Building a Successful Business: 3 Secrets to Sustainable Profit Growth

Every year in Vietnam, hundreds of thousands of new businesses are registered, but according to actual statistics, a large percentage cease operations after only 1–3 years. The reason is often not the idea itself, but rather the way businesses are effectively built, how cash flow is managed, customers are developed, and profits are optimized.

If you are preparing to start a business or want to take your current business to the next level, this article will help you understand each important step: from foundational planning, building a sustainable business model, to increasing revenue and maximizing profits.

You will learn what to do first, what to do next, avoid common mistakes, and focus on the elements that truly deliver results. This is not just theory, but a practical guide to operating a successful business, increasing financial autonomy, and achieving long-term growth.

If your goal is to run an effective business, achieve sustainable growth, and optimize profits, start with the right foundation today.

Secret 1: How to operate an effective business

Step 1: Research competitors for effective business operations

Understand competitors before making decisions

• Search directly on Google using keywords customers often use, such as "price + product," "best service + industry," "compare + brand."

• Note down at least 5–10 competitors that frequently appear in search results and ads.

• Analyze what they are selling, which segment they are targeting, and what their main message is.

• Read customer reviews to understand their actual strengths and weaknesses.

This research is not about copying, but about understanding how the market operates. In the process of consulting on effective business building, I've observed that most businesses fail because their pricing and positioning are based on intuition rather than market data.

Compare prices for smart pricing

• Create a table comparing the price levels of each competitor based on the same criteria (basic package, advanced package, promotions).

• See if they are competing on low prices, mid-range prices, or premium prices.

• Evaluate whether your selling price is appropriate for the actual value and target segment.

When pricing products, you need to know the market level. If it's higher, you must demonstrate superior value. If it's lower, you need to ensure sustainable profitability. This is a crucial foundation for successful business operations and optimizing cash flow.

Identify unique selling proposition (USP)

• Answer the question: "Why should customers choose me instead of a competitor?"

• Advantages could be: faster service, longer warranty, better personalization, or more competitive pricing.

• The USP must be clear, easy to understand, and consistently repeated in marketing messages.

For example: Some businesses choose a low-price strategy in the market. Others focus on premium experiences and attentive customer care. Both can operate effectively, as long as the strategy is consistent and aligned with the target customer.

Don't copy, but learn to optimize

• Learn how they build their brand and communicate.

• Analyze the channels they are utilizing: SEO, advertising, social media, or e-commerce platforms.

• Find "market gaps" that they haven't exploited effectively.

A smart strategy is not about following old patterns, but about finding a differentiating factor that can be scaled long-term. In reality, sustainably growing businesses often don't try to do everything better than competitors, but rather do one thing exceptionally well and clearly.

Step 2: Accurately identify target customers

View products from the customer's perspective

• Ask: What do customers really need? What problems are they facing?

• Avoid thinking "what I like" and focus on "what the market needs."

• Determine the specific benefits the product offers: saving time, reducing costs, enhancing experience, or conveying status.

In the process of consulting on effective business building, I've found that rapidly growing businesses often start by addressing a clear need, rather than trying to sell what they have.

Analyze data of previous customers

• If you already have revenue, review order data: who buys the most, where, what age group.

• See which customer groups return for a second purchase.

• Read feedback to understand their reasons for purchasing.

Actual data helps you identify the correct target customers, rather than making intuitive guesses. If you haven't sold yet, imagine the group of people most likely to pay and have the highest demand.

Define a clear revenue model

• Sell entirely online or combine with offline?

• Does revenue come from retail, wholesale, recurring subscriptions, or advertising?

• Do customers pay once or multiple times?

For example: If the model is 100% online sales, you need to focus on online shoppers who are accustomed to online payments and trust digital brands. The revenue model will determine how you define your target market and approach strategy.

Analyze competitors' customers

• See if they are serving the high-end, mid-range, or budget segment.

• Observe their advertising content to understand who they are speaking to.

