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| how to grow your business |
Each and every tip of this article is sturdy and I am 100% sure that this will work if you did it efficiently.
This will be an award-winning content read the article till the end and follow the given tips to be a billionaire.
The article is very helpful if you read the article cautiously.
- INTRODUCTION
The full article based on two terms which are Profitability and Scalability.
Profitability means how much gross margin you are producing if you are trying to sell your services very cheap then you are 'committing suicide' the gross margin must be 5% to 10%.
Profit gross margin is very important, let's consider a man is buying a product at the price of $40 and other goods charges is of $10 and you are selling it at $48 so, what you are gaining.
Still, you are thinking to sell your service cheaply then you have to manage the whole system of your business, selling services at the affordable price is not impossible, it is possible we will discuss about this in another article.
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If your business has profitability but not scalability then you are also 'committing suicide' and your business is going to be ruined. You are earning a limited amount of money because nobody knows about your business across the street you need to scale your business.
There are various ways to scale your business but the best way is 'shifting the entire business on the Internet', by this method you can sell the products all over the world, you can sell 24*7 so "there is no limit of time, no limit of the range and no limit of money"
#1 Build a process
Process plays a big role in your business, right now you have many questions in your mind" what type of process and how it plays an important role in your business ".
Let's consider, you have a hot dog cart business and your business is running quite good until your business is not growing or scaling, the reason is your business have not process.
You can't trust others for the exchange of money, you think that your seller will withdraw your money and run away.
Yes, it is possible but with these types of thought, you can't scale your business. So, I'll give you a solution. You should shift the billing process online by which you have records of each order and you can easily find out the clambers.
There are also several solutions instead of this way.
Let's consider, you have a hot dog cart business and your business is running quite good until your business is not growing or scaling, the reason is your business have not process.
You can't trust others for the exchange of money, you think that your seller will withdraw your money and run away.
Yes, it is possible but with these types of thought, you can't scale your business. So, I'll give you a solution. You should shift the billing process online by which you have records of each order and you can easily find out the clambers.
There are also several solutions instead of this way.
#2 Be transparent with your customers
Transparency between you and customer is very important because customers always like those sellers who are transparent and never will cheat with him.
Here, you have profitability but not scalability, you can earn extra money from the customers by cheating with him but those customers never will come again to your shop because he thinks that you are a cheater and charging extra money.
There is another benefit to be transparent to the customers that is, when a customer buys a product from you which is quite well at very low price then he tells his friends that you are selling quite well product at a very low price.
Then his friends also will buy from you and here you can easily scale your business.
As you shown above in the infographics, people are attracting to your shop because they wanted to study you.
Think deeply about this. What you want 'scalability or profitability'.
Think deeply about this. What you want 'scalability or profitability'.
#3 Regress of the customers
Regress of the customers matters very much because it plays the role both economically and mentally.
When a new customer comes to buy a product from you then you must have to give some special offer to him so, he will come again to buy from you.
When another people will show that a new customer came again at your shop then a psychological process will run on his mind and that person will be guaranteed come to your shop to study you and when you treat him well a new customer will be added to your customer list.
There are several ways you can regress your customers but I have a remarkable tip, at last, I'll discuss.
#4 Manage the money
Managing the money matters very much and it is very essential to be a successful entrepreneur, I saw many entrepreneurs or startups who ruined very soonly because they could not manage the money efficiently.
They spend money on those things which were not essential for them, I will give you an example, you must have heard about Warren Buffett, he is the third richest person in the world until he has not a single computer in his cabin and he uses stale dated mobile.
He thinks that he don't need a computer and smartphone, how amazing isn't it?
If you are a Startup so you must to manage your money very efficiently no need to spend money on waste products.
I will discuss this on another article how to manage money.
So, let's go forward.
They spend money on those things which were not essential for them, I will give you an example, you must have heard about Warren Buffett, he is the third richest person in the world until he has not a single computer in his cabin and he uses stale dated mobile.
He thinks that he don't need a computer and smartphone, how amazing isn't it?
If you are a Startup so you must to manage your money very efficiently no need to spend money on waste products.
I will discuss this on another article how to manage money.
So, let's go forward.
#5 Recognize Your Inner Skills
This one is the most important factor to scale your business you must have to think what to provide to your customers. If your idea is to provide the to the customer free until you can earn money from it.
Right now you are thinking 'what are you saying brite?', how it is possible. The answer is, of course, it is possible you can provide services to your customers free of cost until you can earn money.
I will give you an example one of the biggest companies in the world Facebook it provides many features free until the company's CEO Mark Zuckerberg is the 4th richest person in the world.
Facebook access the activity of the users and sell those data to the ad companies by which you get targeted ads how amazing Idea isn't it?
For full information tell me on Instagram, I'll write an article on it.
You can also apply these types of ideas to your business but you must be innovative.
Right now you are thinking 'what are you saying brite?', how it is possible. The answer is, of course, it is possible you can provide services to your customers free of cost until you can earn money.
I will give you an example one of the biggest companies in the world Facebook it provides many features free until the company's CEO Mark Zuckerberg is the 4th richest person in the world.
Facebook access the activity of the users and sell those data to the ad companies by which you get targeted ads how amazing Idea isn't it?
For full information tell me on Instagram, I'll write an article on it.
You can also apply these types of ideas to your business but you must be innovative.
#5 Feed-back to feed-forward
When a customer finds some error in your service it gives you feedback if you'do not convert it feedforward your business soonly ruined.
You think that he is complaining for the discount but the complaining customer is an angle for you.
A customer who directly shifts to your competitor is very dangerous for you and another customer complaint about your service to continue with you. So, you need to convert it back to feed forward. Many entrepreneurs and startups ruined because they couldn't convert customers' feedback to feed-forward. If you can't convert customers feedback to feed forward then you must leave this platform because this platform is not for over-attitude people who runs on his own thought, you must have to run on customer's thought.
A customer who directly shifts to your competitor is very dangerous for you and another customer complaint about your service to continue with you. So, you need to convert it back to feed forward. Many entrepreneurs and startups ruined because they couldn't convert customers' feedback to feed-forward. If you can't convert customers feedback to feed forward then you must leave this platform because this platform is not for over-attitude people who runs on his own thought, you must have to run on customer's thought.
#6 Create a reward or affiliate programme
This is a remarkable tip I was talking about. By this method, my client Ramesh grows 200% in a year.
I am assured that this will work pretty well and you will grow very fastly.
Have you ever think that, "how companies like Amazon, eBay earns billions". The reason is the affiliate program. He created an eco-system by which an Affiliate marketer gets profit and the company too.
If you do not prefer affiliate program then you can create a reward system in which you can offer, "If you buy 2 products you can get a 20% discount coupon for next order and much more".
By this, you get a regress customer who returns back to claim his coupon and you can scale very fastly.
This method helps you very much.
I am assured that this will work pretty well and you will grow very fastly.
Have you ever think that, "how companies like Amazon, eBay earns billions". The reason is the affiliate program. He created an eco-system by which an Affiliate marketer gets profit and the company too.
If you do not prefer affiliate program then you can create a reward system in which you can offer, "If you buy 2 products you can get a 20% discount coupon for next order and much more".
By this, you get a regress customer who returns back to claim his coupon and you can scale very fastly.
This method helps you very much.
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