Saturday, 10 September 2011

Seven Basic Business Requirements

Let me start by appreciating the fact that businesses tend to be ineffective and unprofitable when certain requirements are not satisfied. Not until these requirements are met, business tends to remain on a spot as far as progress is concerned generally. Hence, to make your business effective and to meet up your set up goals and objectives, certain basic requirements must be met. I want us to clear fully examine Seven Basic Business Requirements. Here we go!

1. Your Attention.
As a sole proprietor, your business demands your whole attention if you really want your business objectives and goals achieved. You have got to commit not only your equity (capital investment), but also your whole self. Attention basically comprises of three factors which include:

a. Skills and Expertise. All you have got in terms of intellectual capacity or property as some will say, is required by your business.
b. Time. All your time have to b allotted to your business if you want progress otherwise, little trends would be visible.
c. Resources. Apart from your initial capital, you have to commit more of your personal resources to your business as every business is resources demanding- please bear this in mind.

2. Management.
Quite a lot of people have defined management. But in this context,it is your ability to control, guide and direct all your resources in the right proportion. your business requires that you guide, control and direct all your resources to meet up your set up goals and objectives. This entails adequate human resources development and direction as well as a good resources distribution. Adequate resources leads to an effective business as well as a good profit base investment.

3. Finding The Right Market Place.
The environment in which your end products are finally consumed or bought for the end user is very vital in this sense. Like it was shared in the last article, where I talked about increasing your Stock Turn Over (S.T.O), your market base should be able to fit into your products. When your products do not meet the intent desire of the folks in your environment, that is your immediate market place,it inevitable that such business will suffer a defeat. But if adequate market place is provided, it is inevitable that there would be a traffic of customers at your disposal. Finding a suitable and fitting market place is a requirement to make your business effective.

4. Other People's Services.
Let me start from the fact as far as the global economy is concerned, no one nation or country is self sufficient. No one country or nation is independent economically. Put in other words, every nation or country is dependable on the economic services of other countries of the world. In fact, this is the basis of international trade. Just as international trade is inevitable, the services of others as regard to your business is also inevitable. No matter the potential capacity or how small your business is, employ the services of other people. Other people's services matter in your business. Their services could help you solve certain problems in your business which you would not have ordinarily solve.

5. A Good Awareness.
In this 21st Century, information is the order of the day. In fact, that is the basis for Technological Revolution. 90 per cent of people want information. So giving your clients or prospective buyers the needed information tends to pull a traffic of buyers and patronizers at your disposal. IF the need be, strengthen the force of your business awareness.

6. Others Opinion.
For the sake of improvement and business quality, you can demand or seek for the opinions of other people as regard to your business. Place importance on what other people would say when it comes to your business products and services. It is not necessary that you execute every opinion but that you evaluate and see if any suggested opinion fits the improvement and quality of your business. The choice is yours but the opinions are theirs. Let them give their thoughts about your business and its products but you make the choice.

7. Proper Incentives.
As your business grows, the need arises for the employment of other people services. As a form of increasing the profitability basis of your business, you have to introduce a proper incentive packages for the employed. Doing this creates their zeal towards productivity thereby creating an avenue for their exploits in your business.
by : Tam Emmy

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