Topic: My idea on business strategy - page 2. (Read 368 times)

Concerning greed, I observed something like this in my area last year and if customers tag or see you as a greedy person then you're finished. Have you observe something like; Mr A sells bag of rice for 35,000 and Mr B sells his rice for 30,000 same quality and brand, everyone in that area will go for Mr B and Mr B will make 10× profit of what Mr A is looking for with that price.
Honestly speaking business is not for everyone cause some are not smart enough to withstand customers choice and interest cause of greed, there's nothing bad wanting profit but it should not be too obvious, some people don't really understand that market has to do with competition.
Concerning site, this one is very common cause you can't open a pos shop in an area that has over 7 pos shops, you will not make any profit besides you're just starting new with no customers yet, when ever you want to open a business find what's not common and study the business strategy first before opening a business.

Watin the OP talk na correct thing, greediness no dey carry person go anywhere, if person dey greedy na e sef e dey do because things way e suppose to get e no dey get am.
Free hand matters a lot because you no know who go help you tomorrow, as e dey so some business people no sabi watin this OP just talk, them no get the scope na make them busi8 no dey flow well.
Just think am say person dey dey free with them costumers to dey wey when e be say the person fit buy something from your store and keep the change for you, although say no he everybody dey do that kind of things as e be say the country wen we all dey so done dey very hard to the way for people to survive.
Like playing like playing, watin person no sabi big pass am, like some people no go check well the kind of place when them dey go open them business and know the kind of things when go sell well for the area. Some way no sabi go sell pepper for place when Onions go sell well then how the peppers won dey profit you better things wen e be say customers no dey buy am? Moreover the location nai matter pass the product, but all of them dey included.

This are the main fact why some people failed in their business today, most especially the greedy, nothing greediness no dey couse for this, greediness na another way of bringing a failures way to a successful things, and na that thing be our main problem for naija business people, them go know say na bad stuff for shop and them go continue sell am, I dey remember last week wey I go buy trouser me and my friend, that is the first time of buying things with the man, so as we pick a trouser and we check am very well so we praise reach 15k and he said 17k last we paid the man I left, after wearing the trouser and about to wash it the trouser just dey tear like something wey Don suffer and Don tired, I regret going to the place and I go back and explain to the man, the man they plead say no be their fault, from where they are bringing it, since that day wey my friends know about nobody wants to buy anything from him again, as a business owner you have to know how to sell quality thing's even if they are expensive people will know that you have the quality products.

You have mentioned the strategies that will determine if a business will be successful or not, which are location and greed for selling goods at a high cost, which are very correct. But I would like to share a strategy that will also help to make someone successful in their business. Before you start a business, you should learn about it to gain knowledge about it and know how to sell your goods when you finally start the business, so that you will not lose money because you are selling your goods at a lower rate. For instance, you start a business without knowing anything about it, but you believe you will be successful in that business. When it is time to determine the price to use and sell your goods, you start guessing that you bought Nivea men's cream for 3500 naira a few days ago and you want to sell yours at that same price without knowing that the purchasing price from the manufacturers has increased due to the fall of naira against the dollar. And this will prevent you from getting the maximum profit that will take your business to the next level.

Location and knowledge are both good things you mentioned but their is one missing which complete the equation which is public relations. To me a business cannot flourish if you don't relate well with your customer, a customer need to feel welcome and appreciated, when you don't treat your customers right, they will definitely seek for an alternative, so your relationship with your customer is very important just as location and knowledge.

sorting for the right location of s business is as important as starting the business itself. If you make wrong decision as it regards the place you are situating your business, you might end of locating business in an area that isn't viable for the kind of device you are rendering. But before considering the location of your business, I feel that the most important thing is to look out for your primary customers. Your primary customers could be those individual that you're certain will patronize you in the chosen location based on their unmet need. It would be foolish to start up a printing press in an environment that is not close to an institution or in an area where he demand of printed material is in high demand so for me, the inability to first of all study the need of an environment is the root course of business failure.

Another major factor is the lack of consistency. People usually treat their customers well during those time the business just started but after a while they start doing I don't care with their customers. One had to understand that what keeps a business running for long is those customers that will always come back to your business for any of their intended purchase and as long as you loose them out because of overfamiliarity wit them, you business will start going down if care is not taken

The more you keep on waiting patiently while strategizing a way to start a business, the more other business enthusiasm will start and conquer that business before you do.

We are not the only ones with a particular business idea. So many people have similar business ideas to the one we have. Which means there is not time to start doing much planning and organisation. You can reach out business consulting or expertise; they will help you grow the idea faster, or find a personal manager to help you manage that business all you just need to do is to pay them. Starting and maintaining a succesful business is not that easy. This is why there are professionals who help business owners to grow their business without any stress.

The only thing i consider to be what may delay someone from starting a business is finance. If there are enough funds, don't hesitate to start somewhere, and with time you will see how far you have gone.

As a matter of fact, business cannot be run smoothly by any kind of individual who doesn't have good knowledge or ideas about business.

If I get you right, the two reasons why you think a business may not excel are bad location and greed to get too much profit, thereby heightening the price of the goods.

Yes, those are two reasons, but another thing that contributes to the lifeline of a business is how knowledgeable and visionary the entrepreneur is. Note that not every person has an entrepreneurial spirit. Some people usually go into a particular business, probably because they see that their friends are into it and they are making a profit, so they just decide to go into the same business to make a profit like their friends.

Although location can also be a good drive for a very successful business, sometimes there are people in a good location but their competitors are selling more than they do because they don't have the ability to maintain good customer relationships or they don't have the ability to spark customer loyalty.

There was one grocery shop in my location that was just newly opened towards the end of last year, which is a very good location, but since the start of this year, they have not opened the shop up to date. When I saw the shop, I actually concluded that's how it would happen. I am an entrepreneur, so I usually access new businesses, and when I do, I can determine if the business will fold or survive. This grocery shop I am talking about rented a very big shop for a huge amount of money in a very good location, but they only stock the shop with a few goods, there is not enough space for customers cars to be parked, and they have an iron protector in the shop entrance that prevents customers from freely coming into the shop. Again, they don't have humble staff. I am sure they did not have good sales last year, and they might have already relocated.

This analysis is just a simple truth of many failure in busines. Lack of planning and strategies mostly this over gain and poor location. A good business man must have a target population and as well study the environment know what is needed before venturing into such business, it should be able to publicize his product not just within the location of the business but outside the domain or location of the business, reduce it high gain knowing that others competitors are there beside if it's too expensive customers may look for close substitute which may render the product not moving market and it will lead to expiration, which is loss. Any business without proper planning and strategies can't get good result at the end that is why Bible said seeing a man deligent in his business he will eat before Kings and not mean men that is to say planning and strategies lead to eating with Kings.

It is very important as a business person to strategize your business perfectly before taking action, today so many people have failed to become successful business men and women not because the business is not a good one or it does not give you profit but their are some little factors that can hinder a business..
SIGHT: Some people have a nice business but they don't sell out any of their goods months in months out what they have still remains with them most times they will tell you that somebody is manipulating them Omo nothing Is wrong check your location if it's not good change it.

Greed: Many people are very greedy when it comes to business they look for over gain this factor can hinder a business some people would have this goods that are getting bad for consumption but still keep it to be sold till it gets bad and at last it will be thrown away,who lost.

Every business person should learn how to strategize so well before going to set up a business.