We all learn through the process of our Achievements, Mistakes, Success, Failures etc on our Journey as Entrepreneurs. I had a good share of such learnings. I am into Automobile Retail and Services Business and have a bag of success Milestones and Awards to my credit as I progress through my Journey. As most of friends, Business acquaintances and many others who know me; have been bombarding me with comments and questions like - “Being successful in retailing and servicing a premium priced product in a market segment which is dominated by cheaper mass market products which are price sensitive; and your figures are double that of your subordinates - How the hell do you do that man !!!!” ,“What do you do to be so successful in this Business” , “Share few tips with me to help me grow my business as well” etc.
I thought I should sum up and write down a few factors and share them with everyone hoping that I will be able to help add some value to everyone’s business.
Here we go with the 5 Factors / Tips broadly that matter for the success of any Business.
1. MANAGING SALES
In any business; Be it Retail / Services / B2B / B2C / Manufacturing - SALES (Revenue Generation) means Oxygen and exactly does what oxygen does to us; so, Managing Sales is like Managing breathing which we all know how important it is for our Health and similar is Managing Sales for our Business. SALES is very important for Managing Cash flow, Traffic, Liveliness of the Company, keeping the employees engaged and to support financially for execution of all other better plans, strategies we have made for our Business Growth.
2. CUSTOMER EXPERIENCE & SERVICE
Creating a great experience for the customer is another important factor. This includes a neat and clean Store / Office. Good display of products / merchandise in a creative and eye catchy manner. A pleasant smell. A neat and clean washroom. Well themed and designed interiors do matter. A soothing or active music being payed at decent volume.
Five satisfied customers will tell one new one about your store / Company. Where as one dissatisfied customer will tell five others that you suck. Keeping a track of your dissatisfied customers and resolving their issues should be high on your priority. We have a TAT of 3 days within which any grievance of a customer has to be resolved. You have to train your team on how you expect customers to be treated.
Everything finally boils down to NPS or broadly what your customer thinks / talks about your services.
3.TEAM
This is no brainer! TEAM Plays a vital role in success or failure of any organisation.
Having and developing a right TEAM matters the most in building a successful organisation. This doesn’t mean that you need folks graduated from IIT’s and IIM’s for every work. It’s the founder / Promoter / HR role to identify the right people for the right Job; Train & Develop them to the level of extreme achievers and A Level Players. It also important to make sure the team is involved and each one of them is being engaged in the game to acheive the collective goal of your Business.
4.INNOVATION - DEVELOP NEW & IMPROVED PROCESSES
Its Human to get curious, excited or attracted to any new Innovative product, service, feature or facility…. This is enough a reason to be Innovative and develop new processes to keep the excitement and thrill of Business high. This also helps to stay on top of the consumers mind.
As Entrepreneurs we have to be alert and always open to observe the best practices / experiences in the world around us which can be modified and adopted in our Business.
5.UNIQUE PROPOSITION - STAND OUT
Most of the Business are operating in a highly competitive market where there are a dime and dozens of others Selling a similar or an alternate product / service. We have to have something unique which makes us standout in the market and stay on top of customers mind.
Finally!!
Entrepreneurship is exciting, thrilling and challenging. It can satisfy our financials needs and can complete us emotionally. We have to be passionate about what we are doing at the same time be focused, Innovative and clever. It is important to stick to the very purpose of why we started without quitting when we are hit hard by the challenges we face. Patience and Perseverance is something we all need to possess.
I have written down only a few of the factors that I have learnt and developed in my journey so far. In my articles to follow; I will share more on each of these factors and examples of how they matter in business in my articles to follow.
I am open to discussion, thoughts, comments or suggestions. I will be glad to help any entrepreneur out there running for BIG Success and you can also; by sharing this article with your friends, colleagues and connections who are as enthusiastic about business as you are.
Allow me to delve into the intricacies of the concepts outlined in the article, drawing from my extensive expertise in the field of Entrepreneurship, particularly in the Automobile Retail and Services sector.
1. MANAGING SALES: In the realm of business, especially in sectors like Automobile Retail, effective sales management is akin to sustaining the lifeblood of the enterprise. The analogy drawn between sales and oxygen resonates deeply. Managing sales involves not only revenue generation but also plays a pivotal role in ensuring cash flow, maintaining the vibrancy of the company, and providing financial support for the execution of strategic plans. It's about navigating the dynamics of diverse business models, be it B2B, B2C, or manufacturing, with a keen focus on optimizing revenue streams.
2. CUSTOMER EXPERIENCE & SERVICE: Creating a remarkable customer experience is paramount in a market where products are often priced higher than mass-market alternatives. This extends beyond the product itself to encompass the entire customer journey. The emphasis on a clean and appealing physical environment, creative product displays, and even the olfactory ambiance underscores the comprehensive approach needed. The mention of Net Promoter Score (NPS) reflects an understanding of the importance of customer feedback and loyalty in sustaining a business.
3. TEAM: Undoubtedly, the success or failure of any organization hinges significantly on the strength and cohesion of its team. The article rightly emphasizes that assembling the right team is a multifaceted task that goes beyond educational pedigrees. Identifying individuals suited for specific roles, training them, and fostering a collective sense of purpose are vital aspects of effective team management. The commitment to engaging every team member in pursuing the collective goals of the business aligns with contemporary leadership philosophies.
4. INNOVATION - DEVELOP NEW & IMPROVED PROCESSES: Innovation emerges as a central theme, highlighting its role in maintaining the dynamism of the business landscape. The reference to curiosity and the innate human attraction to novelty underscores the importance of staying innovative. Entrepreneurs are encouraged to be observant and adaptable, ready to incorporate global best practices into their processes. This resonates with the idea that innovation is not just about products but extends to operational processes and business models.
5. UNIQUE PROPOSITION - STAND OUT: In a competitive market, differentiation is a key determinant of success. The article stresses the necessity of having a unique proposition to stand out among competitors. This can be in the form of a distinctive product feature, a superior service offering, or a unique brand identity. The importance of staying top-of-mind for customers is highlighted, emphasizing the need for businesses to continuously evolve and find ways to capture and retain attention in a crowded market.
Conclusion: As someone deeply immersed in the Automobile Retail and Services Business, I resonate with the insights shared in this article. The author's firsthand experience in navigating challenges and achieving success in a competitive market is evident. This compilation of factors serves as a valuable guide for entrepreneurs across industries, offering practical wisdom on key aspects of business management. I look forward to engaging in further discussions on these topics and exploring more detailed insights in the articles to come.
