11 AWESOME STEPS TO BUILDING A BUSINESS EMPIRE
By EDU Etukakpan
1. RECRUIT ON MERIT, NOT ON PREFERENCE
An employee or partner may have a great wealth of experience in meeting clients, and brokering high level deals, but may lack the managerial sophistication to deliver the expected output. Sometimes marketing team emphasizes only on lowest prices. They forget to pay attention to engineering and quality aspects. This casts an ill effect on the company’s reputation. The effect will depend on the company’s life cycle. There are three life stages in a company’s life and not every employee is suited for every stage. The three life stages are-
*Scouting– This is the preliminary stage of a company. At this stage, business development deals with identification of various entry points to market. Various leverage points are identified and the concerned internal team is provided with feedback of market analysis. The key skills involved here is collaborative work with the product and engineering teams.
*Testing- At this stage, the business developer will close a few open deals in order to test the assumptions made from the market and input various findings. Analytical skill sets for setting up a measurement framework is required. The framework will depend on the company’s mission, strengths and vision.
*Scaling– After the data is gathered from each and every deal, a path is laid down for goal fulfillment. After this, your new business is now good to go. An entire support system for future activities is created.
2. LOOK FOR THE RIGHT OPPORTUNITY
The people with whom you deal with are very important. Dealing with the right persons can be a cog on the wheel of your firm's progress, and it can also be a "Jonah" that can stop your firm from progressing. This practice leads to unwanted wastage of time. It is very important to identify the potential clients with whom you can do business. Scanning of the market for fruitful associations is vital before starting dealing with prospects. If this vital step in not taken into consideration, then, it is just like the case between the Federal Government of Nigeria, and the President of Nigeria's Senate, Dr Abubakar Bukola Saraki. Place premium on those clients who actually matters to your business rather than stucking your head to preferred ones.
3. PAY MUCH ATTENTION, SAY LESS
Stop talking too much, it doesn't help in the growth of your business. For example, when you use 50% of your time talking, you are actually talking 10 times in excess. Your job is not to blurt out everything, but understand and probe the client’s perspective, his problems, demands,etc. Be an active listener if you really want to develop your business. You will always be a favorite vendor in a competitive economy if you activate a listening mode.
4. FOCUS ON YOUR CLIENT'S REQUIREMENT
After discovering what the consuming yearns for, offer your client's requirements, not what you offer. Do not talk about your offerings, instead listen carefully to the client’s requirements, preferences and wishes. If you listen carefully to your clients, you can modify your own pitch to match the client requirements which in turn increase client satisfaction rates. Always pay a keen attention to the clients’ issues so that you customize your offerings as per his needs. If a client fails to get what he desires, chances are that he will make a walk-out. He will dump you and turn else where in search of a better service .
5. PLACE IMPORTANCE TO YOUR BUSINESS
It is always said that 'birds of the same feathers flock together', and the popular 'big man talk to big man'. Associate with important people that requires your services! Important people won't come to you, you let them know you by bridging that inequality gap. Be active within your business associations. To be part of those organizations that fulfill your business needs and where you can interact with prospective clients. You can offer volunteer services to industry experts to gain visibility as well as to capture high value targets. You can climb the corporate ladder to gather the desired prestige in your concerned industry. If you succeed in doing so, the successive orders are bound to flow in your company. Remember, people like to deal with the "creamy layer" or the winners in their respective areas of expertise.
6. AIM: CLIENT SATISFACTION
There is nothing as worse as a client getting upset due to firm's inability to get the client's problem solved, or at least, attended to . Not only does it spoils the relationship of your firm with the client, but it is also harmful to your firm’s reputation, most especially, as a beginner. Forget about everything else and fix your client’s problems first. Always be reactive to your client's issue. By so doing, you will make an enthralling impression on your client. You will get applause from your client and your name will be circulated in your industry members. Remember to practice empathy when dealing with clients. Place yourself in your client’s position and feel his problem. By doing so, you will be effectively nurtured your business.
7. PROVIDE EXCELLENT SERVICE
After you successfully influenced your clients and got business from them, it is time to make them happy with your amazing services. Stick to the deadlines fixed with your clients. Be a perfect guide throughout the whole process. If you succeed in making your clients satisfied, they will be offering you businesses on a routine basis, as well as new business opportunities; and even make recommendations. Who knows, you may be rewarded with something exceptionally good.
