There's a saying, "A good start is half the work done!" This common phrase holds a lot of truth. That's why even before starting any small business or initiative, it's crucial to focus on certain aspects. At this initial stage, a few right decisions can be the key to your business's success. These decisions are especially important for startups.
Here, we will discuss what kind of decisions you can make at the very beginning to ensure the success of your small business and how to make them. We will also cover what to do and what not to do along the way. HishabPati app can help your decision making in business. We will also learn how it will be done.
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Starting a business is both challenging and full of potential for an entrepreneur! With the right decisions and planning, a small business can easily move toward success. In Bangladesh, thousands of small businesses fail to survive due to a lack of proper guidance. So, let’s explore the 10 key decisions that must be made at the very beginning to ensure the success of a small business.
1. Conduct market research to identify your target customers.
The first step for any business is identifying the right target customers. Without understanding who will use your products or services, success is impossible. This is where market research becomes essential.
You need to have a good understanding of the type of products or services your customers want and their purchasing power. Before launching a new product, it's crucial to analyze your target customers' needs, the competition, and the overall market condition.
So, from the start of your business, try using HishabPati . By analyzing the sales report from HishabPati, you can gain insights about your target customers. For example, through the HishabPati app, you can easily identify which products are selling the most and what type of customers are purchasing them more frequently.
2. Create a realistic financial plan or budget.
Create a realistic budget for your business. A proper budget plan is crucial for any business. For small businesses, developing a realistic financial plan is essential.
This will allow you to plan for initial costs, operating expenses, and future investment. Additionally, you can create a financial plan for a specific period by considering your income and expenses, as well as the potential profit and loss.
3. Choose the right suppliers for your products or raw materials.
Selecting the right suppliers for your products or raw materials is a crucial step in starting a business. If you can choose suppliers who provide quality products or materials at the right price, your small business can achieve success much more quickly.
In simple terms, the success of a business directly depends on the quality of its products or raw materials. Additionally, ensuring timely delivery of products and maintaining low costs is also very important. Therefore, it is essential to find the right suppliers before starting a small business.
4. Determine your sales and marketing strategies.
Sales and marketing strategies are the main driving forces behind a business. Without effective marketing, it becomes difficult to promote products or services, making it challenging to reach your target customers. To address this, you need to develop the right strategy based on your budget, target market, and competition. If the marketing of a small business is strong, sales will also increase.
5. Ensure the proper use of technology.
In today's business world, succeeding without the use of technology is almost impossible. Proper use of technology is essential even for small businesses. You must leverage technology to simplify daily operations and save time. It's crucial to digitalize all aspects of your business so that you can easily manage everything.
In such case, HishabPati app can be a very good investment for your small business. With HishabPati, you can digitally manage all aspects of your business, including income and expenses, inventory management, transaction records, and invoice generation. Using the country’s most user-friendly and affordable accounting app can help you reduce time and costs for your business.
6. Recruit the right employees and arrange for their training.
In small businesses, hiring the right employees and providing them with necessary training is extremely important. Each employee's role is particularly crucial in a small business setting.
But there's no need to worry! Once you hire employees, you can find various free or low-cost training courses online. Select some good courses that align with your business needs. Then, enroll your employees in those courses to help them get trained.
7. Maintain accurate income and expense records in an easy and cost-effective manner.
Maintaining accurate income and expense records is crucial for small businesses, but it can also be a complex task. Often, failure to keep proper accounts can lead to losses in the business.
In Such Case HishabPati app will help you to maintain error free income -expense calculation. With the app, you can automatically record daily transactions, saving you time and reducing costs. Additionally, by viewing various reports from HishabPati, it will be easier for you to analyze your business's financial condition.
8. Ensure excellent customer service or customer support.
Maintaining good relationships with your customers and ensuring their satisfaction is essential. Therefore, customer service is extremely important for a successful business. If you fail to provide proper service to your customers, they may turn away and go to your competitors. Thus, it is necessary to ensure quick and effective customer support.
9. Establish a system for regular business reviews.
By regularly reviewing your business operations, you can identify areas for improvement. Conducting business reviews is essential for ensuring growth. By analyzing income and expense records as well as sales, you can understand which areas need enhancement. Using the various reporting features of the HishabPati app, you can analyze every aspect of your business.
10. Embrace new technology instead of fearing it; stay updated.
Technology is constantly evolving, and it's important to keep pace with it for your business's success. By utilizing new technologies, you can streamline your business operations and make informed decisions. Therefore, rather than fearing new technology, it's essential to stay updated on it. For instance, the HishabPati app brings all the advantages of business technology to you through its latest updates and features.
Start your journey with HishabPati in three simple steps!
- Sign up on HishabPati:
First, visit the HishabPati website and create an account for your business. Alternatively, download hisabpati app from google play store and register. Registration in HishabPati is quite easy & complete free.
- Set up your company:
After signing up, first set up your business profile by providing the necessary information as the owner. Then, set up essential business aspects such as inventory, units, purchases and sales, outstanding balances, invoices, and transactions. After that, start updating daily transactions.
- Enjoy the various features of HishabPati:
Once you start managing your business accounts with HishabPati, make sure to utilize the necessary and unique features, such as invoicing, barcode scanning, units, and expense management. To understand how to use HishabPati and its features in detail, watch demo videos in Bengali on YouTube.
Digital ledger for income and expenses – HishabPati demo.
HishabPati's subscription fee starts at just 99 Taka!
HishabPati is Bangladesh's easiest and most affordable accounting app. Its subscription fee is divided into monthly and annual terms, with three budget-friendly packages available.
- 01. Basic Package: The Basic package is completely free! This means you can try out the app without purchasing a subscription.
- 02. Premium Package: The monthly subscription fee for the premium package is just BDT.99. And there's a 17% discount on annual subscriptions! It will cost only 999 taka in a year!
- 03. Business Package: The monthly subscription fee for the Business package is just 199 Taka. Like the Premium package, the annual subscription also comes with a 17% discount, making the yearly cost only 1990 Taka.
Know about all features of packages today in details & choose your desired package. Good luck with your business!