• Find "market gaps" they haven't exploited effectively.

You don't necessarily have to compete directly. In many cases, focusing on a small but well-defined segment will help you run an effective business and optimize marketing costs.

Narrow down customers by specific criteria

• Demographics: age, gender, occupation, income.

• Geography: city, region, climate, population density.

• Behavior: shopping habits, spending levels, frequency of use.

• Psychographics: lifestyle, personal values, goals.

The more specific you are, the more effective your marketing strategy will be. Instead of saying "I sell to everyone," clearly define: "I serve women aged 25–35 in major cities, with middle-income, who are health-conscious and shop online frequently."

Step 3: Grasp trends for sustainable business

Monitor trends before choosing products

• Find out what stage your intended product is in: emerging, growing, saturated, or declining.

• Check the level of interest by observing searches on Google, social media, and e-commerce platforms.

• Avoid significant investment in products that have passed their "peak" and are cooling down.

In practice, effective business building can be severely hampered if you choose the wrong market timing, leading to high marketing costs and slow growth.

Observe broad trends for long-term impact

• Monitor changes in consumer behavior: online shopping, cashless payments, green consumption.

• Pay attention to how people communicate and connect, as this directly affects marketing and sales.

• Evaluate new technologies that could change your industry in the next 3–5 years.

A prime example is the development of social media, which has completely changed how businesses reach customers. Businesses that adapt early often gain a significant competitive advantage and operate more flexibly.

Engage with youth to discover new needs

• Attend workshops and events at universities.

• Talk to students about trends they are interested in, apps they are using, and products they are willing to spend money on.

• Observe how they consume content and interact with brands.

Young people are often the first to experiment with new trends. Understanding them helps you predict future markets rather than just looking at the present.

Maintain a daily habit of updating knowledge

• Spend at least 20 minutes reading news, industry reports, and professional books.

• Follow experts in the field on specialized platforms.

• Note down significant ideas or changes.

Regularly accumulated knowledge will help you recognize market signals earlier than competitors. This is a crucial foundation for effective business operations and avoiding being caught off guard by fluctuations.

Build your business based on personal strengths

• Evaluate your outstanding skills: creativity, analysis, communication, technology, or writing.

• Choose an industry or segment that can leverage those advantages.

• Combine personal capabilities with growth trends to create a sustainable competitive advantage.

If you have an art background, develop creative products or a personal brand. If you're strong in writing, you can explore the digital content, media, or online marketing market. When personal skills align with market trends, the likelihood of building an effective business and achieving long-term growth will be much higher.

Step 4: Develop an effective business plan

Build a clear business plan from the start

• Describe the products or services you offer and the value they bring to customers.

• Identify your target customers, competitive advantages, and market entry strategy.

• Create a detailed budget: fixed costs, variable costs, marketing costs, personnel.

• Develop a plan to attract customers and grow revenue.

A business plan is not just for "show," but a compass to help you control risks and make sound decisions when the market changes. Even small businesses need a clear plan to avoid resource waste.

Regularly review and adjust strategy

• Review the plan quarterly or when significant changes occur.

• Compare set goals with actual results.

• Adjust marketing strategy, selling price, or segment if necessary.

In reality, many businesses fail not because their initial plan was wrong, but because they didn't update it as the market changed. To build an effective business, you must be flexible while staying true to your long-term goals.

Measure all key metrics

• Track utility costs, rent, and employee salaries.

• Record working hours and labor productivity.

• Monitor the number of leads, conversion rates, and revenue from each sales channel.

• Use spreadsheets or management software to store data.

A crucial principle in successful business operations is: what cannot be measured cannot be improved. When you have specific data, decisions will be data-driven rather than emotional.

Perform break-even analysis

• List all monthly expenses (rent, salaries, marketing, operations).

• Estimate projected sales revenue.

• Calculate the minimum revenue needed to avoid losses.

The break-even point tells you how much revenue you need to generate each month to cover your costs. This is a core step in any business plan because it helps you understand your financial risk.

