Business Success the Factors of Business Success
Table of Contents
Here we discuss about the secret of business success. In our society we have seen many successful people in their business.
It seems that business success is just like a cake walk. But we might not have seen the people who are bankrupt from business.
So let’s go through the key points for business success.
It is obvious that everyone enter in the business field to improve their financial status. In other word everyone is searching for profit from the business.
However it may not be like what you think. Therefore for business success each and every entrepreneur must have following quality.
- Make a proper study about your business plan.
- Go through the market to check the viability of your plan.
- The next important thing is the management.
- Keep well record of income and expenditure.
- Always praise the staff.
- Give good incentive for the staff to motivate them in the work.
How to motivate the staff in the business?
Suppose you have iron and steel industry. Your factory starts early in the morning. If you simply ask the worker to be punctual, it may not work.
But the same thing will be more effective if you say that the early worker will get breakfast in the factory.
This breakfast if free for early worker but the late comer will get no chance. This is a small example there can be many more ideas to encourage and motivate worker.
How to run restaurants and hotels properly?
Hotel and restaurant business is very hard to manage. It is because you cannot estimate the rice eaten by the guest.
There are several other areas where it is difficult to check the consumption. However it is also not beyond the approach of the owner.
It is not always possible to remain in the business for the entrepreneur, so that the business must be handled by the staffs.
Check the purchase of your hotel and restaurant timely. See the purchase of like sugar.
Looking at the purchase of sugar you can easily estimate how much cups of tea and coffee should be sold.
If this does not match you can easily talk to the manager about this matter. If you go minutely the stock and sells then there is no chance for the staff about doing any mischief.
At last but not the least for the business success your staff and workers must be well satisfied to the management. Pay the salary to your employee in time.
How to be success in clothing emporium?
You might have invested a lot in your business. If you are not able to manage the business it may go down or even shut down in some cases.
Allocate some incentive for your staff for the sells he made. Otherwise he or she will be reluctant towards your business. If they get some extra they try to make push sell as well.