Every smart entrepreneur, especially in Third World countries where nothing is guaranteed, needs to acquire some basic wisdom that will help in sustaining his business through the muddy water of uncertainties.
This elementary knowledge includes basic skills, discipline and instincts. Ready to learn? Below are some examples of the wisdom:
Always be on Top of Your Game
Ensure your revenue stream is not dry. If you believe you are leading in your chosen sector and on top of your game and have seen it all, diversify, because diminishing return sets in when you are up there and you are not doing new things in your line of business.
There is nothing wrong with copying others’ models. If you see what others are doing great and it is working for them, especially in the same line of business, copy it but make sure it has your own unique imprint.
Be flexible. Know the bundles of products and services you are offering to each segment of your clients/customers. Don’t underrate or overrate yourself. Always have the same product on offer but in different packages that will cater for your different customers/clients. Make different provisions for your high-net-worth, middle-income and low-income clients/customers. DSTV and GOTv product packages are good examples in this regard. Similarly, Peak milk sachet and Three Crowns milk sachet are ready examples.
Make Your Core Value Your Strategic Capital
- Your core value proposition could turn into social capital for you. If you are a reliable fashion designer who doesn’t disappoint, make it your core capital that everyone can vouchsafe for. By this, you will turn your customers/clients into your business advocates.
- Always have ready and guide jealously the most viable product that your brand is renowned for.
- Work toward ensuring that you are into a kind of business whereby every household will require your products/services daily.
- The Unique Selling Point of your business should be your business pivot.
- Identify what value your clients/customers are willing to pay and on what basis they selected you.
Work on Your Customer Relationships
Client/customer loyalty is vital. Research any observation of changes in your customers’ behaviour. If you notice any funny changes in particular client/customer behaviour, endeavour to get to the root of the matter and strive to work on it to the best of your ability in order to steadfastly hold your customer base.
Show empathy. Endeavour to show interest in the concerns of your customers/clients, even if there isn’t much you can do to improve their experience or resolve their issues. This will sustain your customer/client satisfaction and improve your business perception rating.
Don’t accept ‘no’ for a business answer. Always ensure that your customers/clients are satisfied whenever they have a special request which isn’t in your stable. You could go out of your way to outsource it for them without necessarily letting them know.
Carry your clients/customers along. As a top-notch business, when you diversify, try to maintain and sustain your client/customer base by integrating them into your new business line and interest.
Keep in touch. You can maintain your client/customer base by regularly intimating them about new products/services on display via their preferred channels.
Identify Your Key Activities, Resources and Partners
- Identify your key partners.
- Identify your key suppliers of raw materials and wholesale goods.
- Identify your key resources. Especially those you acquire from your partners.
- Identify what key activities your partners perform for you.
After identifying the intricacies of your affiliate and partnership, always have an emergency fallback plan in place to serve as a shock absorber against any unforeseen eventuality.
Also, don’t forget that customers/clients are always right because they are the oxygen sustaining you in business in a highly volatile business environment. By this, you need to treat them as kings and queens in order to remain in business.
Temidayo Babatunde is a Research and Development enthusiast and could be contacted via LinkedIn or email: [email protected]