My Adaptable Career

Dubai – UAE

5 Business Concepts That Every Entrepreneur Should Know

3 min read

Running a business can be complicated. Business owners need to know a lot of things to be able to fulfill their responsibilities. Most of the time, they are guided by principles and concepts to help them with their decision-making.

If you are in the midst of building your company, having the right set of business principles and concepts can point you in the right direction. Here are some business concepts that can be valuable in establishing and running your company:

Mission matters

Traditional business owners stick to a business model that postulates that “Cash is King”. It might be true at some point. When the business starts making money and increasing profits, this would leave the company to a dead-end, since the goal has been reached. This can cause the downfall of a successful trade. More than the money, a company and its stakeholders need something that they can look forward to. That is why having a company mission-vision is imperative. It will serve as the guiding principle for employees and sets the direction of where the company will be heading.

Customer service is a way of life

When people hear the phrase “customer service”, the first thing that comes to mind are individuals or an entire department trying to pacify irate customers. But the truth is, it is more complicated than that. Most companies have a hard time defining what great customer service is, much more delivering it. But one of the basic tenets of customer service is not just rectifying concerns, but making sure that the service is delivered in a timely and excellent manner. This would mean that the whole team should be working on delivering that service to customers. It should be applied to every task that is ordered and fulfilled.

Client management is an art

Client management is an ongoing challenge for companies, especially the ones handling several accounts. But the trick in managing clients is to set and manage expectations at all times. You need to let the clients know the scope and limitations of the project and be sure not to go out of bounds. Special and urgent requests are common amongst clients. To be able to manage such requests, you need to sit down with the client and reiterate in a very respectful manner that their request will not be accommodated due to certain reasons. Although it is important to keep clients happy, there are instances when you need to say no to them, especially if it is for their own good.

Company culture is important                                                                     

The hallmark of a successful business starts from within. Many businesses today are changing the way they run their operations. From the traditional way of having employees come to the office and have them work 8 hours/day, modern businesses try to eliminate the monotony factor and inject their own brand of culture to make the workplace not only interesting but also productive. An excellent company culture would create a positive atmosphere that would boost the employee’s morale.

Character above skills

Back then, the hiring process was straightforward – if the applicant possessed the skills needed, he/she is qualified for the job. Less attention was given to the character of the applicants. But in today’s human resource practice, Human Resource personnel delve more into the character of the applicant to see if he/she is fit for the job. The employee’s character determines how he/she will be able to fulfill his/her job in accordance with the values being promoted by the company. Having the right set of skills is also necessary, but these skills can be taught.