10P’s to be a Successful Businessman
Most of the businessman find it hard to be successful in the field of business. There are minor things that stop you from this success rate. If you avoid ignoring these points, then you will be on the top in the business market. There are 10 P’s from which you can get a high rank in the business field.
Planning & Research:
Before starting a business, you should have proper planning of your business and product. Search the marketplace for what people are looking around? When you know about your audients and customers then you can stand in the market place. Launch new things in the market which has more benefits for the people.
For an organization or business, the product is the key to success. If you are launching a new line of your products in the market, then you should know your customers. You should have the proper research of the products. You should know the pros and cons of the product. On the other hand, if you are launching a product that already exists then you should launch a much better product than others.
Each and every step of product making should be pre-planned. Quality and packing should be 100%, eye-catchy and attractive so that product itself attracts the customer.
A second important factor of a successful business is price-fixing. After completing the product, the next step comes of price-fixing. The price of the product should be such that market place can afford it easily. Prices should be at par with competitors.
A third important factor to success is the placement of the product and service. Make sure that your products and services should be available at every outlet and in the market so people can avail of this easily.
Promotion is the key factor in order to introduce the product to the audience. There are various opportunities to promote the product such as multimedia and print media. If your products are related to young and social people then you should use multimedia such as Facebook, Instagram, TikTok, and different websites. But if your products or services target the business audience then you can the services from print media such as newspaper ads, pamphlets, and banners.
Polish Your Audience:
Most organizations care about the above, but what they don’t care much about is human capital. Reaching the most important human capital is the most important factor because they are behind all actions and ideas. Make sure they are competent and authoritative in carrying out their work and that they know exactly what to do and when to do it. Training should be conducted regularly and in a timely manner to enhance their skills.
Performance and Reward:
To keep employees motivated and loyal, it’s compulsory to monitor their performance. Best performances should be rewarded as soon as possible. It’s doesn’t matter reward is tangible or not. You can give the best performance award card or bonus check as an award.
Promotion and Retention:
Employees who have worked for your company for a year honestly then they should be awarded a promotion. They should be promoted to the next level so that they can work in a better way.
Different private organizations have their proper career plans and compensation plans but they have no pension ideas. Most people attract to government institutes because they have proper plans of pension. It’s a great opportunity for older people to secure their end days. The more you invest in your employ, the more you will get your desired results.
To become a successful businessman, it’s compulsory to be punctual. If you are punctual then your employees will be punctual. Punctuality in each factor of business trait is very important. From stepping into the organization in the early morning to delivering your services to customers, punctuality is a very important factor. It gives a very positive vibe to your customer, employees, and your social circle.