How to Use your Prediction Skills and Bring More Profits to your Business?
By Ketti Leppi on June 13, 2014
Business has never been more competitive than it is today. This competition is only set to grow bigger and tougher in the coming days. There are number of inborn qualities that a great businessman needs to have. One of the must-have qualities for a business man (at least today’s businessman) is prediction. Yes, you heard it right!
That does not mean you cannot run your business without predicting. I am talking about an innovator. Take any innovator as a role model (say Steve Jobs or Warren Buffet) and you will realize that a great innovator is one who has taken the biggest risk in his life by predicting the future. While Steve Jobs took the extraordinary path in his life to achieve what he has, Warren Buffet distinguished himself by trading with stocks that an ordinary trader would not even think of. Not just these two men, there are hundreds in the list.
But who should predict? How would you decide if you are a good predictor? What would you predict and how much would you predict? Here are three ideas.
First of all, evaluate your predicting skills
You should know how good a predictor you are even before thinking about a business. If you don’t, it’s high time now. Recollect all the guessing games you might have played as a youngster. . Try gambling with a game of BlackJack in one of the popular mobile casino sites. Evaluate yourself as a predictor or analyze how much of a good gambler you are. Think of all the risky decisions you have taken in your life and think of how much or how less they have worked for you.
Put them all together, and evaluate your predicting skills, giving yourself an idea on how much you should risk or whether you should risk or not.
Taking small risks in your business
Depending on how small or how big your business is, it is not a bad idea to take risks occasionally. But that completely depends on you and your business stature. You must consider the fact that often, it is little ideas that have changed big things in business. A small change here and there, in your product, market strategy, selling methods, advertisements or even customer contact can make a big difference. It all depends on how creative you are and what changes your new ideas can bring.
Sometimes, simple changes like changing your company logo or changing the look of your product to make it look more appealing, can work. Yes, looks does matter. For instance, if you are a health drink manufacturing company, try changing the images or the colors on the bottle of your health drink. Try inserting a cartoon character or a kid-friendly-superstar image. You will be amazed by the increasing number of children wanting to buy your product. As an alternative, try offering inexpensive freebies like stickers or other kid-friendly stuff, they are sure to reward you.
These are simple risk-free predictions and trials you can bet on. On the other hand, some businesses demand highly risky predictions. While they are risky and might put you in a loss, there is also an equal chance that they change your game big time.
Having a backup is vital
The golden rule before taking a big risk in business is, have a strong backup! Never risk a business that is your bread and butter, meaning if you depend on a single business for your living, then you might have to think twice before bringing in your prediction skills. If it is a small aspect of your business, that’s perfectly fine. But if your prediction happens to be a game changer, do or die, make or break, well you might have to restrain yourself.
Remember it is small ideas and predictions that have converted zeroes to heroes. And after all, life itself is an uncertain journey and you have to be a good predictor to live a great life.