Business Secrets I learned After I Lost My First Business
Business failure is one phase that would always come when a business has lost all hopes. As a business person, I have failed in couple of endeavours and in a supermart business. I am saying this so you do not need to ask me what experience I have, but currently I am growing a set of businesses which I have been keeping steady with what I am about to share with you today.
I didn't shut down my previous business because I mismanaged funds, I closed it down because it wasn't bringing in profit anymore and expenses were increasing. This was a result of low sales, high inflation causing the price of goods and services to increase unendingly, and increase in expenses. In recent time I have learned to tackle the sales aspect.
In other to tackle the sales part of business, I had to stick to my niche and asides that, I had to be able to explain my niche to my customers. People who saw my old store in the past had the feeling that things sold woul be expensive. I didn't do much in explaining to them what they needdd to know in their language, instead I was expecting them to know that by themselves but that isn't true. People would stick to their beliefs unless you give them a reason to change those beliefs. I was actually after a specific type of customers but I didn't explain to the customers that I was going after.
I was also looking at growth sales and not a scalable structure. There was a time I had lots of goods that ended up getting expired because people were requesting for a particular good and we wanted to follow the wave consistently. In our pursuit to follow the wave, we didn't think that everything was but for a season. Even the phone we use is but for a season as companies like Apple and SamSung have learned to create a new phone every 4 to 6 months just to remain relevant. Thed fact that people want a particular type of product or service doesn't mean that they will stay there for long. Nokia produced a lot of handset button phones that they were blinded to innovate to screentough very early and iPhone took the market. There will always be a new market and these markets can change as fast as the weather. while it is good to have a working system, it is important to have a scalable sales structure.
Let me tell you something, it takes the same effort to build a big business with big deals, just as much as it takes to build a small business with small deals. TRhe difference is the capital invested and the type of deals being closed. Most big deals are even closed on MOUs and not on cash. It is better to go for the big deals that are fewer than to go for the smaller deal that are more.
I have seen a lot of people talking about how slow their goals are and them not meeting with their timeline. You see, thebrain is built to see things in a magnified manner and that is why even when you look at a mountain which is very high, the eye see it closer than it would look when you begin to work. The brain is not built to show you the dangers that you need to see, it is built to protect you and so it would show you a magnified goal that will keep your adrenaline ruching. It is when you start that you begin to see that what you had written in theat whitepaper, pinkpaper, brownpaper, or any paper you call it is completely different. You now have to put in the work to get the result you require. We want to hit our goals in the fastest time possible but in reality this isn't true and not accepting this fact is what causes people to get into depression. The earlier you accept that there would be ups and downs in business as it is a rollercoster, then the easier the journey becomes.