COVID-19, Russia-Ukraine war affecting businesses
Avoid giving out discounts at the start of your business, here’s why
Why a good management structure is important for your business
Following the outbreak of the global pandemic – Coronavirus and the recent Russia-Ukraine war, businesses across the globe have suffered its rippling effects.
The economic situation in Ghana has also led to public outcry calling on the government to cushion its citizens.
As unemployment rate keeps increasing by the day, the government, as part of measures to curb this canker has entreated the youth to set up their businesses.
GhanaWeb in this article outlines 4 business etiquettes that will help entrepreneurs sustain their newly established business(es).
Avoid giving out discounts to friends and family at the start of your business
As a start-up owner, you might have projected the success of your business in line with the vision you have for your business. However, minor mishaps can dampen the growth of your business.
To begin with, you need to avoid giving out friends and family discounts at the start of your business. As you invest in your business, ensure that your friends and family understand that you need the business to grow to a certain level before you can consider giving out such discounts. If you do not consider this, your business might have stunted growth and frustration may set in.
Avoid enjoying the profits as soon as the business takes off
Another business etiquette you need to religiously uphold is to avoid enjoying the profits as soon as the business takes off. For your business to flourish, you need to exercise patience and invest hugely into it to help it grow. When you do this, your profit margin increases in the long run and you will enjoy the benefits.
Have a good management structure
Also, as a start-up, your business might go through challenges; be it procurement problems or customer services but you need to have patience and tackle emerging problems with a business mind to prevent your business from going down before it sees the light of the day. Customer preferences may differ, and you need to address issues momentarily to avoid losing your customers.
Be open to new ideas
Consider everyone you meet as a potential customer and treat them as such. As a start-up, you should be open to eventualities and new ideas. These ideas or feedback from customers might help your business move to a higher pedestal or even broaden your reach.
Be bold to tell people about your business as ‘everyone is a potential customer.’
However, you need to bear in mind that no matter how viable your business idea is, it can fail due to the lack of management structure.
Source: www.ghanaweb.com
