The world of business is as challenging as fascinating it seems. There is no denying fact that one gets unparalleled benefits from stepping into the world of business. These benefits can be in terms of profits, experience, reputation etc.
So, this makes every entrepreneur’s dream of excelling in the world of business and work hard to establish a distinguished reputation in the market. In the path of achieving success, there are many things that an entrepreneur must take care of, as these can be the crucial factors for determining eminence in the business world.
Mark Twain has correctly said,
"The two most important days in your life are the day you are born and the day you find out why."
And if you’ve come across your ultimate purpose of outshining in the market, the last thing you will want is to be unpopular in business.
There are many things that businessmen often do in their journey, that makes them disliked or unpopular in the market. Not only it leads as a contributor to the tarnished image of the brand, but also marks a significant loss in profits.
If you are laying the foundations of your business and plan a long way to go you must not skip some early steps, as they contribute to be the crucial factors in determining the success of your business.
When you have a long-term vision of your business in mind, being unpopular would be the greatest disheartening notion that you’d want as an entrepreneur for your business.
If you are putting in all the hard work and sweating day and night for your ultimate life purpose and failing even then, there must be some important things that you are missing out either in haste or intentionally.
So, instead of losing it all, you must stay aware of some facts as we tell you how to be unpopular in the business world:
Skip the business plan
One of the crucial fundamentals of a business is to have a plan. A planned approach to do things is a must to keep in mind before initiating any actual task. The planning can be in terms of your own costs, knowledge of your competitors and a good research of the market.
A business plan makes sure that you have elements to back you up against the cut-throat market competition. Knowledge of your competitors helps you understand where do you need to work upon most or distinguish yourself in the market.
It also motivates you to plan your strategies accordingly and stay a step ahead. Entrepreneurs must also plan on how to channelize their money in terms of marketing and other necessities. This includes selecting a suitable marketing platform and how it will benefit the marketing of the brand.
Also, it’s important to learn about the segment of business where the investment is to be made. Is the. Invested money to be used for infrastructure, product development, equipment, materials or other infrastructure?
All these factors ultimately help formulate the correct business plan for your organization. Skipping this business critical step is sure to make you unpopular in the business world.
Be a plastic business
If you want to sustain your business in the market, you must be able to understand and listen to your customer. Being a plastic business refers to only focus on the hard sales of your product and not on the actual customer experience.
Customers are the real driving factor behind any business. If you are only concentrating on your product and not on the customer, then it can become unpopular in the business world in no time.
As a business, customer satisfaction should be the most important factor to be taken care of by your business. Statistics suggest that the top 20 percent of your loyal customers contribute to the 80 percent of your income.
These loyal customers of a business are a result of your hard work towards their satisfaction and happiness. Happy customers are most loyal ones.
So if you are being a plastic business and ignoring the biggest virtue of being courteous to your customer and understanding their needs, you are on the path to be unpopular in the world of business.
However, listening to your customer's need and helping them overcome the problems they face is a great ingredient for the success recipe of any business.
Not analysing the cash flow statements
Cash flow statements are crucial to any business as they keep a record of their activities. These statements show how the operating, investing and financial activities of any business are broken down.
In other words, cash flow statements are of importance because they are the financial statements of a company and it is mandatory for businesses to go through their cash flow statements on a frequent basis. This makes sure that the invested money is put to the best use and in the proper places for the business.
Monitoring these statements is as crucial as planning strategies because this is how you come to the finances of your business and whether the profits are up to the mark or not. A fresh startup may not have their cash flow statements yet, but they can form an estimate around it.
However, ignoring your cash flow statements are sure to make you unpopular in the business world since you will not be able to buckle up your finances in times of crisis. A cash flow statement in the simplest way gives an analysis of the income and the expenditure of a business.
It lets them know where their money is going. This gives a clear picture of the money needed by the business to manage their sustaining expenses in the market.
B.C Forbes has correctly said that
“If you don’t drive your business, you will be driven out of business.”
Stop doing anything that is tarnishing the image of your business and resulting in a recipe for disaster. As an entrepreneur, you must take the initiative to have a keen look at your businesses’ performance and finances at the same time.
Because being unpopular is the last thing any business would want for itself, there needs to be a strong willpower and motivation to keep it sustained in the market.
So, smile, breathe and go slowly on your path of achieving success, as failure is not fatal- your courage will definitely count.