#11 Steps to Bulletproof Your Business Building a scalable and profitable business is no rocket science. The only thing required to build a successful business is a product that solves your customer problems and the right way to spread the message among the target customers
By Prateek Agarwal •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Entrepreneurship is the new trend. People do not wish to work in Lala Companies and want to have their own business. It is more common with the 21st century generation. Though it is not as easy as it may sound or seems to be, in fact doing business is like of bed of roses. Building a scalable and profitable business is no rocket science. The only thing required to build a successful business is a product that solves your customer problems and the right way to spread the message among the target customers. Following below are 11 steps which one should follow to Bullet Proof the business.
Step 1: Location
The location of the business should be such which is easily accessible to the customer. If the location is not so, it might irritate the customer which might lead him to search for an alternative.
Step 2: Advertising Yourself
In case people are not able to reach to you, make sure that you advertise your brand extensively in a way that it reaches out to the target audience.
Step 3: Have a Plan
Always make a plan, without a plan your business will close on the first. The plan should be such which helps you in the near future. A well planned business is easy to execute and has higher chances to succeed. Warren Buffet says, "If you fail to plan, then plan to fail". Planning is like a blue print of your future business.
Step 4: Always have a financial backup
One should always save money and keep it separately which should not be a part of the regular investments and the profits. This saved money should be used in the time of crisis and during financial crunch.
Step 5: Learn from Mistakes
All of us tend to make mistakes. But a mistake should never be considered as failure. One should learn from the mistakes and be alert for future. One should avoid making mistakes but in case it does happen one should always learn from the mistakes be it his own or that of others. It always saves time, money and efforts.
Step 6: Be Debt Free
Business should always be debt free and the best way for a business to be debt free is not to have a debt. Unwanted debt can kill a business.
Step 7: Follow your Passion
Business should be one which always interests you. It should not be one which forces you to work. That's why it is always advised to follow your passion. One should always be passionate for what they do. If your work doesn't excite you, then you need to change your work.
Step 8: Power of Association
Business should always be open to associations as it makes the job easier and the output is better. A collective efforts is always good than an individual one. Business requires people to work together; one must build strong relationships and partnership for the success of the business.
Step 9: Focus on Great Customer Experience
Today customer is the kind. Customer has the power to make the business a success or lead it towards its closure. The business should always focus on the customer's feedback and experience as it helps to understand the customer, their wishes and demands. The more you understand the more you will be able to serve the customer in a better way. If your customer service is outstanding, you will always outstand in the race.
Step 10: Be Happy
An entrepreneur should always be happy with oneself and with the business they are working for. If you are happy you have the potential to make others happy. A happy entrepreneur can make a business happy as well.
Step 11: Take Feedback
Customer is the one because of whom your business exists. It is always necessary to take the feedback. It gives a better understanding about the needs and the demands. The more you understand your customer more will the business grow. Periodically take feedback from your customer, about their experience, what better we can do, any suggestion they have for us, anything better we can do for them. This will be gold mine for your company.
It is never easy to run a business, one needs to work each hour to start. One the business starts one need to work to sustain in the market and rule the market. In short one constantly needs to work to in the industry. The steps mentioned above will always helpful in every phase of business despite the fact that you are at the start of your business or you are the market leader.
