Depending on the area, success in business comes after a series of conditions have been met. Particularities might arise, but viewed from a bigger picture, some approaches seem to work universally, no matter the geographical location, culture, or economic sector.
“There are many challenges along the way and plenty of hard lessons”, this according to Ofir Bar, A businessman, digital marketing entrepreneur, and real estate investor, “I’ve encountered many of them myself, but some valuable tips by others can help you in an accomplishing business career”.
- Be a problem solver
People look for months or years in a row to find a proper business opportunity, but sometimes, the opportunity just lies in front of them.
By analyzing the community you live in, a lot of problems will arise. There’s a need for certain products or services that will help inhabitants to live a better life. Different communities will have different needs, which is why flexibility makes a big difference among entrepreneurs.
Identifying the problem will only be the first step. Next, you’ll need to develop a business model that will create a proper balance between expenses and revenue. Being a problem solver is the best and the most appropriate way to build a long-lasting business. Short-term opportunists and get-rich-quick adventurers eventually end up badly.
With this approach, though, success, in the long run, is bound to come. You’ll not only achieve your personal goals but at the same time, benefit from customer appreciation and gratefulness.
- Provide added value to customers
This will be another challenging part, since providing added value is perceived as disrupting the balance between expenses and revenues. However, there are several methods people can use to give customers more than they’ve paid for. By consistently working to improve customer satisfaction and implementing marketing models into your strategy will develop your brand’s value statement and define your unique selling point.
Providing a unique customer experience is another important thing to do. All successful companies pay close attention to how their customer feel when using their products/services.
These companies benefit from word-of-mouth referrals, positive online reviews, and a higher retention rate. At the same time, they’ll manage to develop relationships with customers, connecting on levels that go beyond the simple sale activity. In doing so, the customer will continue to return in the future, as the products/services as long as you keep offering the best customer service possible.
- Build sustainable ecosystems
This should the main focus on businessmen wanting to truly have an impact. Building sustainable ecosystems imply a series of important factors. Firstly, it means that all “players” involved in the business (customers, intermediaries, business partners, etc.) manage to pursue their interests. Secondly, there should be no harm created to the environment or other people.
Unfortunately, there are still businesses managing to thrive at the expense of others, but in the long run, this approach cannot be sustainable. The 21st century should be a turning point for entrepreneurship and represent the birth of a new generation of businessmen able to find the right balance between pursuing self-interest while not creating problems indirectly. Will this happen right away? “I’m doubtful at present”, says Ofir Eyal Bar,”but as time goes by this trend should start accelerating, which is why I think new businesses should follow the principle of building sustainable ecosystems”.
You need to understand that the first thing that a sustainable business ecosystem demands is digital presence. According to MAN, from your brand website to its social media pages, all digital platforms can help you create conducive conditions that can aid in performance. This digital ecosystem will them be able to create relationships with everyone, including, vendors, employees, and customers.
- Be competitive and creative
Managing a business successfully will imply both creativity and competitiveness. No matter your activity, there will always be other companies offering similar products or services. This means you must constantly find ways to be one step ahead of your competitors. Failure to do so will result in lower returns and difficulties in the long run. Competition is good because it favors natural selection, as long as all companies follow the same rules. It forces businessmen to constantly be at their best and not lay back after having success.
Creativity, on the other hand, means always looking for ways to improve the business and make it stand away from competitors, among others. It requires both openness towards new ideas and flexibility in adjusting the business model each time the situation requires it, or when the business reaches a plateau. Having creativity and competitiveness mixed together is a combination of skills and not a natural-born endeavor. Although it might take time to develop, this is an asset that will pay dividends for a very long time.