The world of business has become tougher since the arrival of the pandemic and success is never a given, regardless of your sector. Much like an internal combustion engine, there are numerous aspects that need to be correct in order for the engine to perform, and with that in mind, we created our list of components that need to be in place in order for a start-up to succeed.
- Concept – Every business needs a concept; it might be to offer a turnkey solution, or to be the cheapest in the business, if you have a clear concept, your business becomes alive and has its own unique identity. You should base everything around your vision statement, which clearly lays out your goals. This would be one of the first things you do and without a concept, it is almost impossible to write a good business plan, as the foundation of the organization is its identity.
- Organization – It is vital that you have an efficient administration system in place and things like health & safety and tax compliance are managed on a daily basis. Stuffing receipts into a drawer is a recipe for disaster; talk to a local accountant and let them handle all bookkeeping and tax returns. The organization flowchart should indicate what each member of staff does and working together is an essential aspect of business administration, making everything flow as it should.
- Aggressive marketing – The cutting edge of every business is the marketing and professional services will help you create and develop a strong digital profile. Talk to an award-winning digital marketing agency about compiling an on-point marketing plan and they can help you make your mark on the market. A marketing agency would carry out a free assessment of your existing online profile and that would enable them to put together a plan that is designed to drive traffic to your landing page. Here are some low investment-high profit business ideas to consider for your next project.
- Service with a smile – This is sometimes overlooked; when staff interact with customers, they should have a pleasant manner and a ‘can do’ attitude. This is so important that you should always monitor customer relations and providing staff with on-site training is never a bad idea, especially if you are in the hospitality or entertainment industry.
- Clear direction & effective management – Your business needs firm management and clear direction that helps employees pull together. If you are managing things, lead by example and create a winning ambience and take an interest in all your employees, while motivating people when required. If you employ a team of managers, they need positive feedback and perhaps ongoing training to develop communication skills.
Once you have honed your business plan, you are ready for implementation and if you have all of the above in place, there’s every reason to expect a degree of success. Whether your business is located in Hong Kong or Malaysia, the same important ingredients need to be present.