There are no real limit to what you can accomplish except for the limit you place on yourself – Brian Tracy
Many time we wonder why some business enterprise are more successful than the others despite the fact that they offer almost the same if not same kind of products and services.
Some of the proven reasons some people make more profit than another in their established enterprise is not far fetch from those little things that make a great difference.
I appreciate your desire to learn from me and that is why it is so important for me to provide tips not as a quick fix that only solve your enterprising challenges temporarily but the underlying principle that you could embrace to turn your business into a high profitable one.
In creating a high profitable niche there is need for you to define clear sense of purpose . Most successful businesses follow the GOSPA formula which shall be explained one after the other.
Goals
For you to create a high profitable business niche , you need to define your goals. Goals are specific place you desire to end up at a specific period and time. This goal must also be SMART that is it must be Specific , Measurable, Achievable, Realistic and Timely specific better yet make it SMART + ER ( Ethical , Reward) = SMARTER.
Understand how much profit you want to generate monthly, quarterly yearly and so on. How much sales would you also want to make?
Objective
This refers to the sub-goals you desire to achieve. You are not limited to the profitability actualization only others such as growth, expansion, sales turnover and community development may also be your interest . You need to ensure that you objectives tends toward the achievement of your enterprise goals.
Strategy
This refers to the methods to be adopted to achieve the objectives of your goals. Many have been entrusted with so much business ideas and even clearer goals. But their major challenge is that they do not have any method of achieving this. The method is also as important as the goals.
It is good to have a business ideas and careful analyzed goals but it is even better when you know method through which you can achieve the purpose of starting in the first place. When you lack the method , the path through which you will lead you to the end goal then stagnation and failure will become your siblings.
For instance :
INCREASE IN SALES = PROFITABILITY
BUSINESS SUCCESS = INCREASE SALES
HIGH STOCK PRICE =INCREASE SALE
BUSINESS FAILURE = F{NO SALES , LOW SALES, LOW STOCK PRICE}
So it is more important that the strategy to get the increase in sales commences from the moment of product creation , promotion, delivery even to the point of repeated sales . It is important to have an extra ordinary strategy ( unique strategy) to achieve the desired goals.
You need to continuously look for new creative ways of achieving significant and desirable results that will propel you to live and feature in your business projected future.
Priority
Doing the important thing first is the sure way to turn your enterprise into a high profitable one. Enterprise that manage its products, people and time adequately and appropriately will always succeed. Where calls and orders are attended to as at when due , services are available to customer and delivered excellently and people are recognized as people transform your enterprise into a caring one.
When you know what is expected of you at every point in time and it’s done your are already on the path of transforming the business into an excellent one.
Activity
This refers to those specific function required of you and the enterprise to achieve the desired goals.
“Do not wait; the time will never be 'just right'. Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along.” - Napoleon Hill
Always start from where you are, with your available resources and learn to manage task effectively, abstain from idle activities( idle chats, reading newspaper at the expense of forward propelling activities) that do not move you towards that upward direction.
Most businesses fail when focus is not placed on the major productive aspects of the businesses. There is need for you to focus your attention and resources on the most profitable area of your enterprise. Too much diversity most times bring about set back. Identity and understand the right activities to channel you energy and resources towards.
Activities should always focus on measurable result, profitable actions and profitable oriented actions such as :
Great then, if you have read to this point, I believe indeed you desire to create a high profitable business niche.
It does not end here, it has more to do with you than the available resources at your disposal. I believe that the vision of transforming your business in to global profitable niche will only be possible for you if you will take the responsibility of Leadership.
How do you do This?
- Accept full responsibility for the result ( 100% responsibilities period)
- Lead by example – will you appreciate people working just like you?
- Readiness to learn – openness to new ideas
- Be flexible - be willing to try new ways
- Read, Learn , Think and Discuss
- Welcome criticisms and suggestions
- Bias for action – execute! execute! execute!
- Leave every day with a sense of URGENCY!
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