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6 Ways To Assess The Potentials Of A Business - Business - Nairaland

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6 Ways To Assess The Potentials Of A Business by mantosa(m): 7:50am On Feb 12, 2018
After fulfilling the legal and other obligations required in starting and running a business, an entrepreneur must understand and foresee the future of his/her venture and also plan, lead, create and innovate in order to be able to avert/minimize impending failures.

The following are few ways to assess the potentials of your business and determine the best action plan(s) to adopt to forestall failure or achieve success:

Acceptance

When a product/service is widely accepted as solution to problem, the first hurdle in the business will be behind the entrepreneur. Sometimes a great deal of convincing needs to be done so as to help the potential client understand the propose value inherent in the offering and the importance compared to other existing product/service.

Revenue

When a business is able to generate revenue to break even and yield profit for its owner, there will be stability in its running and activities. Revenue also gives a business the opportunity of growth, expansion and also helps it compete favourably against others in its industry.

Feedbacks

When the opinions of your customers about what you offer are positive, you tend to work on sustenance and improvement but when they are otherwise, you have to improve in order to meet their expectations.

Future relevance

It is very important to visualize the future of your business, understand the strength, weaknesses, opportunities and threats (SWOT) surrounding the business. This will provide the insight for divestment and other decisions.

Structure

Assessment of the structural make up of a business reveals the placement of roles and responsibilities in whose hands and how these roles and responsibilities are being carried out with competence. With proper structuring, a business can achieve its goals easily and record great success

Competition

Assessing your competition and devising how to better your product/service and stay ahead is crucial to the survival of every business. Adopting efficiency, quality, location and strategic positioning as competitive styles can help a business gain more market share and customers loyalty.


Source: http://tushmagazine.com.ng/6-ways-assess-potentials-business/

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Re: 6 Ways To Assess The Potentials Of A Business by Yhelay(m): 11:25am On Feb 12, 2018
Thanks. It's really helpful!

FTC this Monday morning, a sign of God's favor and blessings.

2 Likes

Re: 6 Ways To Assess The Potentials Of A Business by ShitHead(m): 11:26am On Feb 12, 2018
I'll rather use the money and buy snake. That's the surest business now.

2 Likes 1 Share

Re: 6 Ways To Assess The Potentials Of A Business by Stethaine: 11:26am On Feb 12, 2018
Business can only grow base on the attitude and hard work you put into the business. You can sleep day and night and expect the business to grow over night. Now way.
Re: 6 Ways To Assess The Potentials Of A Business by ilsmiling(m): 11:26am On Feb 12, 2018
9ice
Re: 6 Ways To Assess The Potentials Of A Business by Nobody: 11:26am On Feb 12, 2018
Good thread....
Re: 6 Ways To Assess The Potentials Of A Business by olatwo(m): 11:26am On Feb 12, 2018
Umm...
Re: 6 Ways To Assess The Potentials Of A Business by Ghnaija(m): 11:27am On Feb 12, 2018
Cool
Re: 6 Ways To Assess The Potentials Of A Business by bennytrips27(m): 11:29am On Feb 12, 2018
OK. Thanks
Re: 6 Ways To Assess The Potentials Of A Business by Oye4u(m): 11:29am On Feb 12, 2018
Good write up
Re: 6 Ways To Assess The Potentials Of A Business by Ekiseme(m): 11:33am On Feb 12, 2018
Nice one
Re: 6 Ways To Assess The Potentials Of A Business by WHIZKIDEFE(m): 12:16pm On Feb 12, 2018
Thumbs up, Op.
-
Well outline, i place more attention on the SWOT analysis.
Re: 6 Ways To Assess The Potentials Of A Business by rawtouch: 12:27pm On Feb 12, 2018
valid points, nice one..
Re: 6 Ways To Assess The Potentials Of A Business by datola: 12:45pm On Feb 12, 2018
Hmm..
Re: 6 Ways To Assess The Potentials Of A Business by Kennycyphers(m): 12:57pm On Feb 12, 2018
Webman007:
Good points...

Your online compitiveness and relevance is also important...
Nice one. U used the opportunity to advertise your services.. I like that.
Re: 6 Ways To Assess The Potentials Of A Business by Webman007: 1:02pm On Feb 12, 2018
Kennycyphers:
Nice one. U used the opportunity to advertise your services.. I like that.

Hustling things bro

1 Like

Re: 6 Ways To Assess The Potentials Of A Business by Kennycyphers(m): 1:14pm On Feb 12, 2018
Webman007:


Hustling things bro
I understand. I dey that line too. U just gave me an idea. Thanks.
Re: 6 Ways To Assess The Potentials Of A Business by salesforce: 1:29pm On Feb 12, 2018
Oh
Re: 6 Ways To Assess The Potentials Of A Business by Protocall: 5:40pm On Feb 12, 2018
Oshe op. really make sense
Re: 6 Ways To Assess The Potentials Of A Business by BlackOnassis(m): 10:35am On Feb 16, 2018
ShitHead:
I'll rather use the money and buy snake. That's the surest business now.
You want to buy snake when all your mates are just catching them in the bush. Lazy man. grin

1 Like

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