5 ways to make sure your new project is successful
When starting any project, you must define the project goals, and work to follow up and monitor the success of your new project.
The success of your new project
When starting to establish any project, the entrepreneur must define the project goals as well as determine how to reach these goals, but what is missing from many entrepreneurs is to measure the extent of the project’s success or not, given that there are some statistics indicating that the success of the project needs 5 years. Therefore, the importance of having indicators that help entrepreneurs to measure the success of the project and the decision to continue with the same strategy, or it needs to add some adjustments based on the data of these indicators, has emerged.
5 ways to make sure your new project is successful
1- Customer satisfaction
Entrepreneurs must understand the behavior of the target customer as well as their needs in order to try to achieve their satisfaction as possible. Dealing with clients is very sensitive because of the difference in the nature of customers, which ranges from an angry agent to an understanding and flexible client. It is also important that the goal for the products and services provided is to gain customer satisfaction in addition to loyalty, as this requires a double effort at the beginning of the project due to the novelty of the project in the market.
2- Alignment with the budget
One of the challenges facing new projects is determining a budget that is less or higher than the actual budget of the project, as recording any financial deficit during the stages of the project’s establishment may lead to reaching an incorrect conviction that the project is not feasible while the defect is due to devoting a budget less than the actual need of the project And then make profits. Also, if a budget is set higher than the project needs, this will lead us to provide more cash than the project needs, or if the revenues achieved are less than the numbers mentioned in the budget, and it may be difficult to manage this imbalance in the advanced stages of the life of the project. Therefore, the costs of the project must be known precisely in addition to estimating the value of profits in a realistic way to make an appropriate budget that serves as a good indicator to assess the project’s success in terms of financial terms.
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3- Evaluating the competitors
Some overlook the importance of assessing competitors and the extent of their impact on the market, where the size of competitors and their ability to compete must be analyzed through a quadruple SWOT analysis of the new product or service, this analysis includes the strengths, weaknesses, opportunities and threats that a new product or service can be exposed to. Ahead of competitors or potential market fluctuations.
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4- The expected market share of the company
One of the things that the entrepreneur must know in detail is the share of the expected product or service in the market as well as the size of the internal and external competition for the product, this information helps him to determine the market gap for the product to cover it and then expand the company’s share.
5- Price Policy
Determining the price in the first place depends on knowing all the fixed and variable costs and then determining the required profit margin based on the price policy, which varies according to the product, as well as the target market and the target customers, so the importance of understanding these factors to take an appropriate price policy to enter and continue in the market is highlighted. Some prefer to offer their products at reduced prices during the beginning of the product release in order to encourage customers to experiment and then raise prices gradually, and there are also those who prefer to offer products at high prices in order to target a specific segment.