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What is that one thing that guarantees business survival which every startup must know and do?

 

There's no one magic wand. Business survival and success depend on managing a combination of factors successfully. 


Pause! This combination must be driven by a clearly thought out selling point matched by a singularity of focus.


This selling point, a summary of  the primary reason customers should choose you to do business with instead of competition, is the driver of business survival and success 


After you have clearly defined your selling point, shift your focus to situate it with needs and expectations of your target market, investors, suppliers and the public.  While at it, don't forget to be flexible and adaptable to changes.


Don't also forget that the customer is king. Therefore, customer satisfaction should be regarded as a very important consideration for the sake of business survival and success. 


Another point to keep in mind is that business success takes time. At the early stages of the business, expect expenses to exceed revenue. But with time, a great team and excellent financial managment, your business should break even and go on to make steady profits.


Excellent financial management can be summarized as;


1. Effective budgeting,


2. Efffective source and application of funds management,


3. Effective accounts receivable, cash flow and inventory management strategies.


Now know that no matter how good you're at managing your business, you would still face challenges. But none would be insurmountable.




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