Do Not Compromise On These 5 Areas In Your Business EVER!
If you are new at business, be it your own restaurant or app development firm, you know there are no dearth of compromise requests. Clients would ask you to lower the prices and peers would ask you for favours and what not. No doubt, sometimes compromising brings smile to your client and keeps you afloat in the market.
However, there are cases where you need to take a no-negotiable stance. Here are 5 core areas in the business where you should never compromise to build your brand.
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Don't compromise for an easy life
If you have decided to lead your own business and be an example to the generations of the future, you need to know that there's no shortcut. Unless you strive and struggle for success, you won't be able to understand what kind of investment is needed.
Never negotiate on cost
When you are good at something, never do it for free - goes an age-old adage. You have invested a lot both financially and psychologically. No way should you negotiate on the cost just to keep people happy. When someone opens a new restaurant, many believe keeping prices low and incurring loss initially will build the brand. You dare not do so. This way, you make people believe that the quality of service you offer is low. Look at the smartphone brands, whose initial pricing was targeted at budget customers. Now no matter how much they want, people won't buy an expensive phone from their stable.
Well, this is one of the most important areas, where you cannot negotiate. Tej Randeva in his Linkedin article says, as an individual you will employ morals that are ingrained within your personality, feelings and opinions that are fixed within your psyche. Your business should be an extension of these strong beliefs, with the core beliefs of your business dictated by you.
Balance your business and family
Start up in India is in full bloom. There are people fresh from their universities out in the market shaping up their businesses. However most of the time, they forget about their family, gives up on their health and happiness. This isn't what you want to be a leader. And this is no way to become one.
Remember Steve Jobs, whose Apple started as a new business, never give up on quality. And today, amidst so many MNCs , Apple is still the market leader in smartphone. Quality is something that takes you far. If you compromise on quality and reduce the price of your product or service, you might have a good fan following in the initial years. But that's all. Once they find a better alternative, they would move on. Be true to your quality and build your own loyal customers.
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