Adjust if the break-even point is too high

• Consider optimizing operating costs.

• Adjust pricing strategies to suit the market.

• Streamline personnel or improve work efficiency.

• Increase average order value instead of just increasing customer numbers.

If the break-even point exceeds market capacity, you need to make changes immediately before cash flow pressure sets in. Good management of financial plans and data is the foundation for effective business operations, increasing profits, and achieving sustainable long-term growth.

Step 5: Define core business values

Clarify core values from the outset

• Answer the question: What does your business exist for?

• Identify 3–5 non-negotiable principles, e.g., integrity, quality, customer commitment, continuous innovation.

• State them clearly in short, easy-to-understand and memorable sentences.

Core values serve as a "compass" in the process of building an effective business. While market conditions may fluctuate and strategies may change, fundamental principles do not. Businesses with clear values often build long-term trust with customers and employees.

Build a specific vision and mission

• Vision: What does the business want to become in the next 5–10 years?

• Mission: What problem is the business solving for society or customers?

• Write it concisely, focusing on the value delivered rather than just profit.

This content should be developed with the core team to foster consensus. When employees clearly understand the direction, they will work more proactively and cohesively in successful business operations.

Connect business values with personal values

• Consider the personal principles you value: integrity, responsibility, creativity, or discipline.

• Ensure company values do not conflict with the beliefs of the founder and leadership team.

• Create a work environment that reflects those values.

Sustainable business growth occurs when internal culture and external brand are consistent. This is an important factor in attracting talent and retaining customers.

Know when to compromise

• Be flexible with tactics, processes, or implementation methods.

• Be ready to adjust plans as the market changes.

• But do not compromise on business ethics, quality commitments, and core values.

In reality, many businesses experience rapid growth but lose credibility by compromising principles for short-term profits. If you want to do business effectively and grow long-term, you need to clearly distinguish what can be changed and what fundamental values cannot be sacrificed.

Step 6: Innovate to avoid business stagnation

View innovation as a survival strategy

• Markets change rapidly, and consumer behavior is constantly fluctuating.

• If a product remains unchanged for too long, competitors will surpass it.

• Businesses need to improve products, business models, and customer engagement.

Reality shows that most products on the market today are very different from five years ago. This proves an important principle in building an effective business: not innovating means eliminating yourself from the game.

Innovate without losing identity

• Maintain core values and foundational products.

• Innovate based on new customer needs.

• Avoid changes that stray too far from what customers trust.

A classic example is Coca-Cola. When New Coke was launched, the drastic change led to negative customer reactions. But with Coke Zero, the company innovated based on health trends while maintaining its brand identity. The lesson here is: innovation must be based on data and market behavior, not just internal ideas.

Prepare for replication

• If a product is good, someone will certainly imitate it.

• Don't rely solely on the "first-mover" advantage.

• Continuously improve quality, service, and customer experience.

In a highly competitive environment, sustainable advantage lies not in initial ideas, but in the speed of improvement. Businesses that continuously update will maintain a leading position and operate effectively long-term.

Build a culture of continuous improvement

• Encourage employees to propose new ideas.

• Regularly gather customer feedback.

• Conduct small-scale tests before large-scale implementation.

Innovation does not necessarily mean changing the entire product. Sometimes, optimizing processes, improving services, or enhancing customer experience is enough to make a difference.

Tip 2: How to increase profits for small businesses

Step 1: Reduce costs to increase profits

View cost optimization as a long-term strategy

• Profit = Revenue – Costs.

• If revenue cannot be increased immediately, reducing costs is the fastest way to improve cash flow.

• Cost optimization does not mean indiscriminate cuts, but smart spending.

In consulting for building effective businesses, I've noticed many businesses focus too much on sales and neglect operational costs.

Renegotiate contracts periodically

• Review contracts with suppliers annually.

• Compare quotes from 2–3 other providers to have leverage in negotiations.

• Avoid signing long-term contracts if terms are not flexible.

