“No one will work as an employee forever.” This is a short, simple and meaningful statement. Everyone has their own plans either big or small business. Those are long term plan that everyone planned.
However, beside having a good plan for business from location until product lines, there are some common mistakes that most of us have without notice. Those are:
1. “The moment I can sell my products or services, that’s enough.” Business isn’t just about get everyone sold, getting the money and profits from customers. Not so small proportion of Cambodian businessman or businesswoman think that they just get their products or service sold is enough for them. That’s completely wrong, customers are not just coming in, buy their need and they okay, they need something else called, satisfaction. Satisfaction is very important for business, and it’s long-term business source of growth. Once they satisfy with what we provided both quality and service then they will consider to come back and buy more.
2. “Put everything in the store is ready to go.” Have you ever stepped into a store or mart and spend ten minutes to find stuffs that you needed? And sometime you could not find its location in the store or mart? In digital era, people not stupid but also need directions. Put signboard the name of the goods on the shelf would be more helpful for customers to find their stuffs easily and lesser time consume. That also can help to advertise the goods that you’re selling in your store or mart as well. For example, this morning I went to Tella Mart, I accidentally saw Toyota Oil Filter at the lower bottom of a shelf where I believe super hard to find and see. I was really surprised. If I didn’t accidentally see it, I would never know that they also selling Toyota’s spare parts then. Those issues would be easily solve with just single piece of paper.
3. “Quantity is not as good as value.” Doing business means earning money. The more money you get, the more success you are. But however, with the tough competing market like everyday, high value maybe or maybe not the suitable measurable option anymore. Selling goods with lower price may bring your market-value down if compare to competitors, but in returns you’ll get more in terms of turnover, customers and customer’s satisfactions. For example, if you are selling Avian pure drinking water with a price of $5 per bottle (a 1L bottle) and you can only sell it 20 bottles per day, thus you’ll get $100 per day from Avian 1L bottle sales. But in contrast, you can easily sell 50 bottles of Lyon pure drinking water which priced at $3 per bottle (a 1L per bottle packaging), this means you get $150 from Lyon, higher sales compare to Avian pure drinking water. You see the differences, right? Do not just look into Value, but we should be mindful with Quantity as well. More sales, more money and more growth.
4. “Why I have to share my benefits with my clients?” Currently, with high competing with each other, manufacturers offer plenty of options for their clients, business partners and those come direct benefits that their clients or business partners would get from them. However, their clients and business partners will never share those to their end-users. Why? because they believe that they will lose their benefits as well as their business reputation as well. Those benefits need to be shared through many ways such as discounts, or free-goods.
5. “Just make it done, anything happens will later on solve.” A successful business need to have a good planning and execution as well. Most businesses, especially, family-business here in Cambodia, almost have no business plans, marketing plans as well as long-term vision. They just running their business, once they face obstacles, they will try to solve it. A strong businessman or businesswoman, they can predict the obstacles that would happen along the way and they also prepare a suitable solutions for that. Any business new a good planning.
6. “I and I alone will manage everything.” It is good if you can do it because it’ll help you reduct much cost on hiring a manager to help you manages all the stuffs in your store, firm or organization. But however, that kind of management will bring you countless headache, messy and unmanageable situation or problems. Empower people and give them authority to manage a certain stuffs would be much helpful and efficient. Do not try to micromanage your firm alone or you’ll be mess-up everything and also by far demotivate your staffs as well.
These are some mistakes that I, during my working experienced it and saw it. I’ve seen so many business model in Cambodia follow these including some well-know family businesses. That should have change.