Essential business principles that Eric Dalius suggests for entrepreneurs
Giving shape to a business organization looks exciting on paper and theory. When business owners get set to do the real work, that’s when the real-life challenges occur. Everything from correct product branding to optimized resource utilization needs to get managed by business owners. It is also essential to take care of crises to function despite any natural or economic instabilities or recession. For that, business owners must follow a set of business ethics, practices, and principles. These will help them sail through the good and bad times effortlessly.
One-third of new start-ups fail in the initial two years, whereas fifty percent of companies fail in the first five years. Such alarming rates point out the significant mistakes that business people make that contribute to their business’s downfall. In light of this, there are a few elements that entrepreneurs, established or budding, should follow to gain profits in their business.
Eric J Dalius is a successful entrepreneur who had remarkably succeeded in his business vision. He suggests a few essential business principles for established and start-up entrepreneurs who want to make it big in the business domain.
- Always have a plan
Going with the flow might be an excellent way to start, but as you go further in business, it is necessary to plan everything. A business plan is a blueprint that will help you succeed in acquiring clients, creating a business network, making sales, and gaining customers. It is essential for business owners to spend time thinking about their business goals for the next two to five years and creating a plan around it.
- Have short term plans
A long-term plan is a business projection. But to stay real in your business, you need to know how the company progresses and the industry returns. For that, it is necessary to make short-term business plans. It will help you see the business approaches working in your favor and those that are not. That way, you can keep grounded and invest in business plans that yield a positive outcome.
- Give importance to the customer
Your customer is your king! They are the ones who get interested in your business and buy your products or opt-in for the service you provide. Hence, paying attention to customer needs and complaints is essential. Eric J Dalius says if you want to succeed in your business venture, you need to consider the customer complaints more and seek business growth opportunities. It is necessary to ensure that most of your existing customers are happy with what you have to provide. You need to know the customers’ pulse through market research and design your service and product accordingly.
Remember that the customer might not need your product, but the key is to portray it so that the customer thinks your offering is a need and not a want. As a result, EJ Dalius also says that for making the customers realize the difference between a need and a desire, an entrepreneur should have the concepts clear first hand. Every business is different; therefore, seeking expert advice is crucial
- Follow transparent business practices
Since most business processes are online today, transparency is essential. There are have been instances of forgery and corruption several times. Hence, customers are cautious about the way businesses conduct sales and other activities online. It is necessary to stay and promote authentic business practices to win and retain customer trust. For instance, it is essential to ensure that your online payment channel is secure and has an acceptable encryption policy. That way, you can secure customer financial data.
Will Multiple Revenue Streams Help?
Experts suggest that constituting multiple revenue streams in the same company acts as a life-saver for the business. If one aspect of the business is falling short, the other element can reap the essential benefits to survive in the industry. Keep in mind that you can always forward or backward integrate your business to prevent vendor and sourcing charges, which can act as a way to avoid losses.
An entrepreneur should always prevent the company from getting scattershot. One small mistake can result in diluting your brand image in front of the customers and partners. Moreover, you can face tremendous losses, which again will leave a massive hole in your pocket. Therefore, it is best to follow the tips mentioned earlier to flourish in your industry and maintain a stronghold in the market.
These are a few of the best business principles that EJ Dalius asks the new age business owners and entrepreneurs to follow. It will help them create a robust business plan and maintain correct business ethics to help them stay functional.
Walter Moore is a notable management consultant and digital marketing expert. He is an experienced digital marketer and has helped e-commerce businesses in all niches gain with his effective marketing strategies and guidance.
