Providing satisfactory services to customers is no longer mandatory but mandatory.

Your customer service needs to be constantly improved

Even if you run your business from home or from shop or office, you must have basic knowledge about your business. If there is any error in it, join the short-term courses offered by the management institutes to rectify the error. Or read books about it or watch and listen to related videos carefully and study those issues by dripping the issues presented in the video into the notebook. MBA to be successful in business Degree is not mandatory. Knowing how many business transactions you need (and then implement) to run a small business will also widen your eyes. Below is a very short list of things that every start-up entrepreneur needs to know.

1. Book keeping and accounting

You do not need to have in-depth accounting knowledge but you do have an understanding of all the financial statements (especially profit and loss accounts, balance sheets, cash flow statements) and ratio analysis related to your own business. For future planning you will need a basic understanding of sales forecasting, techniques as well as capital budgeting. Even if you can’t make these statements, you should know how to analyze them.

. Pricing and Contest

You need to know how the prices of your products or services are compared to the competitors, how much the competitors offer discounts, how much the retail and wholesale prices of your products are compared to the competitors and how much time your competitors give credit (borrowed goods) to the customers.

As well as other rules regarding employees’ jobs and salaries

There are laws that make your head spin about employee employment, layoffs, selection, graduation, pay scales, working conditions, injury to employees during emergencies, facilities for female workers in factories, etc., as well as factory inspections. If your product is manufactured in a factory, you may find it difficult to apply the various provisions of the Factory Act. Carefully study the article on fire safety and study the law on pollution as deeply as possible. If there is a shop, it is necessary to study the complicated law of ‘Shop and Establishment Act’.

Advertising: It is mandatory for every business founder to advertise their products or services. Advertising that doesn’t target your prospects or current customers is an expense of your advertising money. Advertising on TV or radio or in the press is not mandatory. If your business is small you can also use pamphlets or leaflets or billboards. But remember that the role of ‘word of mouth’ is very important for the success of your business.

Brand Equity: You need to understand what brand equity is and how to increase it.

Computers and Websites: Computers are now a must for even the smallest business founder. Computers now do the work of mail and telephone. The services of a good website designer are useful for making your website effective.

Customer services and customer complaints

Providing satisfactory services to customers is no longer a requirement but a mandatory matter. Your customer service needs to be constantly improved. Communicate with customers or survey their customer satisfaction so you will be aware of the flaws in your services. Not only do you need a customer but you also need a loyal customer who makes repeated purchases from you. You also have to decide what kind of incentives (rewards) to give to loyal customers. You have to pay the price for their loyalty.

Taxes and Licenses

It is important to study what kind of direct or indirect taxes are levied on your business (at local, state and central levels) before starting a business so that you can realize how much net profit you will get from the business. But in the case of science, there should be no compromise. If you start a business without a license or if you do not follow the rules, you will go to jail or pay a hefty fine. 

Negotiation Skills: Negotiation skills are essential for business success. Skills can be acquired through study and experience.

Trade Shows: Most businesses host annual exhibitions or trade shows about how their latest inventions are incorporated into their products. If you need to participate in such a trade show for your product, you should also get information about it and if you can afford it, you should participate in it.

Conclusion: Most of the small business or micro industry founders are not aware of the above issues. The above points need to be taken seriously for a start-up to be successful. Courtesy:

Gujarat Samchar 30012022 Dhaval-Mehta Management