5 things one should not do in business

5 things one should not do in business

Running a business is not an easy job to do. Some of the leaders run their business successively because they do not do the “Don’t do”things and most of the people ignore this things resulting in harming their business. These are very important things that one should understand for a successful business career.

These are 5 things one should not do:

1.       Doing business unethically:

Business ethics is very important for running a business successively. Ethics means doing a right thing in a right way. Unethical businesses may be successful but only for some time. There is a right saying “You can fool one person every time or you can fool everybody once, but you cannot fool everybody every time”. One should serve the right value to the nation.

2.       Not serving value to consumers:

If you are selling a product to your consumer, the consumer must feel satisfied with price and also quality. Consumers must be the biggest asset that the company should have. Satisfying the consumer’s need is very essential for the company’s success. For successful business, retention of consumers is also important because if they are not satisfied, they have many options.

3.       Harsh with employees:

In today’s hyper competitive business scenario, retention of good talent is very important because it is very difficult to find a good talent. Employees are the pillars of a successive business. Today, many big multinational companies aim to retain their employees by providing promotions, monetary and Non-monetary incentives. Behaving well with employees and focusing on them for better performance will always take the company to the top.

4.       Not focusing on competitors:

One should be aware of what the competitors are doing. Competition is necessary for the overall growth of the nation, but it is always necessary to keep an eye on competitors. Business leader should have the knowledge of each and every move of his competitors, i.e., what strategies they are using, which product they are launching and how, if any, etc… Knowing about the competitors, one can manage and formulate the strategies that can serve the company more than that of competitors.

5.       Not formulating Zero defect policy:

It is always advisable to the company to formulate the zero defect policy. Zero defect policy is nothing but improving the quality of the products again and again, at the regular basis. Improvement is essential for the overall growth of the company.