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Business Management analysis

6 simple ways to Build and Grow a Successful Business of your choice in 2021

Are you a business person? Or are you thinking on starting up a business? You don't know what to do or how to start it. You wants to grow your business? Here are the steps on how to get it done.

1. Be relatable: Able to be related especially : able to be shown or established to have a causal or logical connection to something Some of these linguistic simplifications are directly relatable to the loss of certain language functions. In other word, be social with everyone.

“We spend way too much time trying to be perfect — creating the right content or the right product — but we forget about being relatable,” Sumpter told me. “But nobody buys ‘perfect.’ What they buy is a relatable story. When I make a video, I recall emotions of when I went through a challenging time in my life, personal situations in which I’ve cried many times. It gets me into the right frame of mind to be relatable. That’s why so many of them have over a thousand shares almost immediately! As an entrepreneur, ask yourself this question: How do you make your story more relatable and how do you relate it to your service or product?”

2. Say "NO" to What’s Off Focus: It’s easier to create and plan a strategy and focus than it is to stick to it. But if you’re going to be successful, it’s not just important to say “Yes” to the right things, it’s important to say “No” to the wrong things.

A major turning point in our first business was when we fired Charlie. Charlie was a Greek restaurant owner in Astoria, Queens. A super nice guy, Charlie had us helping promote his restaurant and their special events. But he could only afford to pay us $500 a month — and I knew we couldn’t scale our business if we kept working with people like Charlie. So we fired our own client — and then focused on landing bigger clients who could better help us grow. It’s really hard to say no — but essential, if you’re going to really grow your small business.

3. Understand the Risks and Rewards: The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.

The risk/reward ratio helps investors manage their risk of losing money on trades. Even if a trader has some profitable trades, they will lose money over time if their win rate is below 50%. The risk/reward ratio measures the difference between a trade entry point to a stop-loss and a sell or take-profit order. 

N/B: Understanding risks and rewards includes being smart about the timing of starting your business. For example, has the severe economic dislocation caused by the corona virus pandemic provided you with an opportunity (say, manufacturing and selling face masks) or an impediment (opening a new restaurant during a time of social distancing and limited seating allowed)?

4: Prepare to Make Sacrifices: The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases you have to put in more time than you would if you were working for someone else, which may mean spending less time with family and friends to be successful.

N/B: Sacrifice what you have to get what you wants.

5: Provide Great Service: There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come to you the next time they need something instead of going to your competition.

Providing excellent customer service means going the extra mile in making sure a customer is happy and satisfied with a company's products or services. It also involves providing service to a customer in a timely, pleasant manner.

6. Be Consistent: This is almost the same thing with No 2. And it is very important. Consistency is a key component to making money in business. You have to keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.

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