The Economy website monitors the steps for success in business in 2022.
A trader needs to understand the market, in order to know how the market works from simple to complex details, such as holidays, the impact of various events on trading, side effects, and permissible and tradable products.
Make a written plan
Having a written business plan is very important to achieve success in trade, and this does not mean the need to write a book or a folder, but a plan consisting of some papers is sufficient; To clarify goals, strategies, financing methods, a marketing and sales plan, and the amounts needed to get things done.
Credibility
The individual must be trustworthy, and not sell products that spoil quickly, or those that are below the level of customers’ expectations, and a positive character must be formed around them, so that customers return to them again.
adaptability
Successful traders implement their strategies in all market conditions, and know when not to use their strategies, and this requires mental flexibility; The trader must be able to look at the price action from each day and decide the best way to implement or not to implement his strategies based on the surrounding conditions.
Growth and keeping pace with changes
You must keep abreast of changes to the tools and techniques used in sales on an ongoing basis, whether the changes are internal or external, in addition to that you must not stop growing, learning, working to develop skills, and connecting with new people to maintain the expansion of the sale.
Use of technology in commerce
The term electronic commerce appeared some time ago, but the tools and technological means used in commerce are constantly evolving, and the most important of these tools and means are: computers, the Internet, and electronic markets, as all these tools and means have greatly helped to make merchants more powerful and successful.
Understanding the stock
Securities differ from one trade to another, such as stocks, futures, options, ETFs, and mutual funds; Since without a clear understanding of the characteristics of security, and the requirements of the trade, this may lead to the failure of the trader; For example, traders must know the margin requirements of future contracts, available options, and commodities; As all of them greatly affect the capital that is being traded, as well as the trading plan.
Follow up on all matters and manage by numbers
Written systems must be established for everything, which expresses the method of training employees, and maintaining consistency and conformity. All financial and administrative figures must be checked daily and decisions made based on them, and the most important of these accounts is the financial flow of projects.
Effectively manage company profits and losses
The management of the company’s profit and loss is important to determine the overall position of the business; Many small companies focus on net income without paying attention to determining profit and loss, which threatens to lose control of matters, and profit is an important indicator of the overall health of the business, and it must also be ensured that there is enough financial flow to maintain the operating activities of the business
Delegating employees and not limiting their administrative role
The manager’s job is to delegate employees, check progress, and keep the business organized in an easy and simple way, so he should not be obsessed with control and control. It is precisely required of them.
Listen to others and stay away from arrogance
Consulting with specialists is necessary to produce ideas, as good consultants encourage achievement, commitment to work, and not to give up even in the most difficult circumstances and challenges, and not to confuse personal emotions with work, listening to everyone, and consulting them.
Stop the business at the right time
The successful trader has the ability to determine the right time to stop any project; This is to avoid falling into failure and loss, and stopping the project is as a result of the following reasons: When the merchant feels that the work is not going according to the set action plan, due to changes in the labor market or global markets. The occurrence of some health or financial problems for the merchant, which may lead to failure to implement the plan.
