30
Apr

No more Dhanda ! Now do Business

It is a thing of the old time when the business was just about buying and selling of the product but with change in time, definition of business too has changed.

It was a different time when one man alone used to sell products and call it business, with time, emergence of innovation and technology has changed meaning of business completely, in today's market for a business to sustain it is important to have a well-defined system, system of marketing, competent workforce, feasible objectives, online presence and customer loyalty programs.

Exchange of goods has become just Dhanda or Trade, but in order to sustain today's market the business needs to have a systematic way to do everything because now it's more than just the exchange of products.

Be it dealing in product or services everyone wants their business to be successful and profitable and for that businesses need strategy.

Factors of Successful and Profitable business

1.Effective Marketing efforts-

Unlike old times when the customer just visited and bought the product and the deal was over. The business has become more than that, effective marketing has become the key to increase sales, revenue and profit. Marketing may burn holes in the pocket of the business but there are also inexpensive ways to market the products and services which may include internet or digital marketing, pamphlet marketing, fliers and other promotional activities.

Marketing is a must in today's business world as marketing not only communicates information about business to the audience but also increases the reach of the business, creates the engagement for the business to increase the footfall of customers in store, sales and revenue of the business.

2.Word of Mouth-

Be it small business, medium business or a large business, spreading word of mouth, that too positive word of mouth is one of the most effective and important tools ever used in the business industry. Most of the customers use the internet to search for reviews of business before deciding where to shop and what to shop. So building a good reputation is important for the success of the business.

To get positive word of mouth, it is necessary for businesses to provide good and professional services,deliver what they promise,engage in activities for building reputation, gaining publicity, giving back to the community through sponsorships, social work and CSR activities.

3.Improving After-Sale Services-

Nowadays in the business industry, 51% of consumers do not revisit the business if their previous experience with them was not good, Hence it becomes important for the businesses to take care of consumer experience and service in order to successfully compete and sustain in the market.

Improving customers' experience with the business not only increases their chance of revisiting but also makes them loyal customers, making business generating adequate business out of them and also they may become the source for spreading word of mouth, increasing business and customers for the business.

4.Having Online Presence-

According to research 88% of consumers now research products online before purchasing them from stores.

Due to this phenomenon it becomes important for a local business to have an online presence in order to grow and sustain in the market.

For creating online presence of local stores there can be many ways such as creating a professional looking website, having social media handles, doing digital marketing and indulging in inbound marketing.

For taking business effectively to an online platform, the business must have- an attractive logo, a business name, a summary of what products and services they deal in, the contact information of the business, their address, their Google Map link, their mission, testimonials or reviews of the customers.

5.Balancing Cost and Value

For any business to earn profit it is necessary to keep check on its cost. Many times it happens that a major part of the expenses go untapped, unchecked and unanalysed.

The businesses must keep a keen look at each and every cost and try to keep cutting on cost, as cost cutting increases the margin for the profit of the business.

Most effective way to work on cost cutting is indulging in analysis and reviews of major expenses such as office space, business staffing,vehicle expenses, marketing expenses and analyse the cost incurred and compare it with value generated.

A business is said to be cost effective and efficient only when the value generated is more than the cost incurred.

For a business to be efficient it must be responsible enough to keep check on its cost and analyse whether the cost incurred generates value more than the cost or less than the cost and business should work on cutting the cost if the values generated is less or should work on increasing the value generated if the cost cannot be cut down.

6.Competent Workforce-

Unlike old times, when just one person used to manage the whole business alone or along with unskilled labour. Now it is important for even small and local businesses to have a competent workforce according to size, goal and scale of business.

Having a competent business has two fold effects as, First, it helps save cost, as training and teaching staff frequently costs significant amounts to business, having a satisfied workforce for long-term saves cost. Second, a competent and satisfied workforce works to promote and build businesses reputation, helping business to grow.

7.Have Up-to-date Business plan-

Usually the businesses make plans only in the initial phase but in order to get success,checking the viability and feasibility of the business idea, the results of efforts put in the business, analysis of the business plan and keeping it up to date is necessary for the financial health of the business.

If in analysis it is found that the business plan has some weakness it must be tweaked and updated as per the requirement of business.

8.Go Mobile-

After the Digital Revolution, essentially after the Covid period the consumers have become used to surfing and searching with their phones even when they are at home.

For business to Go Mobile, there are two steps businesses need to take. First, making the mobile marketing experience easy and convenient for consumers, using tools such as text message advertising, mobile display advertisements, and pop-up advertisements are effective ways to create customer engagement.

Second,is the mobile payment system,Covid taught India to become cashless, the acceptance of online payment systems has widened to such an extent that having a mobile payment system now plays a vital role in sales and footfall of customers at local stores.

9.Have Balance-

For a business to be successful, it is important for its owner to be calm, relaxed, happy yet motivated.

This can be achieved only when the businessman has support which makes it easier for him to have work- life balance, getting enough time for himself and his family.

10.Small progress is still a progress-

It is not necessary that businesses get to see instant results of their efforts in business, for sustainable growth, patience and motivation is the key.

Let business take its own time to grow, keep putting on the efforts and once everything fits in, growth will be exponential.

11.Customer Loyalty Program-

For a business to sustain in today's competitive world it has become prominent to have a customer loyalty scheme as businesses' most loyal customers are also the most valuable.

Discounting and loyalty programs are one of the key players in order to make a successful business. All The E-Commerce and chain stores have taken advantage of this game of reward and loyalty with their technology and financial support and to fight with these giants local and small stores also need such programs to retain their customers and make their business successful.

As different customers have different needs and expectations from the business, they need to be served with different kinds of rewards and loyalty programs in return and hence comes the need for the tailor made Loyalty program for each and every kind of business to be successful and have a loyal customer base.

Fayda Shop is a Customer acquisition- retention and marketing application which helps turn Dhanda to Business. Making business grow exponentially and become one of its kind. The main aim of the Fayda Shop is to provide support and technology to local and small businesses, to be successful in the market and be able to compete with E-Commerce and giant stores.