In 2019, InvestHK announced that approximately 436 overseas and mainland companies have set up in Hong Kong. And this number is continuing to grow with the many business opportunities available in the region. Well, if you are one of the investors planning to invest and successfully run a business in Hong Kong, here are the top success tips for companies in Hong Kong.
Get a Mentor
Running a business requires you to take many risks to grow. But just because the plan you are working on is a goal you set for yourself, that does not mean that you can’t look for help from others. It is better to seek help from other entrepreneurs and business professionals with more experience. The more input you can get, the more outcomes you will foresee and prepare for.
Most successful entrepreneurs have role models who guide them and are willing to share experiences and expertise. And although situation and conditions are different for any circumstance, it helps get insight into various possibilities. Consider putting together an advisory board. Don’t be afraid to ask others how to figure out issues to make better decisions for your company.
Consider Individual Interests
You can never expect long term loyalty from everyone when running a business. Every individual that you hire and deal with will have their interests. Their interests may side in your favor today, but that won’t always be true in the future. For instance, when your employees find better opportunities, they are bound by their interests to work with another company.
Successful businesses these days outsource business functions. Outsourcing ensures that the work you receive is always top-quality and efficient. You can do this if you want to reap the benefits of hiring an external workforce. However, if you still want to engage your staff, consider offering rewards, perks, bonuses, and adventure trips.
Build Strong Relationships
In Hong Kong, it is a custom that your employees won’t tell you of bad news or incidents in the area. This custom can be disadvantageous because you have to always be abreast with current information in running a successful business. Therefore, you have to build a strong relationship with your staff and other companies to gain maximum knowledge from them.
Further, the more you socialize with successful people, the more you can broaden your horizon. Additionally, this will also give you the connections you might need with future business dealings. Strengthen these relationships, and they may prove helpful when issues arise in the future.
Always Add Value
It is always essential to add value to your products and services. Value-adding will ensure that your customers are getting the maximum benefits of your offered products and services. Additionally, this will help you gain customer trust and patronization. Lastly, this ensures that your business will always be in demand and, therefore, will always be profitable.
When planning strategies, always consider whether you are adding value to your products or services. For example, if you are in a service business, you can add value by decreasing your service’s speed. Time is a crucial element that influences the customer’s buying decisions. This strategy, if successfully implemented, will mark your business better than your competitors.
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