TEN secrets to building a great business (Part 1)

When it comes to building a great business; it is the wish of every entrepreneurs but like a popular adage "if wises were horses even beggers will ride" To every success there is a secret. This post enumerates the ten secrets of building a successful business anywhere. I am sure you are curious to know more, please follow me through this post as I show the secrets:

1. Value addition: Value addition is probably what distinguishes products and services. Any business that must thrive must learn to add value. In fact patronage which is a key factor in business is largely decided by the value prospective costumer hope to get from a products or services. The difference between Uber and normal taxi is value addition. What about McDonalds and other snacks joint across the globe.

1. Branding/packaging: Branding is the selling point of any business. It is the first thing the customer gets to make contact with, others called it image maker of a company. A popular adage says “first impression matters a lot”, it is very applicable in building a great business too.

1. Management: Surprisingly great businesses do not succeed because they have all the financial or human resources, No! They only have excellent managers. In business, money is vital but management is capital. Harnessing human resources properly leads to optimising the potentials they carry. A lot of persons went their businesses to run themselves automatically.
   
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2. Plans and goals: Planning help get goals, goals gives sense of purpose, purpose releases potential and potential released rule the world. The significantly of planning cannot be overemphasized, that is while it is very necessary to have yearly financial budget. It is mismanagement to just spend money as its flows in. Goals help businesses to measure growth and performance. Therefore, It is not is purchasing failure not to plan and set goals.

5.Credit facilities: Someone is surprise to hear credit facility! Yes credit facilities. Great businesses have learnt to use other people’s money to finance their investment and perform their task. Borrowing is gold if it used to invest in proven business system but it is grave if it is use to acquire liabilities. Aren’t you amazed that even some of the world richest men are still borrowing? This is the mindset, “if I cannot fund the project alone then I can use other people`s resources to fund it”.

To be continued……………. Thank you for reading my post.