The success of your business depends on the 5 vital things that will grow your business exponentially these are:
- A product that solves problem
- Best customer experience
- Research and development
- Use of latest technology
- Company’s culture
After reading many books and watching many videos and putting effort on growing my own blog has taught me the vitals of any business.
The core principles listed above are the backbone of any enterprise. You can’t miss any of them because each of them inter-depends.
Let’s discuss them in details:
1. A product that solves problem
Market research is the way to find out the problem that people are facing in their life.
Market research doesn’t mean you use only internet to get the details of the market or read someone else’s published reports.
You have to create your own set of rules, and physically meet people to learn about their problems.
You don’t need to spend huge money to get all the required data. Your friends, relatives, and even your family members can help you in market research.
You can ask them about the problems they’re facing in their life.
Whether people share their secret or not but their good at sharing their problems.
The list of problems shared by them could give you ideas to work upon.
People are ready to pay for the products and services that could solve their problems and make their life easy.
Creating a random product and hoping to get it viral is impossible. Hence, it’s very important to do a deep research before creating any product.
2. Best customer experience
What’s the one thing that you don’t like about government companies/agencies that provide some kind of services to you?
Well, I personally don’t like their customer experience.
They don’t aim to serve their customers better because the employees working there have permanent jobs and nobody can throw out of the job.
Taking a lesson from this experience, you should aim to focus on improving your customer experience.
“People don’t remember what you said, but they remember how you made them feel.”
Your customers are your assets just like the inventory you’re selling.
A good customer experience retains them for longer time and these satisfied customers get you more business.
3. Research and development
R&D is a risky work because it involves huge cost.
What R&D means is that you and your team research and try to find out new possibilities to expand the business.
There’s no guarantee that your research and development will succeed.
But there’s a guarantee that your company will fail to adopt upcoming technology if you failed to do the R&D.
Research and development is also important because it helps you to see beyond the predefined boundaries of business to identify new opportunity and exploit them before your competitors.
How R&D is executed in real business world?
Companies use existing customer preferences to predict the future behavior of these customers.
They also brainstorm, ask questions, and do surveys and more.
The product-based companies use their existing products to modify and see what new can be created out of it.
After that, they will test their new product by giving it to their existing customer for free trial and record their feedback.
These feedbacks decide whether their research and development was successful or not.
What would you do when you are starting out as a new business with no previous customer?
Well, in that case you can give your products to random people free and record their feedback.
But as a new business you should focus on giving best customer experience. Never make your customer feel nervous or anything.
4. Use of latest technology
The new technology disrupts the market.
You have to keep an eye on ever changing technology along with growing your business.
The use of latest technology and keeping your websites, Apps, and products up-to-date is mandatory especially if you’re operating in tech sector.
5. Company’s culture
As a leader, it’s your responsibility to lead your team and give them a vision to work for.
It’s true that people work in your company to fulfill their personal goals. But if you will give them a vision and purpose – they would perform better that could grow your business exponentially.
The company’s culture is going to be exactly similar to your own nature and attitude.
If you dream to be the best business in your country, your employee will see that vision too.
If you aim to earn a lot of money on the cost of customer experience, your employees would do the same thing.
You couldn’t fake your attitude because eventually your true identity would be revealed.
Overall lesson is that your nature is company’s culture.
So, these were the 5 vital thing that will grow your business exponentially. You have to focus on these core activities and rest would get inline automatically.
Above everything, you need to have patience before you can get any results.
Best of luck.