By Peter Osalor
To acquire success is easy, but to maintain it is difficult. This calls for a need for technical knowledge on how to maintain the success you have acquired through committed effort in your business. Many businesses have risen and fallen due inadequate knowledge of how to manage the success. Some small scale business operators fail in their businesses due to lack of success maintenance, they felt as long as they have attained the height of success, they will never fail.
This has prompted me to do some research and came out with some profitable strategies that will guide successful businesses from falling from “grace to grass.”
4 Strategies to Maintain a Successful Business
Strategy 1: Planning
“Plans are nothing; planning is everything.” Plans always change—however it’s important to plan your strategies. People think of planning as final decisions with no chance to change your mind later. However true planning involves looking at a number of choices and choosing the best path to take. Sometimes planning takes you off your chosen plan, and that’s ok. Keep your eye on the goal and change accordingly.
Keep these steps in mind when planning.
- Set a realistic financial goal to achieve for the year. Consider the challenges you will need to overcome to reach your goal. Decide what you need to achieve to overcome those challenges. Calculate how much it will cost you to achieve those results. Evaluate how you are currently spending your time and money. At this point go over both your current spending and activities alongside the spending and activities you need to achieve your goal. Eliminate spending and activity that is not productive towards your goals.
You need not be set in your planning, in fact be prepared to adjust the plan. Things will change, and you will need to change with it. Planning is a continual process.
Strategy 2: Customer Service
Let’s face it, customers keep you in business. Without your customers, you would have no revenue. Therefore, it is important to take care of your customers and make sure they are satisfied. Most revenue comes from repeat customers, not new ones. Keeping your customers should ALWAYS be the priority. Don’t approach your customers with bias mind from your previous experience, either from home or elsewhere.
You might pick a quarrel with your wife before going to your business and a customer with her resemblanceapproached you, instead of you treating her like a queen, you extended the anger on her and say all of you are the same. Don’t do that, it will kill your business success. Leave what happened at home at home, when you go back you can continue from where you stopped.
Strategy 3: Don’t be Afraid of Risk
Business is fickle and ever changing. Neglecting risks will cause your industry to stagnate and lag behind your competitors. It is important to change with the times because return always increases with risk.
However, it is important to balance risk taking with safety. Risky ventures have large payoffs because they are so risky. When deciding on taking on a new risk for your company, carefully evaluate the pros and cons and make sure that your return is worth the risk. This is where your planning comes in!
Strategy 4: Retain a Competitive Edge
To gain and keep customers, you need to provide a product or service that is better than anyone else has. It is always important to keep an edge over your competitors. If a rival business overshadows what you do best, you will need to discover another competitive edge. This is where you will usually need to take