With market data, you'll be in a better position to negotiate prices, service quality, and payment terms.

Utilize discounted inventory for testing

• Purchase clearance or discounted products at low prices.

• Use them to test market demand before ordering large quantities.

• Reduce risk when expanding new product lines.

This is a smart way to test the market without investing too much capital upfront.

Control daily operating costs

• Track costs for printing, phone, software, outsourced services.

• Optimize energy consumption by controlling temperature and turning off devices when not in use.

• Re-evaluate "small but recurring" expenses.

Seemingly small expenses can create significant pressure if they persist for many months. Good management of these items helps to operate efficiently and more stably.

Reassess staffing and marketing structure

• Are current staff operating at full capacity?

• Which marketing campaigns truly bring in customers?

• Which processes can be automated to reduce labor costs?

Cutting in the right places will make the business leaner and more agile without compromising service quality.

Track expenses with actual data

• Keep detailed records of all expenses.

• Compare actual costs with projections.

• Always prepare a contingency budget instead of being overly optimistic.

If you don't know how much you're spending each month, you can't optimize effectively. Tight cost management is a crucial foundation for successful business operations, ensuring stable profits and long-term sustainable growth.

Step 2: Accurately calculate profit margins

Understand what profit margin is

• Profit margin tells you how much money you actually keep after each transaction.

• Basic formula:
  Profit Margin (%) = (Profit / Selling Price) x 100

• Example: Sell a product for 100,000 VND, earn 25,000 VND profit → profit margin is 25%.

In corporate financial management, gross profit is the difference between the selling price and the cost of the product. Without understanding this metric, it's very difficult to build an effective business and control cash flow.

Distinguish between gross profit and net profit

• Gross profit: Selling price minus production or purchase cost.

• Net profit: Profit remaining after deducting all operating costs such as rent, salaries, marketing, utilities.

Many businesses show a "profit" on each product but still run out of money by the end of the month. The reason is that operating costs are not fully factored into the profit margin calculation.

Build a financial reserve fund

• Allocate a portion of profits to create a reserve fund.

• Anticipate lean periods or declining revenue.

• Avoid using all profits for immediate expansion.

In effective business practice, the businesses that survive long-term are not necessarily those with the highest profits, but those with the best cash flow management.

Prepare 3-6 months of operating capital

• When starting a business, do not expect immediate profits.

• Sufficient funds are needed to cover fixed costs for the first few months.

• Plan finances cautiously instead of being overly optimistic.

Many businesses fail not because of poor products, but because they run out of cash before reaching the break-even point. To operate a successful business, you need to carefully calculate profit margins and prepare sufficient financial resources to safely navigate the initial phase.

Step 3: Limit reliance on borrowed capital

Do not build a business solely on debt

• Borrowing increases the pressure of monthly interest and principal payments.

• If revenue does not meet expectations, cash flow will immediately become strained.

• Starting a business entirely with borrowed capital is high-risk, especially when the market is unproven.

In my experience consulting on effective business building, I always advise new businesses to control financial risks before considering rapid expansion.

Prioritize investing own capital

• Use savings or reinvested profits to operate during the initial phase.

• Start small to test the market.

• Grow incrementally based on actual cash flow.

When you use your own capital, you will be more cautious in every spending decision. This helps to validate the business model before large-scale expansion.

Share risks with partners or investors

• Find people with a shared vision and complementary skills.

• Clearly define roles, benefits, and responsibilities from the outset.

• Consider raising capital if rapid expansion or specialized expertise is needed.

A suitable partner not only contributes capital but also brings experience, connections, and strategy. This is a way to conduct business effectively without bearing all financial risks alone.

Step 4: Hire the right people, maintain the right culture

Clearly define company culture before hiring

• Clarify what your workplace values most: discipline, creativity, speed, or stability.

• Write down 3-5 key characteristics of internal work practices.

• Ensure candidates understand expectations before accepting the job.

