Welcome to another episode of Making Your Business a Success. 5 great practises, management, maintenance or qualities of a sustained business are what is explained in this episode.
Features of a Sustained Business: A business is sustained when:
- The administration is well organised.
Either a small or big business, a well organised administration keeps it operating properly. For a business to have a well organised administration, the administrators must be skilled, knowledgeable of the business and concentrate on every aspect of the business. A business will grow and flourish when the administrators or the owners are willing to make it happen. You are your business and it will not do anything without you doing it or instructing your workers to do it. Think of any successful business you know and see that business as a person because it is people that work day in day out to sustain the operations.
- Does not run out of supply of its product.
A sustained business makes efforts to keep their supply available always. I remember in school; a roommate was selling eggs and a lot of students were patronising her. She sells more than 10 crates in a week, customers from everywhere because her eggs are really big and fresh. Everything was moving smoothly until when her supplier decided to start misbehaving which affected her business and eventually, she stopped because the supply was not constant and her customers gradually stopped coming even though she later got another source of supply. For this reason, she fell out of her business and had to quit. As a business owner, you should ensure that your customers will find what they want to buy from you whenever they come. If you are selling goods, let your supply come from a source that you can rely on. Also, if you sell services ensure that your customers get the service they want and are satisfied always.
- Knows the customers’ demands and supply’s it to them.
A sustained business offers customers the very goods or services demanded. There is a constant review to know what exactly their customers are demanding so that they do not loos relevance in the market. Once you want to sustain a business, it is easy to pay attention to the need of your customers by observing what they come to you for. For example, you sell shoes, children’s shoes. The specific brand or type that customers buy are the ones you will be supplying the most. In the case where you sell a single product and you find it hard to sell, you should try to know why customers are not interested in buying and also find out what is it they are interested in buying and supply it to them.
- Knows how to survive competition.
A sustained business knows how to survive in the midst of competitions. It is almost impossible for a business today to exist without competition and a sustained business has strategies that keeps it running. This survival strategy varies. Some is in their customer services, their products, location etcetera. A business cannot be sustained for long without a competition survival plan.
- Knows how to survive seasons.
Businesses can be affected by seasons and other happenings however; sustained businesses still remain running regardless of seasons. It is important to look at possible seasons or happening that can affect your business in order to strategize means to survive in case any occurs.
These are some of the most qualities of a well-managed business therefore, endeavour to make your business standout by applying them and also with more that you get to know as you grow.
We wish you success in your business! Go make money as much as you desire! Thank you!
To be continued