These Advices Will Help Achieve Your Company’s True Potential

To achieve personal and organisational goals, an entrepreneur has to follow tools and techniques that can enhance their potential
  • BY Jaspreet Kaur

    Feature Writer, BusinessEx

  • |
  • Jun 09,2020
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  • 13 Mins Read

Top industrialists are indeed successful, optimistic and think ahead of time. In the current scenario, every entrepreneur is grappling and unable to realise their potential. In essence, the companies have to put a source into place, a system that helps you survive and thrive.

To overcome this downturn, every individual and business has to release their potential. There are various reasons why a business or person is not able to achieve it. To achieve personal and organisational goals, an entrepreneur has to follow tools and techniques that can enhance their potential.

1. Time 

 

 

Time is the most valuable asset in your business. Thus, one can manufacture money but cannot manufacture time. Business owners have seen ups and downs in their career but time is a long renewable resource. Once the time is gone, it cannot return. 

Thus, businesses need to ensure that they invest time in activities that can give them maximum rate of interest (ROI) and rate of effort (ROE). An entrepreneur needs to engage in activities that can build him more resourceful and hone his skills, apart from indulging in miniscule activities like following up with vendors and assessing supplies. This states that entrepreneurs need to spend time in activities that are highly valuable.

2. Success 

The top key to achieve success in the business is leverage. Leverage can be used by the entrepreneur to multiply their business. The various levers that are available to the business are people, technology, systems, and sales and marketing. 

Large conglomerates have different teams occupied in their groups. They also have supporting systems and infrastructure. They basically invest money in empowering their people and training them, thereby, such practice gives them leverage. Use systems to align tasks and human roles in the business. Thus, systemised the routine and humantinised the expectations. 

Also, employ technology in the business. It is used everywhere such as in Mcdonald’s and Zoom. 

Sales and marketing is the key activity where entrepreneurs need to indulge in. The entrepreneur has to invest into it through different mediums. Some consider it as an expense despite it being used for business expansion. In the present scenario, the entrepreneur should not cut money on sales and marketing as it's the time when he has to invest in such activities because consumers would not have the same amount of interest he had prior to the lockdown.

The entrepreneur has to change mindset from marketing as an expense to marketing as an investment. For instance, by infusing money in advertising, in return, a businessman gets a return of 20 per cent. With that return, he keeps investing as long as he gets a positive return. 

Today, it is easy to assess this, one just needs to test and measure. 

3. Test and Measure 

 

 

When a business owner creates marketing campaigns, put them in the market and then, look at the response he is getting. In essence, he needs to put it in the market and test it. Lastly, they need to measure the response. Today, it is easy to calibrate campaigns whether one put it on Google, Facebook or any other social media platform.

In the real world, when a customer approaches a business owner, the entrepreneur needs to inquire from where he heard of his business. Whether the customer saw an advertisement or met in an event or a networking event. The businessman needs to make a note of that. With that, he will know as to which promotional activities are working and the activities that do not work.  

There are two sides of marketing that are, acquisition cost and lifetime value. Acquisition cost is the money that you are spending to buy customers. If a businessman invests INR 30,000 in advertising and getting 10 customers. Then, the entrepreneur indirectly pays INR 3,000 for each customer. Herein, he can use test and measure concept to reduce expenditure. 

In lifetime value, a company's customer spends INR 55,000 a year for 6 years. This, in turn, becomes INR 3,30,000 for that company. Here, the question emerges as to how to increase that. The test and measure concept can be used again to find that.



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