Convert Your Business-Entry level to well Established

Starting a business from an entry level to well established is not so difficult if you follow a proper systems. In this blog we will help you out and try to answer all the questions that you may have in mind regarding your business to make it from an entry level to well established level.

Now we are going to tell you step by step how to reach the final destination you thought for your business. We will start from the beginning and tell you what all things and procedures are there when to start a business:-

 

Identify The Problem

It is the first and most crucial step where you will find out the common or potential problems that are being faced by the people.

 

Identify the Market needs and demands and the challenges that people are facing out of which brainstorm and come up with a solution which will create a demand for your idea in the market and help you grow instantly.

 

Build the Product around it

When you have identified the problem then just think of its best solution that you can provide the world for the problem.

 

The solution you have taught will be your final product or service that is best fit in the situation and can make you do the business. This solution and the product as a whole you are required to generate money.

Small Region Launch Strategy

If you just try to go fast there are high chances of failure. Start by launching your product or service in a small region. It will help you grow gradually. Just see whether your product or service is understandable by the people.

Do not just think that the idea you have is the thing people will understand it very fast, even if it is a masterpiece. Just remember building an established business takes time and patience.

Launching your product or service in a small region will help you identify real life barriers or hurdles that you may face in the near future and it's the time to cover them up before you try to go globally and result in a failure.

You can handle small region area people and handle them too but if you try to go directly for a global reach you would not be able to handle the pressure, problems and people.

Plan for positive Cash Flow strategy

Positive Cash flow basically means that you have more "Cash in" in your business that "Cash out" from your Business.

One thing you should always keep in mind is that whatever you do or you do not, the cash flow of your business should be positive most of the time if you want your business to be established and grow gradually.

Your cash flow is the part of your business that defines and tells you whether you are on a growth edge or a failure edge so try to keep it on the positive side always.

There are many advantages of having Positive cashflow:-

1. Funds for Emergency purposes.
2. Feeding up the Working Capital (The Capital that required for daily  expenses of your business)
3. Regular analysis of cost.
4. Debt Settlement.
5. Worthwhile financial management.
6. To Grab any Business Opportunity

Crisis Management

There is a very high probability in a business that it will face a crisis anytime in the near future. The main thing is that a crisis will come but it depends on you how you handle it at that point of time.

The main and most important role of crisis management is to reduce the impact of crisis on the business and make sure that the business recovers as fast as possible and continues to lead the market.

Now let's take an example of Nirma Pvt. Ltd. to understand crisis management in real life situation:-

In 1960 Nirma Pvt. Ltd. was entering the market with a pace up. Karsanbhai Khodidas Patel used to sell the product wandering house to house and made a brand value and image.

Then the biggest crisis for the company came into action. The problem was about credit overload . This means all the retailers were in debt of Nirma and they were regularly failing to payout the money to the company even for 4 over four month period time.

Then the owner made a strategy which is called Supply Scarce Strategy. He took back the whole stock from the market back to his company. Not a single retailer was having stock of Nirma to sell.

Then the company came up with a TV Advertisement of Nirma which urged to create influence and need for the Nirma washing powder in the market. People used to go to shops and ask for Nirma detergent but retailers failed to provide them with the product.

Karsanbhai then called a meeting with retailers and agreed to give them stock but under his conditions. Soon retailers used to do cash payments to Nirma and the company started the growth again with high pace.

So like this Nirma handled their crisis in such a way that they saved their company from getting bankrupt and made it stable, covered the audience and competed with the market leader Surf Excel.

Continuous growth and innovation phase

This is the most crucial phase for a company. This phase is all about expanding the products/services of the company so that they stay at a higher position in the market and meet the market's latest demands.

Now let's look onto some key strategies that company must look on for this phase:-

1. Market Research
2. Development of the new Product/Service
3. Digital transformation
4. Risk Management
5. Marketing
6. Learning continuously

Update or Launch new Product in New Industry or Category

Updating or launching a new product in the market or industry involves very careful planning and research before launching it. Just keep in mind one thing that entering a new industry involves a learning curve with innovation and growth of the business. Now here are some core and key steps that one should keep in mind.

1. Research.
2. Find opportunities.
3. Innovate ideas.
4. Draw a business plan.
5. Develop product/service.
6. Marketing strategy.
7. Pricing strategy.
8. Testing market.
9. Performance track.
10. Promotion.

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