Chinese Business Secrets You Can Learned From
Chinese people are living in almost everywhere in the world, taking part influencing the economic growth wherever they live. They are usually known or at least considered as good businessmen, good sales people, or anything that connects with trading. Well, perhaps it’s inside their genes passed by their ancestors. But one thing for sure, nobody is a great businessman since they were born. Great businessmen learned well from their experiences growing up and WORK REALLY HARD until they achieve their success.
At this moment, we would like to share some Chinese business secrets, taken from “Golden Rules – Art of Business” written by Tao Zhu Gong – one of the greatest Chinese businessman in his days. Even though he has written these useful advice since a long time ago, his principles remain firm and applicable for modern business world.
See People Beyond The Obvious
Imagine you start a business, or have your business growing. You will surely need some new employees. Don’t just select them based on their resume report, but select them based on their potentials and perceive evidence of characteristics from experiences. So give it a time before you hired them officially. Besides to see if they are trustworthy or not, it will give us a chance to see whether they are really able to do the job well or not at all.
Give The Best Service
Every company needs some customers to survive. That’s why you need to remember that: customer is ALWAYS right. Make sure you give the best service to them. Do not judge your new prospects by their look or anything else. All customers are important. They have their own potential, little or big. Remember, when you give them your best service, not only they will come back and buy more from you, but they will also recommend you to their family, friends, or relatives – which means FREE advertising and MORE customers!
Stay Focus To Your Main Business
A company is established with certain goals in your mind. It’s important to stay focus on your main business and avoid changing your company goals over and over again. It’s okay though, to diversify your company, as long as you stick to the main goals of the company.
Keep Your Office / Store Organized
In trading world, an organized store will look more appealing than a disorganized one. Customer will always prefer a neat store with neat sales people. So, you need to keep your office / store organized. Beside that, you will also need to keep your inventory and sales record clear and up-to-date.
Take Some Risks
At some point of your business, you may need to take some risky actions to develop your company or gain profits from separated business projects. What you need to remember is: always evaluate the profits and the loss you may get before taking those risks. When you are comfortable and ready to face the best and worst-case scenario that could possibly happen with your finance, you will be able to make wiser decisions.
Control The Credit
When someone borrows money from your company, it is considered as an asset. But think about this, when they can’t pay you back, it will be a loss for the company. That’s why it’s important to control the credit. When a debtor refuses to pay or delays the payment time, you need to think a way to get that money back in your account. One of the best ways to collect them is by installment. Be flexible; make sure you check their finance flow report and think about an alternative payment they can do to give you your money back.
Don’t Be Stingy
Almost every successful businessman loves to give back to the community – nowadays they call it CSR (Corporate Social Responsibility). They usually give back by starting a corporate philanthropy, hosting charity, building foundation, etc. It could improve your company image while encouraging people to support the company by buying products to help others in need. But aside from that, doesn’t it feel good to be the nice guy that everybody love? And by the way it might boost your reputation at the same time, which means increasing on your company reputation too.
Sometimes opportunity doesn’t come twice. If you see a very good business opportunity and you’re pretty sure it will give you big profits, then you must take actions immediately. Procrastinate will only give your competitors the chance to take that opportunity away from you, and in the end you’re the one who will be sorry for missing it. Remember, almost all businesses have risks; evaluate them quickly and decide fast.
Don’t Be Lavish
Lavish is a bad trait for businessman. Even though sometimes you need to be lavish to attract potential partner or investor, but it is not necessary to spend too much money on it. You must spend your money wisely. Spend it for your business development. Invest in something that will gain you more money in the future. Investing to show off on how rich you or your company is definitely a waste of money.
Don’t Be Dishonest
Every good company is not only selling their items, but also helping their customer fulfill their needs in every aspect. If you think lowering your product quality – while keeping the same price, will give you benefit, you are absolutely wrong. Customer hates dishonest companies. Lying to your customer may look appealing for short-term, but it won’t survive in long-term. So, don’t you ever be dishonest to your customer, or give a false claim about your products. Always strive for good quality and best service to keep your customer loyalty.
Don’t Work Against Business Cycle
All products have their own business cycle. For example in winter, people will buy thicker clothes. If you sell winter clothes in summer, no one will buy it, because they don’t need it yet. So, my point is, you need to sell something according to its business cycle, and customer’s demand. If you manage to map the market according to its business cycle, you will be able to earn maximum profits. Also, remain flexible when you see changes in customer’s demand.
Don’t Be Too Conservative
Changes are essential in business progress. Sometimes, people will innovate new things, and it’s important to keep yourself open-minded for some fresh good changes – especially if that one can improve your business revenues. If you are not sure whether the new things/technologies/systems will help you running the business in a more efficient and effective way, then try it in a small period of time or small portion first, just to test if it attracts your customer in a good way or the other. It’s never a waste to try new things. After all, business world will always evolve from time to time.
If you want to know more about Tao Zhu Gong’s business gems, you can read it in his books and don’t forget to make some notes. It’s definitely an amazing book for young entrepreneurs!