How to increase profits in your business
If you are an entrepreneur, then you simply have to constantly ask yourself the same question - how to increase profits? Profit - this is business. The whole point of…

Continue reading →

STYLISH GIFT PACKAGES WILL HELP BEAUTIFULLY HANDING A GIFT
Gift bags. Stylish gift bags can help you effectively arrange all kinds of gifts, from ordinary souvenirs to expensive goods. Our gift bags are distinguished by our special design and…

Continue reading →

Industry Analysis through 40 Questions
Analysis of the industry is not only an important step in opening your own business, but also an important tool for conducting and developing your own business. Indeed, making an…

Continue reading →

Factors Affecting Business Development

Greetings to all readers of the Entrepreneur-Pro business blog. Today I’ll talk about what factors that affect business development, I consider important. Moreover, I want to note that it is constantly important. That is, these are the factors that need to be maintained constantly, in any state of the business, in all situations. Otherwise, your business will simply stop or, even worse, lose its position, to say the least. So let’s get started:

factors affecting business development
Do you know what affects your business?

What factors influence business development strongly and constantly?
We are talking about three business factors (or elements that are more convenient for anyone) – attention, reputation and trust. They are absolutely interconnected and can hardly exist separately from each other (at least, a single factor will never show such effectiveness as with their synergistic interaction). However, we will consider each of these factors separately.

1. Attention
It is easy to guess that you first need to attract attention, and that it is the first step in this cycle of factors affecting business development. This must be done, of course, by means of marketing and advertising (in particular, Internet marketing and advertising). And let it seem simple and logical, but I’m sure that many here are often mistaken – they simply do not attract enough attention of potential customers to their business.

Excuses such as “money is needed for this” are not accepted :-). With money it’s easier, easier, and faster, you can’t argue here, but there are also free methods, the same social networks, for example. You have to spend time, but it’s worth it. It is better, of course, if you can delegate this task to someone, and do the strategic tasks of business development yourself. At the end of the paragraph, I’ll say a banal thing, but really important: in order to develop your business, the first thing to do is to attract the attention of potential consumers. As much as possible…

2. Reputation
Reputation is a factor that can significantly affect the development of your business. What is a reputation? Reputation is a clear opinion about your business and / or product, how your business looks in the eyes of consumers. Moreover, this does not have to be true (although most often this is the truth, in fact). Work on reputation is hard work, it has been built for a long time from the very first business beginnings, without a guarantee of success.

But, nevertheless, reputation can be managed, even manipulated, if you want. I don’t know, however, at the expense of ethical business standards, but in order to “impose” a positive opinion about yourself, today there are many opportunities and tools, especially on the Internet. How this can work in the long term depends, among other things, on the next factor in our list of factors affecting business development.

3. Trust
Confidence is a factor that can be influenced only by one’s work, only by competent conduct of one’s business, through any intermediaries you won’t improve customer confidence, you won’t buy it with any money. Only a direct relationship with the audience can inspire confidence in you. There’s someone like that: on the one hand, we must really act competently, with an emphasis on customer focus, work honestly and a lot (we cannot do with manipulations and easy ways), and on the other, everything is in our hands.

Trust can bring stability to our business. Buyers who trust will come back, and this is the basis of a stable business, agree. Therefore, to achieve customer confidence is a very important, strategic goal of the business. At the same time, having received the trust of consumers, we almost automatically raise our reputation too.

For clarity, I will say in simple words what the difference is: reputation is some kind of average opinion about our business, and trust is a personal relation of each potential and real buyer. And, if reputation, as they said, can be managed at least somehow, then trust – not at all, only by its work and attitude to the audience.

Let’s look at an example of how this all works. By some advertising tool, we attracted the attention of the client. If we have a bad reputation, then in vain we attracted his attention, he will not buy anything from us. If, at least, the client has not heard anything bad about us (we do not have a bad reputation), or even better, heard a good one, then he can get something from us. Moreover, if we had a good deal, and he will be satisfied with everything, he will already be imbued with some kind of trust and will want to buy from us the next time (well, most likely). Two or three more times – and he trusts us completely, he is our regular customer! Plus, we are gradually raising our reputation, which brings us new customers. And, if we did our job poorly, firstly, we lose the same customer (he will not be trusted with us and will not want to buy from us next time), and secondly, our reputation suffers, and this does not bring us new customers.

Subheading KP
The subheading of the quotation should provide clarifying information about your quotation. In the case, let’s say if the heading would be too long, then we can continue the idea…

...

From a dream to a business - one bank!
Do not miss your chance to get an exclusive package of banking services at a discount and take part in the largest women's forum in Belarus. All women are looking…

...

€ 164 million for projects that fight against coronavirus - how the startup ecosystem is changing today
How is the startup ecosystem in the world and Belarus changing? What trends have formed in it over the past decade and what new directions will appear and become promising…

...

How to do a SWOT analysis
SWOT analysis is a very important tool for opening, planning and running a business, respectively, and the question “how to do SWOT analysis” is of particular importance in the life…

...