Teng Rithy, founder of Property Investment Realty Partner: "7 Tips to Help Entrepreneurs Compete in the Market"
Running a successful business is every entrepreneur’s dream, but winning a competition is not easy. It depends on many factors to help a business succeed in the market. Teng Rithy, the founder of Property Investment Realty Partner and R’ Investment Group, offered to share 7 tips to help business owners compete in the Cambodian market at the Cambodia Marketing Conference held in Cambodia-Japan Cooperation Center (CJCC).
1. Keeping up with the market: Understanding the market is important in keeping up with it. Many people do not keep up with the market so they continue to produce things the market no longer wants. For instance, Nokia old model phones were very popular before but nowadays touch screen phones like iPhones are better and in higher demand.
2. Planning ahead: If you start a business that only copy other bussiness model, you will surely fall behind in the battle. You need to strategically plan ahead like creating a franchise. Thus, if you enter the market first, you have a higher chance of winning.
3. Cash-flow management: Budget management, cash flow and investment are important for finance management in business. Every entrepreneur must bear this concept in mind to stand stong in the market. Make sure you can manange your cash flow well in order to keep your business healthy.
4. Managing System: You must use business, personnel, marketing, and customer management systems. Some business owners do not pay attention to their customer records which makes it difficult for them to find data when they want to sell products or services to customers later. Thus, you must be prepared to learn proper recording systems or technology storage systems.
5. Skills & attitude: Some people have good marketing skills so that they can explain their company to customers very well, but they lack a good attitude towards customers that makes their company hard to sell any products or services out.
6. Sharing: Leaders should share knowledge, experience, and strategies to their employees because some leaders do not have all time to do everything alone. Employees need to have enough knowledge and skills to keep the business moving forward.
7. Adaptability: The world is changing and so are business owners and everyone else. A lot of businesses are no longer in demand nowadays, and businesses should be changing accordingly. Adaptability is important, and you should also be open-minded in competition.
By: Yuulin An