Creating a successful business is a task that cannot be undertaken on a whim. Business owners who are just starting out or who are expanding their business invest a lot of time, money and energy in ensuring their company thrives.
As one builds a business or works to grow their business, it’s important to understand the key factors that make a business viable and support growth. Without these factors, a business will not get completely off the ground or will collapse under its own weight as it tries to grow.
1. The Product Must Satisfy an Immediate Need
The first principle to consider in selecting any new product or service is to determine if it fills a genuine, existing need that customers have right now. A new product or service must solve a problem of some kind for the customer or make the life or work of the customer better in a cost-effective way. At Emmviron, we make use of our Professionalism to ensure you are very clear, from the beginning, about exactly what your product or service does to improve the quality of the life or work of your customer.
2. Offer Good Quality at a Fair Price
The second principle for business success with any product or service is that it must be of good quality at a fair price. If it’s in competition with other similar products or services, it must have a Unique Selling Proposition, one or more features or benefits that make it unique, different and superior to any competitive product or service.
This area of uniqueness is central to success in business. No product or service can succeed unless it is unique and superior to any other product or service that competes with it. There’s seldom any opportunity to build a business around a “me too” product–a product or service that’s just the same as all the others, where the only difference is that it’s you who happens to be selling it.
3. Finance Management
The third principle for business success is tight financial controls and good budgeting. Successful companies use accurate bookkeeping and accounting systems. They put these systems in place at the very beginning and carefully record the penny they spend.
4. Cash Flow Is Essential
Cash is the lifeblood of the business. Cash flow is a critical measure and determining factor of business success. All successful entrepreneurs install careful financial controls and monitor them every day. They carefully consider every expenditure. They take the time to analyze the use of every penny. They work from detailed budgets and they review them every week and every month.
5. Guard Your Cash Carefully
One key to business survival, with regard to your operations, is “frugality”
6. Maximize Your Marketing
Perhaps one of the most important principles for business success is strong momentum in the sales department. Everybody must think about selling and satisfying customers all day long.
7. Selling Is the Core Skill of a Successful Business
The key to business success is simple. With regard to the product, the keys are to “Sell! Sell! Sell!” One of the most important single skills you must develop for succeeding in your own business is the ability to sell yourself and your product to your customers.