Business is a repeatable process of exchanging value (products or services) for money or other equivalents. That's meeting needs for monetary value or its equivalent.
The value can be digital or physical
Examples
1. Redeem your beauty in 5 days with our tested organic cream or get it for FREE. - PHYSICAL VALUE (PRODUCT)
2. Stop! Don't pay agent the money, sleep and wake up in Canada with our new 3 steps Japa in 1 month formula. Get it now or lose your money to agents. - DIGITAL VALUE (PRODUCT)
3. Increase your income, sell to the whole world, put your business on the global map with a response service website. Book a FREE 30 minutes consultation now. DIGITAL VALUE (SERVICE)
4. Remove every stain on your car in 5 seconds with our automated car wash. Call Us Now. PHYSICAL VALUE (SERVICE)
When there's consistent exchange of value for mutual gain, it's a business and not a kindness.
To be called a business it must be consistent; input and output must be consistent.
Consistency is an unclassified and indispensable strategy for a successful business .
For your business to become successful there are different components involved and required. We will discuss this better soon.
A successful business a integration and fulfillment of many components
Now! Pick your pen and write this on a plain sheet.
Starting a business is good but building and sustaining it is much more important and sacrosanct.
Starting a business is cheap, sustaining it is what separates Business owners (CEOs) from hustlers.
Again pay attention to this statistics as reported by *Sabri Suby* in his book titled "Sell Like Crazy";
96% of all businesses fail within 10 years, with 80% failing within the first two years. But even the 4% that make it aren't necessarily successful or profitable; it just means they've survived. If this weren't enough... 95% of companies will never reach $1 million in annual sales.
And out of these rare few, 95% won't ever make it to $5 million. And of those, 98% won't get to $10 million. And very, very few go beyond $100 million.
Why do so few businesses grow and become profitable (successful)?
Suby answered thus "The difference is the dedication and drive of the business to sharpen and apply the skills that matter. And the number one skill is being able to produce revenue".
"In simple terms, this is being able to ring the cash register in large enough volumes with high enough margins to sustain and grow the business. Repeated, profitable sales are the lifeblood of your business. The oxygen. Without them, your business will die. If you have the ability to grow your revenue profitably, there's almost no business problem you can't solve".
Pick your pen again and write this keep.
A successful business doesn't emerge, you build it over time.
Say CONSISTENCY!
The Law of small beginning.💯👌
Every big and successful brand you admire today actually started small.
For you to blow, you must grow! 🔥
No growing, No Glowing!🔥
If you don't know, Google five notable companies and read about how they started.
Rome was not built in a day. Was it Nigeria that was built in a day? Lol! 😁
You get the message right?👍
Please hit me with your favourite emoji if you are still following.
I need just 3?
There's no garbage in garbage out business strategy.
No! No formula, there are just proven principles and strategies.
5 Components for a Successful Business Strategy
There are different components that make a successful business. Every successful business has different working components producing it.
Each of these components leads to the other:
1. Research/Value Creation
This is where you research and discover what people need or want, then you create a product or offer service as a solution to the need (solution).
What you provide in the real sense as business is simply "solution" to human and society problems.
2. Marketing- Attract attention, generate leads and build demand for what you’ve created.
3. Sales - Turni' prospective customers (leads) into paying customers, not just once, but over and over again; cross sell and upsell
4 Value Delivery - Give your customers what you’ve promised and ensure that they’re satisfied. This is very sensitive and sacrosanct for online sales. Build trust all along.
5. Finance - Bring in enough/required money to keep the business growing and make your effort rewarding. Don't eat your seed!
Take away any one of these five parts, and it’s not a business.
In addition,
PLAN AND KEEP PROPER FINANCIAL AND BUSINESS RECORDS
Put all the said five components in your business planning and strategy.
Plan!
Plan!
Plan!
Implement!
Implement!
Implement!
According to Josh Kaufman
A venture that doesn’t create value for others is a hobby. A venture that doesn’t attract attention is a flop. A venture that doesn’t sell the value it creates is a non-profit.
A venture that doesn’t deliver what it promises is a scam. A venture that doesn’t bring in enough money to keep operating will inevitably
close.
Successful business KPI
KPA means Key Performance Indicator, and refers to the specific metrics that a business uses to measure its performance and progress towards achieving its goals.
Here are some KPA's that are important for a successful business:👇👇👇👇
Revenue/Profit
Customer satisfaction
Return on Investment (ROI):
Coverage/Reach etc
How to incorporate digital tools and strategies in your business.
How to incorporate digital tools and strategies in your business.
This is very important and will continue to be important and indispensable for a successful business and consistent relevance.
Everything is sporadically changing with tech. In today business world, tech and digital tools are necessity and leverage for a successful business.
It's very easy and cheap incorporate tech and digital tools in your business.
You don't have to break the Bank. If you currently don't have money much money have a website or App, *Social media* is a good place to get started.
How to get started
It's free and at your finger tip.
Create a Facebook and Instagram Business pages.
Note: Facebook and Instagram Business pages are different from personal account/Profile.
Consistent post contents, sales pitch, offers (products) on the business pages.
At least 3 times a week if you can't do daily.
You don't know how to create a Facebook and Instagram Business pages ⁉️ Worry not, I have a step by step recorded video on how to set business pages up on Facebook and Instagram.
I will be sharing the link to the videos and other gifts before I leave.
Lastly, invest in Facebook and Instagram Sponsored Ads.
Ad will give you Advantage.
Generate hundreds of leads (potential buyers) for your products or services.....
Leads will make you lead in your business.
RECOMMENDATION:
📌 Books
Sell Like Crazy - By Sabri Suby
Small Business, Big Money - By Akin Alabi
How to Sell to Nigerian - By Akin Alabi
⚠️ I will share the link to the soft copies also.
📌 Teaching By Joshua Selman:
Striving for Mastery Part 1-3
105.266 SRY1
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