The world has since become a global village making the market place very competitive . Chief Executives have the following as top priority in the bid to ensure the companies they run strive amidst the ever growing global competition.
CREATING BUSINESS OPPORTUNITIES
In order to remain competitive, businesses must continuously create and identify new opportunities.
Business opportunities could come about by expanding your market geographical base, developing new products, partnership with other businesses.
Many big corporations have lost a large portion of their market share over the years and some have gone under because of their inability to continually create new business opportunities.
It is a must do.
No customer. No Business.
Wikipedia defines customer delight as ‘surprising a customer by exceeding his or her expectations and thus creating a positive emotional reaction’.
Delighting customers is a critical success factor for any business as it creates customer satisfaction which leads to brand loyalty.
In the long run, delighting your customers leads to more business growth and profitability.
Here are some ways you can delight your customer:
- Show sincere appreciation for their patronage
- Be dependable and do not compromise on standard
- Reward customer loyalty
- Providing warranty for your products
MINIMIZING ENTERPRISE RISK
Minimizing the risks that may prevent an organization from meeting its business goals is a top priority of Chief Executives.
They ensure that structures exists within the organization that continually identifies, assesses, and manages these risks thereby protecting and creating value for its stakeholders .
The following are examples of enterprise risks:
- Financial Risk
- Reputation Risk
- Operational Risk
- Credit Risk
Chief Executives continually employ strategies eliminate to waste in order to provide goods and services at minimum cost.
Cost minimization strategy may result in downsizing of work force, reduction in work processes or even introduction of more efficient/effective technology.
To strive in today’s very competitive market place, businesses must be run at the lowest operating cost possible but however maintain standard.
Author. Aguolu Kenechukwu Chizoba