Ibrahim Alkurd, the CEO of New Mine, which is an industry leader in the field of Blockchain mining, shares some valuable insights on the steps to build a successful business. He is also one of the founding partners of Lavaliere Capital, which is a digital asset hedge fund.
Business propagation maintaining a seven-figure profit is not an easy job. Below are some of the factors that can help you sustain your business.
Customer Service is Not for Granted
Ibrahim believes that customers play an important role in determining whether your business will succeed or fail in the future. He states that the source of almost 35% of his company’s revenue is repeat orders. The team is constantly trying to improve this number by building strong relationships with the customers.
Taking good care of the customer pulls them back to the business. Your customer service must be highly responsive with active and strong communication.
Build your Network
Staying in a connected network is one of the biggest benefits you can earn. Staying connected with people have become more easy and convenient with the help of social media. It is best advised to connect to other businesses through LinkedIn. Do not be afraid to ask them questions. Send people and businesses personalized messages indicating who you are, what you do, and why you want to connect.
Take care of your Employees
One of the drivers of your long-term success is employee loyalty. It is thus important for you to take care of them. You can use some strategies such as retain your top talents such as, offering them competitive benefits, carefully listening to their needs, giving them challenges to meet, and motivating them to do their best.
Stay Aware! Stay Ahead!
Innovation, Improvement, Growth, and Success go together. The most successful companies are those who are constantly innovating and improving. The world today is moving at an unprecedented speed, the market scenarios are changing, and everyone is fighting to get the highest returns.
In such a scenario, if you still use the traditional ways, remain complacent, your market competitors will take this as an opportunity and pull away all your revenue. It is thus important to stay aware of what the other people are doing and so it best in the market.
Patience is very important for you to succeed. It takes a lot of setbacks, thoughts, and work to achieve what you are planning. For instance, Apple was at the edge of bankruptcy in 1997. But its net worth today is over $2 trillion. It has grown to be one of the most successful companies.
It is thus best to use the setbacks as learning opportunities, stay motivated, work hard, and not give up on ambitions.
Being an entrepreneur, you should be willing to take risks. These can be related to financial, business partnerships, as well as hiring decisions. However, these risks must be highly calculated and measurable. The best way is to develop a company risk plan. This plan can be developed by hiring a business consultant who may charge you but can help to save your business from a complete failure.
Become a Frontline Leader
Do not only give instructions to your team but also participate actively and show them how it is done. Take inputs and feedbacks from your team and get started, set an aim by example, and ask your team how the entire process can be improved.
The conversation that is highly fruitful and encouraging will help you see things that you might have ignored at the previous stages.
Ibrahim shares his industry experience and states that starting a small business can be quite challenging, but hard work and the right direction is quite rewarding.