8. QUALITATIVE vs QUANTITATIVE APPROACH
Many businesses focus purely on qualitative business value proposition and gives less importance to the other factors. But this is not a wise idea. This plan has a high probability of failure and is quite difficult to achieve. There is also a minimal probability of the market to pay higher for a premium service. The market is not ready to spend extra bucks even if they get improved user experiences and better services. In other words, your prospective client is not willing to pay some extra cash on the argument of a quality service, but would rather want advance and quality service with less expenses. As a result, the quantitative aspect of the business increases the chances of success. Creating competitive lowest prices will surely attract more clients. This in turn will maximize your revenue generation.
9. TIME MANAGEMENT:
This is a crucial skill which every business owner needs to know. It is all about prioritizing work. Important work needs to be done first and less important jobs can be done later. Managing your time wisely is one of the most crucial tasks, especially when you are a business start up. Balancing time between operational activities and business development activity, and leisure is an art in which you must master a budding entrepreneur!
10. INNOVATION
Innovation is the best way to be at the top of the competition. Wikipedia defines innovation to mean "application of better solutions that meet new requirements,
unarticulated needs, or existing market needs." When you offer your clients something unique then there is a high probability that your client will do business with you. Everyone prefers products or service that are new to the market. So why don’t think out of the box and have some awesome ideas? Offer your clients something which no one is offering. Innovation may involve new method of doing old things. That is, doing the same thing others do, but in s different way.
11. BRANDING
When the first baby diapers entered the market, it came with the brand name "Pampers", and up till today, even till tomorrow, the majority of the consumers knows "pampers", not diapers. The same thing goes to "Indomie" Noodles. Indomie and Pampes are just brand names for companies producing noodles and diapers respectively. So, what stops you from having a unique, and simple name for your business! An online business dictionary defines branding to mean "The process involved in creating a unique name and image for a product in the consumers' mind, mainly through advertising campaigns with a consistent theme." No matter small you think your business, it needs a name, an insignia that signifies what you do, and also as a pointer your business.
12. MOTTO
A motto is a short word which summarizes the philosophy of a group, an individual, or an organization. So, your motto should always in summary, tell the public what your firm believes in, or your firm's vision.
Congratulation as you begin your journey to become the CEO. (Courtesy of The CEO Group Nigeria Ltd, a budding entrepreneurial firm that is committed to advising, nurturing and helping young upcoming entrepreneurs in Nigeria, and Africa)
1. RECRUIT ON MERIT, NOT ON PREFERENCE
An employee or partner may have a great wealth of experience in meeting clients, and brokering high level deals, but may lack the managerial sophistication to deliver the expected output. Sometimes marketing team emphasizes only on lowest prices. They forget to pay attention to engineering and quality aspects. This casts an ill effect on the company’s reputation. The effect will depend on the company’s life cycle. There are three life stages in a company’s life and not every employee is suited for every stage. The three life stages are-
*Scouting– This is the preliminary stage of a company. At this stage, business development deals with identification of various entry points to market. Various leverage points are identified and the concerned internal team is provided with feedback of market analysis. The key skills involved here is collaborative work with the product and engineering teams.
*Testing- At this stage, the business developer will close a few open deals in order to test the assumptions made from the market and input various findings. Analytical skill sets for setting up a measurement framework is required. The framework will depend on the company’s mission, strengths and vision.
*Scaling– After the data is gathered from each and every deal, a path is laid down for goal fulfillment. After this, your new business is now good to go. An entire support system for future activities is created.
2. LOOK FOR THE RIGHT OPPORTUNITY
The people with whom you deal with are very important. Dealing with the right persons can be a cog on the wheel of your firm's progress, and it can also be a "Jonah" that can stop your firm from progressing. This practice leads to unwanted wastage of time. It is very important to identify the potential clients with whom you can do business. Scanning of the market for fruitful associations is vital before starting dealing with prospects. If this vital step in not taken into consideration, then, it is just like the case between the Federal Government of Nigeria, and the President of Nigeria's Senate, Dr Abubakar Bukola Saraki. Place premium on those clients who actually matters to your business rather than stucking your head to preferred ones.
3. PAY MUCH ATTENTION, SAY LESS
Stop talking too much, it doesn't help in the growth of your business. For example, when you use 50% of your time talking, you are actually talking 10 times in excess. Your job is not to blurt out everything, but understand and probe the client’s perspective, his problems, demands,etc. Be an active listener if you really want to develop your business. You will always be a favorite vendor in a competitive economy if you activate a listening mode.
