a survey on the information you have got, validate its authenticity and align it with the conceptualized goal as we have stated before. During verification, consistency is very important as soon as to a large extent it causes reliability of the garnered information.
When you have come up with all the information, it will take some time to look around and see if there are still some powerfully better ways to achieve the same or better results. What do you consider? You consider the target clients or customers first, not the cost, time or resources. After you clarified what is the most essential for customer satisfaction, then you should consider the factor of cost, time and resources and choose the best options for your initiative.
Draw Up the Final Plan
With the analysis of the available alternatives, you can now have a bold stand on what strategy to employ, which will prioritize the stakeholders' interests. One of all your alternatives must stand out regarding customer satisfaction and time. Don't forget that you have freedom to employ multiple strategies at different times depending on the prevailing circumstances. The most important things to achieve are surely sustainable results.
Choose Source of Funds
Your business case is largely instrumental in acquiring the needed funds. It is a clear expression of the rationale for the initiative and the reason for adopting a particular strategy against all the odds. It should be timely and sophisticated, simple and clear of doubts and, any form of ambiguity. Very importantly, you should utilize sources that will not impact on your business negatively, for instance, a high-interest rate, lengthy and complicated legal obligations, stringent conditions for sureties. Always factor in a parametric cost of capital that will account for all manner of risks and still fall within the limits of your expected revenue stream.
Update Your Plan
It's never too much of your time and resources to minimize occurrences that will lead to a loss. So, take some time and review all you've done for the past days, weeks and even months. Don't let it creep into years but if it does, make sure you don't give up or give in to procrastination. Perhaps, there could be some dotting and crossing to be done. When you find them, waste no time, do the needful and meet up with the next step.
Implement Your Plan
It's time to get it rolling and playing out little by little because you never know what lies in wait. Though the saying "planning saves you twice as much time during implementing" is true, but it never stressed the need for a rush, so take it slow and steady. This will enable you to re-adjust quickly should there be some unforeseen circumstances implying that in the end, the variance between the planned strategy and the implemented strategy will be very narrow and controlled.
Monitor Your Plan
No successful business goes without monitoring and control. That's the hallmark of sustainability and quality assurance. The essence of monitoring is to take correct steps as soon as possible because of the farther away it gets from the plan, the more difficult it becomes to manage, and the more expensive the business gets. Backlog management involves a high level of prioritization; the question is: whose interest will be given priority over another? And the next thing that comes to mind is conflict.
Take Corrective Actions
The need to secure the image and reputation of the business as well as other factors such as cost, satisfaction, and resource maximization prompts necessary corrective actions. Approvals for rework, deviations and defect repairs will have to be made within specific time limits that will not adversely affect the entire business duration.
Let People Know Your Business
Employ the social media, word of mouth and every other advert mechanism to promote your business. This will boost sales and increase revenue while costs will gradually fall and profit will soar in the long run.
Don't Stop the Monitoring
Finally, don't stop monitoring because the business world is a very dynamic one where changes are inevitable. Be proactive, keep learning, and keep applying knowledge and skill. Growth and expansion will come naturally, and the concept of spontaneity will keep you afloat.