Everyone likes to own a business. While that is great, developing a business from scratch until it becomes a popular brand is no mean feat. No worries though: in no particular order, this article will highlight five common errors about business development. Let’s get to it.
Easy To Start
People generally think starting a business and running it to meet set-business-target is easy: there’s a no bigger error in thinking when it pertains to business than this. Some even talk down on business owners, believing anyone can successfully develop a business. This notion is not exactly right. While almost anyone can start a business, only people who put in the work can successfully see the business thrive. Developing a business into a profitable venture requires a lot of planning and trial implementation which could take years depending on the intended business, the scope of operation and the products and services to be rendered.
Overnight Success
Some new business owners believe getting a business to an enviable level of success is a walk in the park: there’s nothing further from the truth. Business development is usually a blend of failures, near-successes and little wins. Anyone who is out to develop a business but has the mindset that the business will bring returns overnight might be in for a rude shock. The determination to succeed, perseverance and a never-give-up attitude are important traits for anyone willing to navigate the waters of business development. As the saying goes, Rome was not built in a day: no truly worthwhile success, business development-wise, happen overnight.
The Business Plan Will Work
It’s a no-brainer to start a business without a business plan. A business plan helps to stick with the goal (or reason for establishing the business) and the methods to be deployed to bring the goal of the business to fruition. While sticking to the business plan to meet the set goal is important, it is foolhardy to believe the business plan will work optimally. A good business developer must be flexible enough to accommodate trends and new developments as it pertains to the business. Every business is set up to meet a particular need; this need is subject to change(s) depending on factors beyond the developer’s purview. A smart business developer should, while sticking with the goal of the business plan, allow for changes that make up for happenings beyond his/her control.
Focus On New Customers
Every business owner wants improved clientele. While more clients might signify more patronage, and by extension, more returns for the business, it is almost like shooting yourself in the leg to focus on new customers at the expense of old ones. It is often said as business parlance that all you need to develop your business is one right customer. A customer who comes back to patronise you have better standings for your business than a new one. Striking the right balance between old and new customers is important.
More Products And Services Guarantee More Patronage
Business developers are inclined to think having varying products and services to offer would improve their clientele: this is usually not true. Surveys have shown that customers usually form their opinion about whether or not to patronise a brand again based on their experience with a product of the brand. Having more products doesn’t guarantee more customers: if anything, it only means more capital to be expended on the production of the new products.
Conclusively, while no one person tell whether a business will thrive or not, it is very important that business developers take time to study their intended market with a view to come up with strategies that guarantee swift attainment of their business plans.
