Can anyone get Stability in business? Where there is totally continuous growth and no loss? The answer is No, it is very difficult to achieve stability in today’s market scenario where there is lot of competition and advanced technology.
Now a day’s Stability is a big factor, even big organizations are struggling for it. it is something we can try to maintain .Business is full of uncertainty, Mostly it depends on external factors like customers choice, taste , budget etc .In economics we have read about PLC .i.e Prodct life cycle
The product life cycle describes the life of a product – from the day it first goes on sale to when it’s finally withdrawn from sale.
The Y-axis shows the sales of the product and the X-axis the time.
The product life cycle can be split into 5 sections (as shown on the graph):
- Introduction – the initial launch of the product, sales will be slow and costs high.
- Growth – sales start to increase as the product increases market share.
- Maturity – growth in sales starts to slow until they eventually level out at a constant rate
- Decline – sales begin to fall as new technology is released or consumer trends change.
- Withdrawal – the product is eventually withdrawn from sale completely
The length of a products life cycle can vary – from weeks to centuries
Now the question is how we can maintain the stability? It can be by
- Innovation of new ideas or products.
- Target wide Audience.
- Updating yourself with advanced technology.
- Most important always keep something from your Profit in buffer so that any uncertainty can not affect you anyways financially which is the most critical part.
- Strong Marketing and Branding strategy.-I like tagline of an advertisement where it states “jo dikhta hai wog bikta hai” it does not simply mean that you should only be presentable and your service product is outdated or worthless if we see other side , it means that if people know about your product and service they approach you and they will give you a chance and we need only a chance then only we can prove our self.
If I talk with a view point of Hr consultant at GS Job Point, in our Profession we face lots of ups and down. Sometimes there are lots of profiles for us to work on, which overloads us.. which is the best time for us. Sometimes, the positions drop to just few. In recruitment firms profit is calculate on the basis of number of positions we close, which is also full of competition and quite risky too. So stability factor a part of every Business whether it is big or small.
So friends Business is full of ups and down profit and loss, risk and troubles it is the mixture of everything. Enjoy it and be a good Entrepreneur. All the best