10 GOLDEN RULES TO MAKE BUSINESS SUCCESSFUL (2020)

10 Golden Rules to Make Business Successful (2020) - As we all know their are set of rules to make business successful of any kind. I started my Business in 2009, but failed miserably, in-fact learned lot of new things. In this blog I would like to share some of my learning experiences with my readers as it might be keys to a successful business. Honestly I barely made it through the first year and very close to closing the doors. I know majority of businesses don't make it past the first few years. So in my respects, some of the feedback I provide in here is from my own experience on what i did really wrong. Let’s say on the other hand i now have the experience of hindsight to make business successful of any kind. I am sharing this 10 keys to success in business, so you don't have to make the same ones yourself.

Rule 1: Be dedicated to your business - If a person has passion for his work, then he will overcome all the imperfections within him. I do not know if a man is born with passion or can develop it. But I know enough what every business needs to be successful. If you love your work, then you will want to do it every day in the best possible way, and soon those who work with you will catch it like a fever.

Rule 2: Distribute Profit to all those who work and treat them like a partner - In return, employees will also treat you as a partner and then you will be able to do better than you can think. If you want, keep your control over the company, but lead as a servant. Encourage your colleagues to buy the company's stocks and give them discounted stocks at the time of retirement to set successful business examples. Probably this was the most important thing that we have done till date.

Rule 3: Motivate your partners - Why will your business be successful, Just money and ownership is not enough. Motivate and challenge your partners in new innovative ways every day. Set big goals, encourage competition. If the environment is fading then switch one manager's job from another and encourage them to do better.

Rule 4: To make Business Successful communicate everything possible to your partners - By doing this, they will understand how to manage a business successfully and the more they understand, the more they will care. And when they start caring, nothing can stop them. If you hide things from your associates, they will understand lately that you do not consider them as partners. Information is power, the benefit you get by empowering your associates is more than the loss that the competitor gets from knowing about it.

Rule 5: Praise what associates do for business - Trust me everyone wants to hear praises of their work. At the right time, there is no substitute for true praise by the right words. Despite being absolutely free, it is equal to a treasure. Team work is better than individual success in business.

Rule 6: Celebrate your success - If you fail, then find some humor in it. Do not take yourself too seriously. Show enthusiasm always. When everything failed, she sang a silly song wearing colorful clothes.  It has been done. Think of something new, all this is more important than what we think and also full of fun, and this makes the competitor fool.

Rule 7: Listen to everyone in your company and take such measures that they should talk among themselves. Those who sit in front - those who talk to the customer - only know what is going on there. So try to know what they know. Total quality is just that. In order to push responsibility to the bottom in your organization and to bring new ideas in front, it is important that you try to know what your associate wants to say.

Rule 8: Give more than expected to your customers - If you do this, they will come back again and again. Give them what they want — and then a little more than that. They should know that you appreciate them. Accept all your mistakes and don't give excuses — ask for forgiveness. Stand behind everything you do. Till date, the two most important words written under the Wal-Mart sign: "Satisfaction Guaranteed". They are written like this even today and because of them, so much could be done.

Rule 9: Control your expenses better than the competition - This is where you can get competitive advantage. For 25 consecutive years - before Wal-Mart became the country's largest retailer - they have been No.1 in the lowest Expense to Sales ratio in this industry. They know better how to run a successful small business, you can overcome many mistakes even if your operations are efficient. Or you can be out of business despite being very brilliant if you are very inefficient.

Rule 10: Swim opposite the stream - To make business successful go to the other side. Skip Conventional Wisdom. If everyone is doing the work in the same way, then there is a very high chance that you can find your niche by going in the opposite direction, but be prepared that a lot of people will indicate to you that you are going in the wrong direction. I think I have heard more than anything else in all these years that. A town with less than 50,000 populations cannot support a discount store for much longer. If you really need to make business successful just go for your niche no matter whether its in wrong direction with proper guidance from mentor. THANK YOU.