GETTING ENOUGH PATRONAGE!!
Hi there!, have you ever encountered problems with getting patronage from people for your products or services? If yes, have you ever wondered what may be the root of such ugly situation? Don't worry, there is hope for a better tomorrow in your business, hold your peace, take a deep breath and read on.
ETHICS OF A THRIVING BUSINESS
There are some business ethics that are very necessary for the well-doing of any business. Negligence of these ethics, will lead to economic depreciation or stagnation of such business. These include;
Seller – buyer relationship
Self discipline
Goal setting
Diligence(seriousness, focus and hard work).
Persistence
Capital development
Profit saving.
The above points listed as the ethics of a thriving business is now explained in details as shown below;
SELLER – BUYER RELATIONSHIP
This is very important in thd day to day life of your business. Seller – buyer relationship has to do with the way you treat your clients(buyers or customers). The way you treat them(your clients) will determine whether they will come back to patronize you another day. This may attract more patronage, because, if one person comes to firm and leaves nodding with satisfaction, he/she will be forced to tell others about your services or how your products have been of great help to him/her.
This attributes to being business minded and not pleasure minded. When you consider the growth of your business, other than taking care of your pleasure from the little earnings you get as profit from the business, your business will thrive without stress. Do not choose to live a luxurious life just when you started making it big, you may think it is the right thing to do because others are doing it. You have to let go much pleasure if you must make it big time in business. For instance, if a trader makes sales of $300 per day, and decides to spend $200 per day on shopping, he is left with $100. Here $100 is his original capital and he decides to put it back into the business. His firm will be stagnated if he continues to invest the $100 capital or Will collapse if on any occasion he decides to spend everything including the capital. Expanding his business, the trader must concentrate on increasing the capital and reducing the amount spent on shopping and other personal needs. People love varieties, and so if you don’t have enough goods in your shop, the level of patronage is limited.
Setting a goal is important rule guiding a business to the point of success. In this context, goal is seen as a target that must be reached at all cost. This will help you as an entrepreneur to work harder, trying to provide supplies according to the demand of your clients. Asking yourself questions like: ‘what areas will my business cover?’, ‘what class of people are my prospective buyers?’, ‘in what way will my product be much better than already existing products?’, or ‘how can I render satisfying services to my customers?’, can go a long way in helping you set goals that will drive your business to the point of success.
DILIGENCE
Working hard to achieve your set goals will result to success. You can’t attract sales if you don’t work hard to stock demanded goods into your market place. Being serious about your business is one attitude that is very rewarding, you will find out that, if you don’t allow anything to come in between you and your business, you will have more time to expand your business and then you will be proud to own a thriving firm.
Changing line of business severally within a short period of time, is never a good idea. You may be known for being a trader that deals on clothing materials, but due to impatience with the rate of sales you make a day, you decide to change from being a clothing materials dealer to being a shoe dealer. People that knew you as a clothing materials dealer will come to patronize you for clothing materials. When they do, they become very disappointed because you are no longer who they knew before in the trading business. Then you are starting a new life as a shoe dealer. Persistence will lead to increase in patronage as days pass by. Don’t give up, keep up the good effort in growing your business, then you will make unusual sales one day.
Building up your capital is what increases the amount of goods in your shop. You could take out a new capital in a good percentage from your profit, and add to your previous capital. With this, your business will be expanding and thriving.
You don’t have to consume all of your profit at a go. Preserving some of your profit for future use can help in rescuing your business from economic disaster. For instance, if a vehicle belonging to a firm is involved in an accident, or develop a technical fault, this income saved from your profit can take care of the situation without seeking funds elsewhere.