Use It. Share It. Grow It
10 Points of Running A Successful Business!
By: Michael Howard
1. Purpose- Make sure you know your purpose in your business. Most people have a purpose of making money however the purpose should be to create new customers and retain them and the money will come. A majority of your focus needs to be on how to gain customers and how to keep those customers loyalty.
2. Reputation- One key to success in business is to build the trust and loyalty of your customers and this will create a positive reputation. When you deliver excellent customer service, when mistakes arise, and they will, you will retain the positive reputation because your customer is confident that you will take care of the issue quickly and be accountable for the error.
3. Value- You have to insure that the customer feels that they are a valued customer but also you have to be able to be valuable your customer. To stay above the competition isn’t always a matter of which companies’ product is better but who has the best value. Don’t mistake value as price, cheaper is not always better. Don’t focus so much being priced according to everyone else but price according to the value you offer. Key in point every gas station has Pepsi product but customers mostly go where they feel welcomed and pricing isn’t typically the issue.
4. Clear Focus- Keep your focus on the most important asset of your company The Customer! You can have great product but if you don’t take account the needs of the customers, you will fail. Without customers your business might as well be a storage building of aging products. Make sure to listen and be open to your customer needs.
5. Reward- Contributions to your staff, community, and your customers build a positive impact to all involved. You know what it feels like to be rewarded when you do something well so make sure that your reward your return customers, reward your community for allowing you to do successful business in their town, reward your employees for jobs well done. When people feel they are appreciated by your company than in turn they will appreciate your company.
6. Overcome- Remember when faced with obstacles that they are there for a reason. Find out why they are there and then figure how they can be overcome. Some of the strongest companies in the world have been faced with obstacles seemingly too large to overcome. The result of overcoming the obstacles seemingly to large makes the difference between success and failure.
7. Strategy- Main strategy in business is to never stop changing. Always look to better ways of providing for your customers. Don’t get comfortable in doing business the way you are doing it, but roll with the changes of tides. Look at companies who continue to do business the same old way because it’s been successful and you will see a company who may not fail but they will fail to grow and become stagnant.
8. Create Activity- The number one reason companies fail is due to low sales. Low sales will create low cash flow and low cash flow hampers any chance for growth. Create sales opportunity by creating new programs, offering things differently to your customers. Always stay focused on building new customers, creating new sales while balancing the focus on taking care of your current customers.
9. Goal- What is the goal for your business? What is the goal for your customers? When your goals complement each other and you offer the customer service to back it up, you will experience success. A lot of companies set goals to grow but they forget the most important part. Setting a goal without setting a plan on how to achieve it and looking on how this will impact your customers the goal is useless.
10. Cash Flow- When conducting business, you have to maintain a cash flow that meshes with your growth plan. Every business has the ability to grow however some companies try to obtain the growth without having the cash flow to sustain the impact of the growth. You have to spend money to make money but do it at the right pace so you don’t spend more than you can afford.