Some businesses Succeed while some fail. Business men and women go through a series of hurdles, challenges, and successes when operating a business. Not every business will succeed. Some businesses will close a few months or years after opening. Tips on how to succeed in business are well known but rarely implemented. Both small and big businesses face similar challenges in the market environment, and their success is highly limited. Below is a list of factors and strategies that can ensure a business succeeds.

Identifying risks

A risk in business is the occurrence of an event that might negatively affect sales.

Several risks that can be identified within the field of business include increased competition, government legislation, high costs of operation, cyber threats, and fraud as well as customer dissatisfaction. Several businesses in the past have been affected due to risk. The collapse of Lehman Brothers in September 2008 was as a result of the company engaging in the risky subprime mortgage business. The company lent to people who were later unable to pay their mortgage payments when mortgage rates went up; this led to the collapse of the enterprise.

Market your product

Marketing creates awareness of the product that you are selling. A customer can not know you are selling a product unless you advertise it.

An example of a company that is good at marketing is Coca-Cola. The public finds its advertising campaigns informative and consistent.

Be organized

Most successful business managers tend to open their shops early and close late. Being organized shows that you are committed to providing the best service for your customers. Organization within a business can involve good office layouts, how you prepare and deliver a product or service, how presentable your staff is toward customers, how available your products are whenever customers need them and your level of professionalism in record keeping.

Know your competitors

One can compete with competitors by opening their businesses for longer hours, offering much cheaper products, advertising, providing customer service and constantly innovating. Competing companies such as Google and Facebook will often monitor each other's strategies to compete better against each other in the marketplace.

Be innovative

Innovation refers to constantly adapting to the market environments; this will involve managers adopting technology within their businesses, those with factories will introduce machinery that is robotic in nature. Some companies will tend to advertise on online platforms so as to attract the online audience. Nokia is an example of an enterprise that was successful in the past but failed because of lack of innovation. A majority of consumers in the past preferred mobile phones that are smart in nature which Nokia never produced. The market share, reputation, and profits of the company plummeted as a result.

Monitor costs

The level of company costs in relation to the profits determines how much profit a company will make.

Most companies cut costs to increase profit margins and to succeed in the market by hiring few workers, automation, reducing the level of wastage and eliminating unnecessary costs such as hotel meetings and donations. Apple is an example of a company that is conscious of its costs. Apple produces its products in China where costs of manufacturing are low and exports the products to the United States where they sell the products at a higher price. This strategy has enabled the company to make huge profits and succeed.

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