The business industry has shown significant change over the period of time. Let’s recall the learning of economics in the colleges. In early days, humans used to trade using barter system (where one used to exchange the goods possessed by him, in bulk, with the goods he needs for his survival or luxury). Generations passed and we are exposed to the real economical (monetary) exchange. Initially only those individuals could be found in business who had inherited the business from their hierarchy. This concept is termed as Joint Hindu Family business and was limited to certain locality. Time passed and with the concept of liberalisation, privatisation and globalization coming into effect, the government started loosening their control which resulted into less formalities for starting business. This motivated many smart minds, inclusive of individuals from business families, to enter into business world. Initially businesses were limited to certain areas but with the passing time the businesses have crossed boundary concept and scaled up on national and international level. 

In 90’s business practices were different than today’s business practices. The businesses were conducted on small scale and there was personal attention to each customer, which  benefitted the business in form of consumer loyalty. Nowadays business have grown in size, so it is exceedingly difficult to give personal attention to each and every customer. Hence businesses have set up their customer relationship department which handles customer grievances and resolves them for customer retention. Earlier, businesses were limited to certain locality but now business and industries strive to reach worldwide. To enhance consumer base, business & industries conduct advertisement campaigns to spread awareness about their brand and provide great offers in order to appeal to their consumers. Every business firm has to face competition and give their best in order to sustain in today’s competitive market.  Correspondence has also changed over a period of time. Businesses have to be agile on corresponding with all their stakeholders and be prepared to respond immediately with emails, tweets and being active on the social media platforms.Earlier physical presence was must for any business to work from office but now the companies with their virtual presence can reach their global clients with help of latest technology and render the company’s services and goods worldwide. 

Following are few practices which should be deployed by today’s businesses for being successful business in today’s dynamic world: 

• Every business should have comprehensive plans for all the short term and long-term activities in order to achieve the respective goals. This is in addition to the contingency  plans to face any unforeseen causality.

• Businesses should study target audience and learn in depth about their needs to anticipate their requirements  and take corrective measures to interest their consumers. 

• For expanding their business, the businesses should get into strategic collaborations to meet their goals and manifest mutual benefits.

• Businesses are never for a short run process. As a tree takes years to bloom and bear fruit, the same also applies to business. The more efforts, smart decisions and flexible actions are taken by the businesses, more success is on their way.

• Businesses should never comprise on quality and should endeavour to provide quality products for loyal consumer base.

Change is the only constant in this world. Hence the businesses should be alert and flexible to adapt to the changes in business environment in order to enhance their brand credibility and sustain in this ever-growing business world.

-Darshan Hande
MMS-Batch
2020-2022