February 11, 2025

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The technology folks

Having a great business concept does not equal a great business performance

How to write a Great Business Plan for your startup? | Jiosys Technologies


Having a great business concept is very essential to great business performance. Every business starts with a concept. This is the reason why you are in business. It is from your concept that product development flows. Your business concept will determine your target audience and why you are serving that section of the market. However, having a great business concept is not all that leads to success in business. There are other important variables as well:

Your execution
Even if you have the greatest business concept but poor execution, it is equal to having no business concept at all. In business, concepts hold no water if they are not put into action. If as a result of your concept you have the best product in the market but no clear and actionable strategies to sell it, your product will fail in the market. You must be able to communicate the greatness of your business concept to your target audience, this is what execution entails. Your marketing strategies make up your execution. What plans have you mapped out on how to reach your target audience effectively? If your business is an online business, do you know where your target audience has gathered the internet? Have you studiously researched the tech tools you will need to push your marketing campaign forward? In a digital age such as it, have you made plans on how to make your concept attractive and attention-grabbing, amidst the information overload that plagues these times? Only theoretical concepts do not make a great business performance, you have to work it out using clear and result-driven strategies that will make your business thrive. There is also the fact that poor execution can result in customers giving you a bad review. You might be wondering how a bad review can be your company’s downfall. It is just the same way you are likely not to patronize a particular company if you have been told that their products are substandard. In most cases, when prospective customers come across a bad review about your company, they are likely to opt for your competitors who do not have bad reviews. 

Your ability to deliver on promises
Asides having a great business concept and clear execution on how to sell it, performing greatly in business also rests on your ability to keep your end of the bargain. A business that has no integrity does not perform great, and your ability to deliver is how customers rate your integrity. You do not want to come across as untrustworthy and unreliable in the market. Whatever you cannot do, never list it as part of the deliverables of your business. Customers pay you because they trust that you will meet their needs. Not only will you disappoint them if you do not, but you also turn them into enemies who are ready to disparage your business to other people because of their bitter experiences with you. Once word of mouth about your business misconduct starts to spread, your business is on the verge of folding up.

Your relationship with your customers
Customers are the reason why you are in business. If there are no people to buy, there will be no reason to sell. The way you treat your customers determines how you can retain your existing customers and attract new ones. For instance, if you treat your customers like trash, they will not come back to buy from you again. They will go to your competitors who will treat them well. Not only that, they tell their friends and family about how your competitor treats them better than you. Sooner or later, they influence those in their social circle to your disadvantage.

Your ability to innovate and stay atop your game
A great business concept yesterday may no longer be a great business concept today. The world keeps evolving, and new knowledge is discovered every day. It is good to start with a great business concept but it is more important to stay up to date with the latest in your industry, market trends and general global trends to how it affects your business. From time to time, you must always give your business the necessary touches it needs to serve the modern-day market. You do not want to make the mistake of being stagnant, as success is business is tied to moving forward.

Your ability to expand your business
Even though great businesses start small, they do not remain small. Thriving in the market also depends on how versatile your business is. You need to be able to map out clear profit centres from your business. Having only one source of revenue will not facilitate the success you want. As much as possible, diversify your sources of revenue in the market. Redesign your vision for your business if need be, and expand your range of market offerings.