During the process of building an effective business, I have noticed that the most common mistake is hiring people who are technically skilled but not a good cultural fit. This easily leads to internal conflicts and reduced team performance.

Hire for fit rather than just skill

• Prioritize candidates with a collaborative and responsible attitude.

• Look for individuals who are eager to learn and adapt.

• Ask situational questions to assess teamwork ability.

A well-coordinated team creates far greater value than individual stars working in isolation. This is a crucial factor in successful business operations.

Thoroughly check information and references

• Call references for verification before making a decision.

• Understand previous work experience and reasons for leaving.

• Observe attitude and consistency during the interview process.

Hiring the wrong person not only incurs salary costs but also training time and impacts team morale.

Prioritize long-term commitment

• Understand the candidate's career goals.

• Assess their level of commitment through previous work history.

• Develop a clear development path to retain employees.

A high turnover rate increases recruitment and training costs and affects overall performance. Businesses that want to operate effectively need to invest in suitable personnel and create an environment good enough for them to stay committed.

Step 5: Analyze job roles before recruiting

Clearly define job content

• List each task the employee will perform daily.

• Define output goals: sales, number of customers, project progress, or service quality.

• Clarify responsibilities and authority within the scope of work.

In practice of building an effective business, many hiring mistakes stem from not clearly defining the job from the outset. When expectations are vague, performance and accountability also become vague.

Identify essential and complementary skills

• Essential skills: necessary experience, expertise, certifications.

• Preferred skills: communication, time management, teamwork abilities.

• Clearly distinguish between "must-haves" and "nice-to-haves" to avoid mis-hiring.

This approach saves screening time and attracts the right personnel who fit the company culture.

Write concise and clear job descriptions

• State the position, main duties, and expected outcomes clearly.

• Be transparent about working hours, salary, or bonus mechanisms.

• Present skill and experience requirements specifically.

A clear job description attracts suitable candidates and reduces probation period turnover. This is a crucial step in operating a successful business.

Leadership needs to be directly involved in recruitment

• The leader should participate in interviews for critical positions.

• Assess suitability with the company's direction and core values.

• Do not delegate all hiring decisions to subordinates when the business is small.

Personnel are a strategic asset. Selecting the right people will have a long-term impact on growth quality and the ability to operate effectively.

Consider hiring collaborators or independent contractors

• Suitable for short-term specialized needs or project-based work.

• Reduces fixed costs compared to full-time employees.

• Ensure compliance with legal regulations and tax obligations.

A flexible model helps businesses optimize costs in the early stages. However, careful consideration is needed to avoid legal risks and ensure work quality.

Step 6: Create a positive work environment

Make employees feel valued

• Acknowledge work results promptly, not just when mistakes occur.

• Listen to feedback and suggestions for improvement from the team.

• Share business goals and results so they feel like an important part.

A negative environment reduces productivity and increases turnover. Conversely, when employees feel valued, they are more proactive and contribute more to building an effective business.

Be flexible when necessary

• Be understanding when employees have family matters or urgent issues.

• Allow adjustments to working hours or remote work when appropriate.

• Evaluate effectiveness based on results rather than just presence.

Reasonable flexibility does not reduce discipline but increases engagement and loyalty to the business.

Pay and benefits are transparent and fair

• Establish a clear salary scale from the outset.

• Link bonuses to performance and specific goals.

• Ensure income levels are competitive with the market and capabilities.

If employees feel underpaid, dissatisfaction will directly affect service quality and customer experience. A reasonable compensation policy is the foundation of successful business operations.

Motivate with small but meaningful actions

• Give gifts on special occasions or recognize unexpected achievements.

• Organize internal activities to build team cohesion.

• Empower high-performing individuals more.

Seemingly small things create great motivation. When employees feel cared for, they are willing to put in more effort to help the business operate effectively and grow sustainably.

Secret 3: Effective sales and marketing strategies

Step 1: Optimize sales leads to increase revenue

Understand what a sales lead is

• Sales leads are individuals who have provided their information, made contact, or been approached by the business within the last 12 months.

