By Trust Nhokovedzo
AS a marketing consultant, I have observed that many entrepreneurs are not aware of the responsibilities required to make a business successful. They are enthusiastic about the potential of the venture.
To make any business successful multiple things need to be working well.
There are many moving parts to a successful business. From the product or service to the marketing and sales, all aspects need to be firing on all cylinders. But what exactly makes a business successful?
There are many factors that contribute to a successful business. But some of the most important include having a great product or service, a well-run marketing and sales operation, and a strong team of employees.
If all these factors are working well, the chances of success are much higher. But even if just one or two of these are not up to par, it can be very difficult for a business to achieve success.
In my opinion, there are four areas that entrepreneurs need to master to avoid failure in any business venture. These areas are:
- Financial Management.
Transactions by themselves do not guarantee profit. A business can have sales but still, incur a loss. Excitement over sales should be tied well to managing the costs of generating those sales.
It is important to remember that sales for one week do not necessarily indicate sales for future weeks. Properly managing revenue from current sales is essential for success in the future, particularly during lean times. Over-spending what you have not earned is a quick way to become bankrupt.
- Marketing skills.
A great product or service that is unknown is effectively nonexistent. Marketing can often be inhibited by financial constraints. Fortunately, digital marketing can reduce costs by over 80% compared to traditional marketing. However, many people in Africa believe that digital marketing is ineffective. Digital marketing can be quite effective if used properly, but most marketers lack the skills to use it effectively. If a business’ product or service is not marketed properly, the company will likely fail in a short amount of time.
- Leadership skills.
Leadership involves making difficult decisions between two bad options. Entrepreneurs who do not make the necessary tough decisions will soon be haunted by their choices. The realities of leading a business involve making difficult decisions about finances, co-founders, employees, and the products being sold.
- Avoid the ‘know it all’ attitude.
- You cannot force the market to accept your product. Instead, it is important to be in a state of learning and improvement. Making decisions based on gut feeling is a huge mistake. Data-driven decisions are critical to success. Get feedback and use it to improve your product.
Combining 10 years of experience with cutting-edge technologies, Trust Nhokovedzo can shed light on all aspects of digital marketing, from SEO and reputation management to Google analytics. He loves both teaching and implementing digital marketing techniques for business growth. Reach him at firstname.lastname@example.org +263 775 695 481