Entrepreneurship has come to a new age and business is now run on different principles and platforms. It really does not matter how the situation is and how it will be, the set of principles or rules do not change for any business. The golden rules of business are applicable to all the niche and domain and are equally effective. It is therefore very important to know and implement the business rules to stay alive in the market. If you are an entrepreneur and looking for the right kind of investment, then, these rules should help you to succeed in business.
New and Existing Clients
It is important to find the new clients or customers to stay in the market. However, to find them, you need to have campaigns or advertisements or something to attract them. The existing clients are however the most reliable and the stronghold of your revenue. Basically, one new client costs you 5 times more than an existing client due to all the marketing activities. So, it is very important to hold on to each and every customer or client to make the revenue. If you are a business person then you have to make sure that each and every customer is important and equally needed. If you go through the revenue chart of any business then you will clearly see that 80% of the revenue of any company generates from the loyal and existing clients or customers.
It is important to establish the name of the brand in the market. Well, there is no shortcut in doing that in life. The most important part of the brand value is the delivering good service for a continuous period of time. There are few things that come only with time. The brand value is same as experience; it just cannot arrive as you launch your product in the market. You need to amaze and win over the customers again and again to build the reputation. Hence, you need to be very patient and equally straight forward on the brand value.
As an Entrepreneur, you should always remember that end product that is reaching out the client or customer is the output of the employees, not the investors. Both are equally important but if you have a pool of unsatisfied employees, there is hardly any chance that you will go for a longer run in the market. The happy the employees are, the lesser will be unproductive hours and that is important for the business as well as for the investors.
This is the most important part of all and probably handles all of the others. The customer satisfaction should be the first priority for everyone owner or company. The feedbacks should be implemented and you must give them some importance. This will ensure the higher percentage of the existing customers and the quick brand value of your product.
These are the four basic and golden rules of business. The conditions might change from business to business, but the value of the rules remains the same.