• This group has a higher propensity to purchase compared to those unfamiliar with you.

• Lead data needs to be clearly stored: where they came from, when, and their level of interest.

In the process of building an effective business, many businesses focus only on immediate sales without building a long-term lead generation and nurturing system.

Track Conversion Rate

• Conversion rate = Number of buyers / Number of sales leads.

• Example: 100 interested people, 10 buyers → 10% conversion rate.

• If the rate is low, re-evaluate the sales message, price, or consultation process.

Additionally, visual content such as product videos can help build trust and improve conversion rates. This is an important factor in effective business in the digital age.

Measure Customer Lifetime Value

• Track the average number of purchases per customer per year.

• Calculate the average order value.

• Identify loyal customers to develop specific care strategies.

If a customer makes multiple purchases, you can invest more in marketing to attract similar groups. Good management of this metric helps optimize costs and increase sustainable profits.

Build a social media strategy focused on lead generation

• Choose the right platform for your target customers.

• Create helpful content that solves problems instead of just advertising.

• Actively interact and respond to comments and messages.

Social media is not just for brand building but also a tool for continuously generating potential customers if implemented correctly.

Prioritize budget for lead generation activities

• Invest in advertising aimed at collecting customer information.

• Participate in trade fairs and industry events to expand relationships.

• Build an email list or proprietary customer database.

Branding is important, but without a steady stream of sales leads, revenue will be unsustainable. Businesses aiming for successful business operation need to focus on a lead generation and conversion system first, then expand brand recognition.

Step 2: Choose the right business location

Understand the role of location in the business model

• If you sell directly to retail, a restaurant, a showroom, etc., a high-traffic location is crucial.

• If the business primarily sells online or by phone, you can save costs by choosing a less expensive location.

• Don't choose a location just because it's "pretty" or "central" if it doesn't fit the model.

In the process of building an effective business, I have seen many stores fail simply because the rent was too high compared to actual revenue.

Thoroughly research the area's demographics

• Check the average income level of residents in the surrounding area.

• Analyze age, consumption habits, and population density.

• Compare with your previously identified target customers.

For example, if you sell high-end products but locate in a low-income area, achieving expected revenue will be very difficult.

Analyze traffic flow and movement patterns

• Observe the volume of people and vehicles passing by at different times of the day.

• Check for convenient parking.

• Assess the likelihood of customers stopping and entering the store.

Good traffic that is difficult to access will not be effective. The ideal location is one that is both busy and convenient.

Optimize signage and exterior appearance

• Design clear, professional, and easy-to-read signage from a distance.

• Use colors and messaging consistent with your brand.

• Research local regulations regarding sign size and placement.

Signage is essentially 24/7 free advertising. If utilized well, you can reduce initial marketing costs and increase natural customer attraction.

Step 3: Focus on excellent customer service

View service as a long-term competitive advantage

• Customers return for the experience, not just the price.

• A minor incident, handled skillfully, can turn a dissatisfied customer into a loyal one.

• Actions like a sincere apology, a small discount, or quick complaint resolution can leave a strong impression.

In the process of building an effective business, I have observed that businesses with sustainable growth often have a high customer retention rate thanks to good service.

Leaders should directly listen to customers

• Business owners should occasionally chat directly with customers.

• Ask them why they chose the product and what could be improved.

• Acknowledge feedback instead of just being defensive or explaining.

The presence of a leader creates a sense of respect and increases brand trust.

Use surveys to improve quality

• Send short surveys after customers purchase or use a service.

• Identify strengths to leverage and weaknesses to improve.

• Reward employees who receive high customer ratings.

Feedback data helps businesses adjust services based on reality, rather than assumptions. This is an important step in successful business operation.

Increase loyalty with appropriate incentives

• Offer discount codes to loyal customers.

• Develop loyalty programs or birthday gifts.

• Actively interact with customers on social media.

