the history of its industry in Bangladesh is not very long; but in comparison, it has quickly emerged as an industry that makes a special contribution to the country’s economy. every year many companies are being launched. some of these companies are doing very well, while many are closing down because they can’t do well.
there are many mantras to be successful in its business, which is more important than knowing, it is important to know the things that should be avoided while running its business. let’s find out about those special things.
starting a business with no experience: before starting any business, it is important to have the right knowledge about the product or service with which you are going to start a business. otherwise, starting a business without knowing anything and jumping into the water without knowing how to swim will become a lot of the same thing. many people start a business with a sense of a lot of profit in it business’. eventually, the business had to be shut down at some point due to a lack of understanding about its products, services, and above all technology. not only do you have dreams, money, or skilled people, but it is also important to have enough knowledge about entrepreneurship.
lack of specific visions and mission statements: many companies theoretically write different vision missions, but wholeheartedly only think of making money as the main vision mission, which doesn’t really work out. in reality, it has been found that those companies have been truly successful in business that have wanted to serve people.
not coming up with a useful product or service: no company can retain business with the same service for years. after a certain period of time, he has to come up with a new type of product or service or a completely new type of product or service, otherwise, it becomes difficult to maintain the business. keeping in line with the era, if the company does not change the product or service keeping in mind the needs of the customers, then the company will gradually lag behind.
giving only man-based services: it is not possible to create large companies only with the services of websites, software, apps, digital marketing, etc. in a man-based manner. as the days go by, many of the big businesses are building their own teams for websites, software, apps, or digital marketing. so gradually the big-budget clients are decreasing and only medium and small budget clients are remaining in the market. in order to make the company long-lasting and large, it must turn to build service provider websites, software, mobile apps, or digital marketing platforms. there is a huge demand for software-as-a-service (e.g. enterprise management system), customer-to-customer or business-to-customer platforms (e.g. Amazon, e-bay, uber, send) or digital aggregator platforms (e.g., SMS gateways, payment gateways, demand-side platforms), etc., which are dealt with by a handful of companies.
reducing the project time and budget a lot to get the project from the customer: many companies, especially startup companies, think that if the customer has a low budget and less time, he will be happy to give the project. it is not bad to offer reasonable discounts to get clients at the beginning of a new company. but that’s why you should never give too little budget or time. it will be seen that with your limited manpower, you are going to finish the project quickly, then it will not be possible to meet the quality anymore; or because of the budget being reduced, it will be seen that you may have to complete the project responsibly to prevent losses. in this way, by reducing the budget or time, you may get the project, but it may be the last project with that client of yours. so instead of making ‘less time’ or ‘very low budget’ your tool, make ‘quality delivery’ your tool, so that you can retain the client.
post-product/project transfer service not being given properly: many companies do not maintain the next service even after delivery of the product or project. of course, it should be remembered that it is very important to take care of the returning customer in any business, especially in the it business. because the advantage of getting a return customer is much more in it. and if you do not keep proper service or communication, the customer’s trust in the company will be increased, which is very harmful to the business.
not controlling costs: many companies spend extra as a hobby or without thinking about the future, which in turn leads to loss of business. before making any cost, it is necessary to do a need analysis (verification of the requirements) of that cost. many companies are unable to control costs in line with changes (improvements or deteriorations) in the business, so either the company is under the pressure of money, or the company tends to lose due to high costs.
not being interested in providing facilities to employees: the driving force of any company is the employees of that company; therefore, it is very important to take care of the opportunities of the employees. many companies give priority to building offices in elite areas, making grand office decorations, etc. but if they think about the salary and benefits of the employees by reducing these costs, then they will get better results.
do not distribute dependency equally: if you see that the important tasks of your company are dependent on a small number of people and that those people have no choice, then you will understand that your company is at risk. because if these special people leave or are not there for a while, your company can suffer a big loss. so distribute dependency and responsibility among all. not only that, try to keep a backup of your special people as well.
establishing the right management and operational plan: it is very important to properly control who, when, where, what will work in the company, what will be done after what works, how long the delivery of a job will take place. it is very important to create standard operating procedures for the delivery of the company’s services and determine the right models and tools for project and task management and ensure the proper use of them. in many companies, it is seen that there is no clear picture of where the work is going on, due to which some are under a lot of work pressure, while others are spending time sitting non-wordlessly.
not being able to create the right marketing strategy: not only will you create a great product or service, but you also need to inform people about that service, which will become your sales lead at some point in time. and marketing is one of the ways to let people know about your products and services. if you do not create a marketing strategy according to what kind of target market or customer your service understands for, then your business will not grow. digital marketing is very popular nowadays. through digital marketing, you will be able to raise awareness about your service. but that being said, through digital marketing, you can increase the awareness of all your services or bring sales leads of all the services, but that is not the case. so it is important to plan exactly what kind of marketing for a service and how to do it.
easily give up: in reality, it has been seen that many companies have wrapped up the business very quickly even after starting with a good concept. this is because many people can’t hold the business with patience. after a few days of running, when you see that the profit is not coming or not coming to fruition, then the business tries to wrap up and do something else. if you’re sure that the business you’re doing is actually like a success, be patient, and don’t give up on the business easily.
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