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5 ingredients to putting up a successful business
DUBAI – Whether you’re planning to put up a business in the UAE or back in your home country, you need to be aware of the key ingredients to making your business work.
Expatmedia.net spoke with Lyndon Magsino, chairman of recently launched UAE-based educational training institute Philippine Business School, to find out the most important things that you need to have in order to run a successful business. Magsino shared the top five on his list.
Prior to setting up your business, you need to be aware of the risks involved so you can draw up a good game plan, Magsino said. You also need to be aware of the competition and the possible hurdles so you can build a strategy. Knowledge and preparation can help you go a long way.
Do you have enough fuel for your business plan? Ensure that you have capital and the right resources to follow your idea through. Be connected to your target market as well, Magsino advised.
Have the right heart.
Often, business people are just concerned about making a profit. While that is your end goal, you should also not forget the people who are going to bring you to that direction: your customers. Great businesses have the right heart for the community, Magsino said, adding that companies should know how to “give back to the community”. If you show people that you care, you are likely to get the same thing back.
Good businesses have fair and transparent business transactions, Magsino said. Transparency in financial reporting ensures that your business commands trust and will be a sustainable one.
Manage your business properly.
Most businesses fail because of mismanagement, Magsino said. A good business person will know how to manage his or her business from A to Z. Every component to your business matters. It’s like a piece in one well-oiled machine. Without one, this car isn’t going anywhere. Also, focus on meeting expectations—whether from your investors, your customers or your staff.
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