Creating and running a business is no easy task and many people each year fail at their attempt to get into the market and make a difference in the world. There are many reasons for the failure, and each business’s story is different. Some of the reasons may be the same but there are factors that influence each of the reasons differently. I’ve been thinking a lot about business success lately and what I can do to help you be more successful in your business, as well as your life. The good news is I’ve got some new ideas and you’ll be seeing some of them soon (I’ll share them on this blog and my websites). Today though we’re going to take a minute and look at some of the basics of a business.
All businesses start on an idea, a thought on how to do something different, better, with more impact, cheaper or faster, among other things. The relevancy of the idea is important, as are the details of how that idea will come to life in a business setting and be embraced by customers.
Ideas are great but if you’re not taking action and putting effort into those ideas, the ideas are worthless (unless you can sell them to someone willing to actually do the work necessary to make them successful).
3-Watch the Money
In this day and age it’s pretty easy to start a business on next to nothing (I’ve done it). But if you want to be successful once you start getting money in you have to be smart about how you spend, use and save it. The money is what everyone’s watching, and usually indicates the health of the company.
4-Know your Customers
Customers are key to being successful. You have to know, reach, appreciate, please and celebrate your customers. They are the lifeblood of your business and if you don’t know what they want or need, or if there are any people who need what you’re offering, you’re going to struggle.
5-Spread the Word
You could have the best business in the world but if no one knows about it, you’ll fail. Marketing, whether you’re talking about a website, store location, social media, advertising or the product/service itself, is crucial to getting paying customers in the doors.
These are 5 big areas that impact your business each and every day. If you’re not seeing the results in your business that you would like to see, I’d love to talk with you about changes you can make to better help your customers and your bottom line. Share your thoughts on business basics below!