4. FOCUS ON YOUR CLIENT'S REQUIREMENT
After discovering what the consuming yearns for, offer your client's requirements, not what you offer. Do not talk about your offerings, instead listen carefully to the client’s requirements, preferences and wishes. If you listen carefully to your clients, you can modify your own pitch to match the client requirements which in turn increase client satisfaction rates. Always pay a keen attention to the clients’ issues so that you customize your offerings as per his needs. If a client fails to get what he desires, chances are that he will make a walk-out. He will dump you and turn else where in search of a better service .
5. PLACE IMPORTANCE TO YOUR BUSINESS
It is always said that 'birds of the same feathers flock together', and the popular 'big man talk to big man'. Associate with important people that requires your services! Important people won't come to you, you let them know you by bridging that inequality gap. Be active within your business associations. To be part of those organizations that fulfill your business needs and where you can interact with prospective clients. You can offer volunteer services to industry experts to gain visibility as well as to capture high value targets. You can climb the corporate ladder to gather the desired prestige in your concerned industry. If you succeed in doing so, the successive orders are bound to flow in your company. Remember, people like to deal with the "creamy layer" or the winners in their respective areas of expertise.
6. AIM: CLIENT SATISFACTION
There is nothing as worse as a client getting upset due to firm's inability to get the client's problem solved, or at least, attended to . Not only does it spoils the relationship of your firm with the client, but it is also harmful to your firm’s reputation, most especially, as a beginner. Forget about everything else and fix your client’s problems first. Always be reactive to your client's issue. By so doing, you will make an enthralling impression on your client. You will get applause from your client and your name will be circulated in your industry members. Remember to practice empathy when dealing with clients. Place yourself in your client’s position and feel his problem. By doing so, you will be effectively nurtured your business.
7. PROVIDE EXCELLENT SERVICE
After you successfully influenced your clients and got business from them, it is time to make them happy with your amazing services. Stick to the deadlines fixed with your clients. Be a perfect guide throughout the whole process. If you succeed in making your clients satisfied, they will be offering you businesses on a routine basis, as well as new business opportunities; and even make recommendations. Who knows, you may be rewarded with something exceptionally good.
8. QUALITATIVE vs QUANTITATIVE APPROACH
Many businesses focus purely on qualitative business value proposition and gives less importance to the other factors. But this is not a wise idea. This plan has a high probability of failure and is quite difficult to achieve. There is also a minimal probability of the market to pay higher for a premium service. The market is not ready to spend extra bucks even if they get improved user experiences and better services. In other words, your prospective client is not willing to pay some extra cash on the argument of a quality service, but would rather want advance and quality service with less expenses. As a result, the quantitative aspect of the business increases the chances of success. Creating competitive lowest prices will surely attract more clients. This in turn will maximize your revenue generation.
9. TIME MANAGEMENT:
This is a crucial skill which every business owner needs to know. It is all about prioritizing work. Important work needs to be done first and less important jobs can be done later. Managing your time wisely is one of the most crucial tasks, especially when you are a business start up. Balancing time between operational activities and business development activity, and leisure is an art in which you must master a budding entrepreneur!
10. INNOVATION
Innovation is the best way to be at the top of the competition. Wikipedia defines innovation to mean "application of better solutions that meet new requirements,
unarticulated needs, or existing market needs." When you offer your clients something unique then there is a high probability that your client will do business with you. Everyone prefers products or service that are new to the market. So why don’t think out of the box and have some awesome ideas? Offer your clients something which no one is offering. Innovation may involve new method of doing old things. That is, doing the same thing others do, but in s different way.
11. BRANDING
When the first baby diapers entered the market, it came with the brand name "Pampers", and up till today, even till tomorrow, the majority of the consumers knows "pampers", not diapers. The same thing goes to "Indomie" Noodles. Indomie and Pampes are just brand names for companies producing noodles and diapers respectively. So, what stops you from having a unique, and simple name for your business! An online business dictionary defines branding to mean "The process involved in creating a unique name and image for a product in the consumers' mind, mainly through advertising campaigns with a consistent theme." No matter small you think your business, it needs a name, an insignia that signifies what you do, and also as a pointer your business.
12. MOTTO
A motto is a short word which summarizes the philosophy of a group, an individual, or an organization. So, your motto should always in summary, tell the public what your firm believes in, or your firm's vision.
Congratulation as you begin your journey to become the CEO. (Courtesy of The CEO Group Nigeria Ltd, a budding entrepreneurial firm that is committed to advising, nurturing and helping young upcoming entrepreneurs in Nigeria, and Africa)
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