How to make a business Plan ?
The ugly hand of Indian bureaucratic red tape is formidable enough to extinguish the entrepreneur spirit of Indians. For Indian migrants in Australia it is altogether a different story. In Australia a company can be registered within hours and your business will be up and running in a hassle free environment with the blink of an eye. Needless to say, many Indians are trying their luck by setting up businesses in this lucky country of ours, where hard work and integrity are considered as valued traits of a successful person. Success in business is the end product of a combination of skills and attitudes. Here we are looking into certain qualities and knowledge every businessman should possess.
The Purpose and the Plan
The initial driving factor for any new entrant should be sense of purpose, passion and the skills to achieve the results. If you have these three qualities in you, you are more likely to succeed as a businessman. The next step in the cycle is creating a business plan. Initial planning is very much important in any business venture. While making your business plan, ensure that they are measurable and timely. Building castles in the sky may not take you anywhere. Market research need to be done before you make your business plan. Keep refining your business plan considering the emerging situations, opportunities and threats. Follow your business plan like your religious text. By making your business plan timely and measurable you are ensuring that, you are reaching the milestones you have planned. While making your business plan you should consider the following factors
- Your ideal customer and the purchasing habits of your customer
- Your competitive advantage
- Your marketing methods
- Your competitors and their marketing methods
What should people be saying about your business, if you wanted to be the best in your chosen field or market? That should be the first question you are asking yourself. The business plan should be created in a reverse order. This question will answer the crucial question of what your customer’s value. As a businessman you should be prepared to give what your customers value, to stay and excel in business. Once you know what your customers value that will take you to the question of what results you are trying to accomplish or achieve. That is exactly what your business plan is dealing about.
It is also important to differentiate to catch the eye. This differentiation will define the mission of your business.
What your customers are looking for?
If you are someone with many friends, you probably aware that, why you have so many friends, while others have a few. As human beings, we always look for value. Your friends are finding some value in you for the time they spend with you. It could be the happy conversation, or the societal value by associating with you or it could even be the feel good effect they value, while they are with you. Your customers also behave in a similar way. They are always looking for value for the money they spend. The value they find in different products may exist in different planes. They may buy to save money. Sometimes their purchasing decisions are purely based on getting recognition among their peers or they may even buy for a sense of belonging.
What makes your business Successful?
The three things that make your business successful are
- Your reputation – Your good reputation can work wonders for you. The best publicity any business can get is word of mouth publicity. Because it is free and people value the opinions of those they trust more than any TV advertisement. Try to build a good reputation.
- Quality – Quality of your products talk for themselves and helps build a good reputation.
- Good customer support – At times businesses may make mistakes, quality of products may vary. Customer grievances should be addressed appropriately and immediately. It is important to keep good customer contact even after a sale. Keep the systems in place to allow a customer to address their grievances easily. By doing that you are creating loyal customers. Make your products free of risk for your customers.
- Differentiation – Create a target market by identifying the exact type of customer who can most benefit from the superior features of your product or service. Place your business at a certain plane by differentiating. Differentiation allows specialisation. For example K Mart serves the needs of people with thin valets, where as Target looks for middle class customers and David Johns for the upper class.
- The easiness to buy – Whether you are running an online store or you have a physical presence, make it easy for the customers to purchase from you. If the buying process is complicated, that will drive your customers away.
Developing competency for your business
Focusing on your core competencies allow you to position your business for a selected market group. Your core product or service will define your core market or vice versa. Once you have gone through the process, device selling methods for your core group. What sort of advertisement will suit for that core group and how to and where to run those advertisements? . One good example is you won’t find advertisements for Bentley cars in your local ‘Leader’ Newspaper. You should also device plans to add value for the core group of your customers.
How to deal with your customers
How Honest We should be ?
Your business won’t survive, if you don’t find customers. So it is important to satisfy and exceed the expectations of your clients.
Your clients also value the way you treat them. Though every business has the right to extend best behaviour to their most valuable clients, it is important not to create bad blood among the rest. As a businessman soon you will find that all clients are not profitable clients. Some of your clients’ in fact could be a drain on your profitability. Even your least profitable clients may turn out to be good referrals. It is important to make your clients feel welcome in your establishment, whatever shape, race or colour they are off. People always fear rejection, being criticised or not respected. Make your customers feel that they are valued and welcomed whole heartedly. Over attention may also annoy your customers so ensure that you draw the line appropriately. Always be a good listener to your customers. Listen carefully and help them define their need. Most of the time customers are found to have a vague idea of what they want.
Use every opportunity to thank or appreciate your customers. If you are in service business, ensure that you are sending thank you notes or wherever appropriate birthday wishes etc. You may even send them gifts considering the value of the client to your business.