You have all probably heard from everywhere that you can achieve basically anything with a positive attitude. Not entirely true if not coupled with the right action, but it is a step closer to your goal. In the case of business where there are risks and rewards, positive attitude is not enough. A lot of factors are in play, both internal to your business and external to your industry, and your actions toward them can dictate whether you fail or succeed. In achieving your personal mission to dominate the market and become number one when it comes to your industry, intention should be partnered up with the proper mindset and practices:
Learn to observe. Inspiration can come from anywhere, but you have to learn to keep an eye for them. They can take the form of new movies, viral online videos, and the current behavior of the general public. For example, today you will see quite a number of students and young professionals taking their time in coffee places. Perhaps you can take advantage of this by providing academic books and rentable quiet spaces in your own coffee shop to attract more customers. You can learn a lot by observing. Even businesses that are outside your industry may give you great ideas.
A good technique that I got from a friend is to keep a small notepad with you everywhere you go, so you can write down random inspiration you get from your casual Sunday stroll. Write down what is happening and how the customers are behaving toward it. When you have the time, convert these inspiration to fit your business model. Keep in mind that your business may not always benefit by assimilating the exact trend, but you may derive something that will fit your business out of such trend Have the passion to continuously learn your Industry. Going further than mere observation is doing actual research about your industry and all the external factors affecting the competition and consumer behavior. Working hard to improve the quality of your products and services will surely help you keep loyal consumers. However, you must be well aware that no matter how loyal your customers are, there could be new trends that might not be directly related to your industry, but will steer these loyal customers to try other brands, especially when these trends are not well represented in your business.
Consider yourself a student of the ever-changing market you are competing in. Market leaders who fail to recognize industry movements can topple down easily, especially when there is an actual demand for that something that they do not have. Take a look at a returning mobile phone company who was once brought down by failing to see that the market has already shifted to smartphones. True, they could make a great comeback, but imagine how much they could have earned with the lost time. Keep researching and adapting to the changing field in order to preserve your market.
Do not expect immediate returns. The thing about implementing new projects and expansions in any business is that it does not always look good in your financial statement for the first few months or even years. Additional offices will mean additional rent expense, new products will incur more production costs, and new services will require more labor cost and marketing expenses. It is almost always like starting your business where it will all be about buying and implementing. Do not be discouraged if your net profit drops after a recent expansion. Wait for it to warm up and get the same market attention as your original products and services. Just make sure that you plan properly in order, making sure that your expansion will be profitable in the long run.
Things do not always turn out asplanned and that is why you, as an entrepreneur wishing for his/her company to grow, must not be easily discouraged by small setbacks.
The right plans are made with the right mindset. In thinking about growing your business, keep your negativity from your personal life away while you plan. Have the proper attitude and determination, on a level where you can craft winning strategies. While having a positive attitude is a great help, do not ignore the need for realistically grounded plans.
Ruben Anlacan Jr. is the president and
CEO of BusinessCoach, Inc.