With the little experience that I got from the business I am running so far, I must confess that detecting loop holes in business is very easy to do but those who have other motive for business will not care to even study the business properly by doing the right thing.
If you know how to run your business properly you will see all set back as an opportunity for you to do exploit. Business requires attention/focus and determination if you want to see it achieving apex in the shortest period of time. When this topic ran into my head, I quickly remember what Mr Arinze told me when I want to start my business. About 6 years ago, Mr Arinze told me that in business downtrend is normal. When you are facing problems in business, don't be too quick to close down the business. Seek advice from those who you knows is ahead of you in same field of business. If you do this, you will definitely see's your business hitting apex.
Before I talked about Mr Arinze's story, let me draw you back to my higher institution days. There is this borrowed course that we were doing. It is called Entrepreneurship, it is all about business. At first we all dislike the course because it is a borrowed course and not related to what I was reading in school. Along the line, we all fall in love with it. One thing that I picked from her class was when she was advicing us that when you start your business, you should pay attention to it. Business grows gradually and during the early stage, make sure that you give it the attention and focus that it needs.
She used a kid as an example. She said when you give birth to a child, you will first of all norture him to like 7 years before you leave the child to start with his life. This same principles applies to business. During the early period of your business, you should make sure that you norture and care for the business. When you do this for few years, the business will start caring for itself and by then you are free to remove focus. She draw the stages of business for us and we learnt alot. As an engineering student, I found myself developing love and attention for business so I decided to be an entrepreneur.
When I wanted to start my business, I met with Mr Arinze for guide and I was happy I did so. He educate me on so many things and it was fun. He said going into business with lack or proper knowledge about that business will see's you struggling as time progresses. He said he decided to start a business that he is conversant about and the strategy he applied was that hehas a book which he uses in recording the day to day activities of the business growth. This strategies is what he keeps practicing up till now and that really helps him out.
I use the word downtrend because it shows that your business is experiencing the negative part. In a nutshell, downtrend means your business is dying. If you are able to spot this one time, you will be able to revive it. Below are ways/patterns which we can use to detect downtrend in business, they include;
Day to day record activities: As an entrepreneur, you should make sure that you record day to day activities of your business. If you continue with this, you will be able to know how much capital you invested, how many loss and gain. If your loss keeps surpassing the profit, you should change your strategies and approach to your business. With this, you will be able to save your business quickly from the downfall.
Treat your customers nicely; Forget the popular sayings that states that customers are always right. Don't buy that idea but you should know's that treating your customers well will yield or drive more traffic to your business. Make sure you treat your worker so lovely, if they love you, they will never want to deviate from you and at the end, they will keep referring more buyers to you. If you have 10000 customers and you see that for the last 3 months you can't boost of just 10500 workers, you should have it in your mind that you have lost some of your customers. All you have to do is to make sure you try to reach them and sweet mouth them so as to get their attention's back.
Treat workers nicely; Your workers are the powerful tool of your business. Without them you are nothing. This is the more reason you should shower them with love and attention. Once you are that wicked CEO, you will see your workers planning cope against you or some will leave the business in search of a good CEO. If you notice this act, try all possible means to make sure that you get your workers love back. Try win's their heart.
Capital; Don't in any way allows your capital to be used poorly. Your business will just dies off. Your capital is what you can fall to anytime if the business has issues. Don't allow temptation allows you to touch from it. In a case whereby you see that you are touching from your capital, you should knows that your busines is not performing well at all. If this is noticed, try employ money spending discipline into your business.
Loss: If you notice that you are seeing more loss than gain, retract your ways and get it corrected.
Savings: When you are doing everything possible for your business to hit apex but you noticed that your business is not progressing, it shows you are facing downtrend. Take for instance you are running your business and you noticed you don't have any savings in place in terms of need, this will shows that your business is not performing well. If at the end of all activities, you noticed such act, you should knows that your business has issues already. Try fixed it.
To round up this post, with the information above, you should knows that downtrend can be avoided if you follow the above educative advice.
- If you love my post, feel free to comment and also support me, it will help to get me motivated. Remain bless as you read the post. Thanks
Please don't forget to support the Project hope community
Special Thanks to the @crypto.piotr (Founder) and the entire team for keeping the engagement high.
