Any profession in life that does not stick to principles will find it hard to thrive, and as we are approaching the new year in 2022 and beyond, every business person that wants to grow needs basic principles.
There are businesses that began early this 2022, but as the year is running to an end; some of those businesses have been shut down, while others are on the verge of doing so.
And before we enter 2023, several new businesses are going to emerge; but sadly most of them will also suffer closure.
And if you embark on a little research you will discover that the owners of these businesses had no basic principles that guided them business-wise.
In this article, therefore, I am going to present you with the 6 basic principles of business you must stick to in 2023 and beyond, in order to be a successful business person.
6 basic principles of business.
The 6 basic principles of business are:
- Manage Your Business.
- Seek Business Advice.
- Be Honest
- Be Sociable And Generous.
- Partner With Other Businesses.
- Be Wary Of Your Business Partners.
1. Manage Your Business.
Most people make the mistake of starting a business and leaving it in the hands of others to manage.
Even if it is a little provision shop you are starting, leaving it in the hands of either a person you employed or a relative is never the right decision.
There is no day job in the world that will consume 24 hours of a day, highest 5 pm is generally the end of everyday job across the world.
And from that time onwards, you have enough time to zoom into your business premises and see how things are faring for that day.
Do you know that most people make the mistake of checking in on their business only once in a while?
Even if your wife is the one managing your business if you consider the saying ‘two heads are better than one’ you will understand that if both of you look into the business properly, it will yield more better than if she was the one looking into it alone.
For instance, you need to check up on your business’s daily sales to see which product is making more sales in that particular environment. As well as which product people are not consuming the most.
Aside from the product-making sales, also look to see what profit it is contributing to the growth of your business.
So, therefore, you must be ready to manage your business before you even start it in the first place.
And if your day job is not giving you enough time to do that, then let whoever is managing it give you daily reports so you can evaluate and know how to make your business grow the way it should.
2. Seek Business Advice.
Thank God we are living in a time where information is readily available with just a few clicks.
And as a result of that, anyone can learn and get business advice without much stress.
So one of the basic guidelines for business in 2022 and beyond is for business persons to seek business advice in whatever kind of business they want to start, or are already into.
The internet is a great source for doing so, and all you have to do is go to any search engine and enter the keyword for your business type; from thence you will find several business sites where you can get business advice.
But before you act on any business advice you get from the internet, make sure you have second and maybe third opinions.
You can first all act on the advice as an experiment, and settle for it if it works the way the advisor claimed.
3. Be Honest
It is always sad to discover that so many business people overlook the word honesty in their business dealings.
Honesty in business does not really mean selling a commodity at the average price everyone is selling, but it entails ensuring you are selling the best commodities.
Till thy kingdom come we will always have imitation goods and fake products around us. For and fourth reason, so many business people find a way of making gain by buying that kind of goods and rebranding them to sell and make a big profit.
But the disadvantage is that you are going to lose your customers once your goods do not last with them as they expected.
Let me share my personal experience in regards to this issue with you.
There is this guy that sells jeans in my environment, and I wanted to make him my permanent customer once.
So I went to his shop and bought like 4 pairs of jeans, and we even had plans for him to be giving me at least 2 pairs of jeans every other week.
But the deal could not hold because those jeans I bought either tore or faded within a few days.
And I later discovered that he usually bought faded jeans and dye them by himself before selling them to his customers.
Since then, I never bought any jeans with him again.
Now you can see how this guy loosed me as a customer simply because he wasn’t honest enough about what he was selling to me.
Therefore, even if you are going to make a little Profit but sustain plenty of customers, do so. Rather than trying to make a bigger profit but losing every new customer that comes your way.
So in 2022 make sure honesty is one of your basic business principles.
4. Be Sociable And Generous.
Business entails relating with people from all works of life. And the more people you know and relate the more you are going to attract customers to yourself.
Another point is that people gain more confidence when they are engaging with someone who is popular since they believe that person is not going to run anywhere because everybody knows him or her.
That is why brands pay huge sums of money to celebrities to help them advertise their business to a wider audience.
So as a businessman or woman, it is very wrong for you to be keeping people at arms length, instead try and be sociable and you will gain the confidence of people who eill end up as your customer.
5. Partner With Other Businesses.
There is no way your business is going to succeed on its own if you don’t partner with other businesses.
It does not necessarily mean you should partner with people who are into the same business as you, as that will pose a kind of competition.
Unless they are in a far location.
But the trick is to look for related businesses you can partner with.
6. Be Wary Of Your Business Partners.
Your business partners are going to pose so much competition that will act as a threat to your business.
And for that reason, you must be careful of them.