Core Business Concepts: #1 Making Your Dream a Reality
You made it! You’re extremely welcome to the first of our online series which is specifically designed to be the source of undeniable growth for your business. Throughout ‘Core Business Concepts’ series, you’ll be learning the absolute necessities of management theory which will lead you to a spiraling cycle of smooth and consistent achievement. Whether you run a café, retail store, food stall or any other small business, the following 5 vlog-articles will hand you the key to your ideal workplace while all the time keeping you rooted firmly in real world application which will lead your colleagues and yourself to lasting satisfaction.
A dream is the starting point of creating a new business. Ideas can come and go, they may or may not work, but a dream will always be there as the source of motivation and energy to continuously give you momentum. Your dream is the guiding point from which you’ll measure the degree of your success and always keep you rooted in your origin.
Suppose one day you get the idea that you could own an awesome, quirky café. That’s your dream. You then convert this into reality by adding a time limit, a place, and a measurable goal: Let’s say the Most Visited Café in New York by 2020. It’s a common entrepreneurial failure to lack detailed strategies for future targets simply because that future target isn’t concrete. It’s important that from the beginning you write down your business plans on paper, clarifying your thoughts and setting action steps to start moving. After that, you can work by trial and improvement; business experience together with study and theory will provide you with real world business leadership skills. The great thing is, everyone from Bill Gates to a first-timer must go through the same process. So dream big!
When your dream is alive and kicking, and your goal has a stable bearing, what’s next? Here’s the three P’s to keep firmly in mind when moving towards your objectives: People, Product and Profitability.
Without people coming to your store, you can’t go anywhere or do anything. It sounds easy, but to provide great customer service requires a lot of investment. It’s a job of self denial where you’re constantly in a position to serve. Learning how to reach and engage customers from many creative and unique angles is the key to ensuring they’ll be back. This is where you can add your flavor to the shopper experience. Take a moment to think about the places you often visit. What really makes you come back is the atmosphere around that café or bar: your friends are there, the coffee is hot and the owner always welcomes you with a smile. Based on this, we can all clearly see that the most critical point of daily café running is how much you are dedicated to your clients- showing them you care and meaning it. You can do this by remembering their birthdays, giving special discounts or sometimes a little present… those little details will make big differences!
Your utmost desire is to make your customers happy by offering your best service. Other than your attitude, this is directly your product. Whether your product is coffee, a bicycle, or a snowman, quality matters. But that quality should be in balance with your price. Taking Starbucks as an example- many people are willing to pay for expensive frappuccinos and cappucinos because of its coffee’s taste and the atmosphere created. Saying that, the balance should be related directly to your target market. You may need to start with a lower price and high quality to find the repeat customers who are eventually going to come to your store for more than the product. All in all, your product should be a plus for your customer. And always remember, self-enrichment comes by making others happy!
Ok, you’re on your way now. Third on the list is your revenue. Why third? Simply because once you’ve created a community of customers that enjoy and value your experience, you’ve cracked the ultimate business code. Essentially that code means: Let the profit follow you, don’t chase the profit.
Saying that, it’s vital to have a clear financial plan, keeping track of expenses, inventory and sales. That’s where the Loyverse POS system comes in handy! You should be at the centre of everything happening in your business, and be alert to react with problem-specific strategies to maintain the momentum and flow of sales with your customers’ needs and wants in mind.
“Let the profit follow you, don’t chase the profit.”
Keep in mind the ultimate business code of letting the profit follow your vision, and you won’t have to deal with the financial stress that ruins so many first time entrepreneurs. Your management of the three P’s will ultimately determine your achievements. How you start and finish are so important! Continue making new goals and dreaming higher to create not just a successful business, but a successful lifetime. In the next article we’ll discuss how your business will grow and expand!