Retaining existing customers is often much more cost-effective than acquiring new ones. This is a core principle for effective business.

Learn from negative feedback

Tech billionaire Bill Gates once emphasized that unhappy customers are the greatest source of learning. Success can provide motivation, but failure and negative feedback are what truly help a business improve.

Step 4: Plan effective advertising

Develop an advertising plan from the outset

• Clearly define objectives: increase brand awareness or generate sales leads.

• Choose advertising channels based on target customers, not trends.

• Allocate specific budgets for each channel and measure effectiveness.

In the process of building an effective business, I often see businesses fail due to disjointed advertising without a clear strategy.

Leverage targeted social media advertising

• Create professional fan pages, update content regularly.

• Run ads by age, region, interests, and behavior.

• Test various content formats to optimize costs.

Social media advertising allows targeting the right people at the right time with flexible costs. This is a powerful tool to quickly increase potential customers if implemented correctly.

Consider traditional advertising if appropriate

• Print media and television can be effective with older target audiences.

• Radio is suitable for local products or service industries.

• Choose channels based on customers' information consumption habits.

Not every business is suited for online advertising. Understanding consumer behavior correctly will help achieve more effective business.

Experiment with creative marketing (guerrilla marketing)

• Organize small, attention-grabbing local events.

• Leverage unique ideas to attract media and social media attention.

• Combine offline activities with online viral spread.

Creative strategies can help small businesses make a strong impression without a large budget.

Invest in website and SEO optimization

• Build a professional website that displays well on mobile phones.

• Optimize content for SEO to appear on Google when customers search.

• Monitor keywords related to building an effective business, products, and services you offer.

A website is not just a place to introduce information, but a platform to generate sustainable customers. Good SEO helps businesses have a stable source of traffic without relying entirely on paid advertising.

Step 5: Become a leading expert in the field

Share knowledge to build credibility

• Actively share practical experiences with the community and customers.

• Write in-depth analytical articles on market issues of interest.

• Offer data-driven insights and real-world experience instead of just advertising products.

When you are perceived as an expert, customers will trust and prioritize choosing you. This is a long-term strategy for building an effective business and developing personal branding alongside company branding.

Utilize traditional media to increase credibility

• Participate in interviews on local newspapers, radio, or television programs.

• Propose useful topics instead of just talking about products.

• Prepare clear content, focusing on solutions for customers.

Mainstream media exposure helps rapidly build credibility, especially with customer groups who value trustworthiness.

Develop your own media channels

• Write specialized blog posts on the company website.

• Share articles analyzing industry trends and practical guides.

• Optimize content for SEO to attract organic search traffic.

Blogs are a sustainable platform to attract customers interested in your expertise. When content is high-quality, you not only improve search rankings but also solidify your position as an expert.

Create instructional video content

• Make videos explaining how to use products.

• Share tips for solving common problems.

• Post on your website and social media to increase reach.

Videos help build trust faster because customers can clearly see your knowledge and demeanor. This is an effective tool to increase sales leads and improve conversion rates.

Principles for sustainable business operation

Always use written contracts

• All agreements with partners, suppliers, and staff must be clearly documented in writing.

• Specify rights, responsibilities, deadlines, and dispute resolution terms.

• Do not rely on verbal promises, even with acquaintances.

In practice, when building an effective business, many legal and financial risks arise from the lack of clear contracts.

Consider carefully before every major decision

• Analyze benefits and risks before expanding, raising prices, borrowing capital, or changing models.

• Consider the impact on cash flow and brand.

• Consult experts when needed.

One wrong decision can severely impact the entire system. A sustainable business makes decisions based on data, not emotions.

Manage daily tasks with a to-do list

• Create a to-do list prioritized by importance.

• Focus on tasks that generate revenue and improve efficiency.

• Review at the end of the day to assess progress.

Good organization helps you control time and reduce pressure. This is an important habit in running a successful business.

Ensure appropriate insurance coverage

• Consider property insurance, liability insurance, and employee insurance if necessary.

