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Chronicle
Michelle Nonkazimuro Ndiweni
analysis
Maintaining healthy business momentum is a daunting task for many entrepreneurs and managers, and history is replete with scenarios of powerful companies that collapsed along the way due to several factors.
You may remember how Nokia was the market leader at one point. Meanwhile, Samsung was a small follower in the market, with Nokia leading.
Who knew the tiny Samsung was better than Nokia today? Sure, Nokia has been great in its many years of success, so no one would have guessed.
The biggest lesson from Nokia’s experience is that it’s dangerous to settle for your business and assume that everything is optimistic and that once you’re the market leader, you’ll always be the market leader. is. This is an unfortunate trap that most business owners fall into.
For the average entrepreneur, achieving more sales than they ever imagined can be incredibly overwhelming. Getting more people to know their business and getting more referrals than they thought they would get is incredible.
Unfortunately, most entrepreneurs fall into the trap of reaping all the small glories that come with their business doing better than they expected, ignoring the potential of their business and its existence in isolation. We forget that it is not something to do.
There are some lessons that can be learned from our personal lives that can help ensure good management leading to business growth and long-term success. In life, we thrive to make the most of what we do and everything we have.
Time, money, or whatever we might own. Our goal is always to get the best. On average, we spend about eight hours performing her daily duties.
The most efficient people ensure that they use their time resources wisely. The same applies to financial resources, namely money. The average person tries to spend money in the most efficient way ever. The simplest reason behind all this planning is that you want to get the most out of everything.
We want the best! An example most people can relate to is that of a rural retired or unemployed grandmother. Whenever they receive money, they try to spend it on as many things as possible and keep it for as long as possible. All this because you want to get the most out of your money.
The same applies in the business environment. We should take our business as seriously as we take our time and money or other resources. To get the most out of our business and achieve optimal growth and profits at all times, it is important to be prudent and strategic in the decisions we make.
One of the key activities that entrepreneurs and managers must consider in order to avoid becoming too accustomed to trivial successes to hinder business growth is market conditions. It’s important that they explore key aspects. These include market potential, structural changes, competitors and industries, pricing, sales negotiations, and of course customers. Over the next few weeks, we’ll take a deeper look at how to effectively explore these aspects.
A manager or an entrepreneur should definitely see the potential of the market by measuring its capacity for consumption. This basically refers to assessing the size of the market, the percentage of the market served by all firms in the industry, and how much of the market the manager or entrepreneur’s business serves .
Additionally, while assessing market potential, imports should be compared to market share to see how much of a market product is being imported. There is also the potential for exports that most entrepreneurs overlook. As an entrepreneur or manager, it is imperative to see if there is room for export. This will improve growth.
Structural changes occur in the market. Mergers, acquisitions, and new entrants all affect business performance, so it’s important to have complete information.
Imagine a scenario where customers leave and sales decline as the only way for entrepreneurs and managers to discover that there has been a new entrant to the market or other structural change. It’s devastating. Therefore, staying informed helps you make informed decisions and protect your market share.
Therefore, it is important for managers and entrepreneurs to have complete information on market potential and structural changes in the market.
This allows you to make better, informed decisions that enable your business to grow. Other areas that require a manager’s or entrepreneur’s attention will be explored in the next article.
Michelle Ndiweni has a Master of Science in Marketing and is a lecturer at a local university. She is her consultant, researcher, and trainer in marketing and can be reached on her LinkedIn profile.
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