• Calculate appropriate insurance levels based on business size and industry.

• Update as your business expands.

Insurance is not a wasted expense, but a layer of protection against unexpected risks that could disrupt business operations.

Be prepared to work hard but maintain balance

• Starting a business requires a lot of time and effort.

• However, it's essential to maintain health and spend time with family.

• Schedule reasonable breaks to avoid burnout.

Many business owners overwork for extended periods, which affects the quality of their decisions. To run a successful and sustainable business, you need to maintain stable energy and a clear mindset.

References

1. Baller, E. (n.d.). Expert Interview. Entrepreneur.
2. America’s Job Exchange. (n.d.). Finding the right employee. Truy cập từ http://www.americasjobexchange.com/employer/employer-articles/finding-right-employee
3. CalculatorSoup. (n.d.). Margin calculator. Truy cập từ http://www.calculatorsoup.com/calculators/financial/margin-calculator.php
4. Entrepreneur. (n.d.). Choosing a product or service to sell. Truy cập từ https://www.entrepreneur.com/starting-a-business/choosing-a-product-or-service-to-sell-entrepreneurcom/78778
5. Entrepreneur. (n.d.). How to find the best location. Truy cập từ https://www.entrepreneur.com/starting-a-business/how-to-find-the-best-location-entrepreneurcom/73784
6. Entrepreneur. (n.d.). Six ideas for finding new sales leads. Truy cập từ https://www.entrepreneur.com/growing-a-business/six-ideas-for-finding-new-sales-leads/223129
7. Entrepreneur. (n.d.). 10 questions to ask before determining your target market. Truy cập từ https://www.entrepreneur.com/growing-a-business/10-questions-to-ask-before-determining-your-target-market/226360
8. Entrepreneur. (n.d.). Marketing business: How to choose the best product to sell. Truy cập từ https://www.entrepreneur.com/franchises/marketing-business-how-to-choose-the-best-product-to-sell/58070
9. Entrepreneur. (n.d.). Article 203046. Truy cập từ http://www.entrepreneur.com/article/203046
10. Entrepreneur. (n.d.). Article 235700. Truy cập từ http://www.entrepreneur.com/article/235700
11. FindLaw. (n.d.). Tips for a successful small business. Truy cập từ https://www.findlaw.com/smallbusiness/starting-a-business/tips-for-a-successful-small-business.html
12. Forbes. (n.d.). Welcome page. Truy cập từ http://www.forbes.com/fdc/welcome_mjx.shtml
13. Hall, A. (2012). The 7 Cs: How to find and hire great employees. Forbes. Truy cập từ http://www.forbes.com/sites/alanhall/2012/06/19/the-7-cs-how-to-find-and-hire-great-employees/
14. Human Resources. (n.d.). Recruiting employees. Truy cập từ http://humanresources.about.com/od/recruiting/tp/recruiting_employee.htm
15. Huffington Post. (n.d.). Million dollar advice. Truy cập từ http://www.huffingtonpost.com/jamilah-corbitt/million-dollar-advice-fro_b_3960955.html
16. Inc. (2010). Defining your target markets. Truy cập từ https://www.inc.com/guides/2010/06/defining-your-target-markets.html
17. Inc. (n.d.). 5 ways to spot trends before they happen. Truy cập từ https://www.inc.com/minda-zetlin/5-ways-to-spot-trends-before-they-happen.html
18. Small Business Trends. (2014). Generate sales leads. Truy cập từ http://smallbiztrends.com/2014/07/generate-sales-leads.html
19. Wagner, E. (2014). 10 rules to build a wildly successful business. Forbes. Truy cập từ http://www.forbes.com/sites/ericwagner/2014/01/14/10-rules-to-build-a-wildly-successful-business/
20. 7Geese. (n.d.). Core values: How to discover and align your company’s core values. Truy cập từ http://7geese.com/core-values-how-to-discover-and-align-your-companys-core-values/

Translation: Rowan Hudson Le.