Whether you are looking to start a business for the first time, buy an existing business or already run a business there are three main factors that will make or break your business.
Below we will take a brief look at the 3 factors highlighting there importance to creating and maintaining a successful business.
- PLANNING – Every business has goals, right from the very start of the idea of your business and planning is the key to achieving these goals.
1.1. The first stage of planning is to highlight your business’s goals in a Mission Statement. Your goals should be measurable, obtainable and completed to a timeline.
1.2. Financial Planning is fundamental to the success of any business. From time to time a business’s expenditure will out way the profit but the key is to stick to your business budget.
1.3. Plan your time. It has been said that sacrifice has its rewards; the result of hard work and using your time to the maximum benefit will do nothing but benefit your business.
- LEARN information is very important in today’s business world, whether it be product information, information on your business sectors recent development s or customer & market information to make a success of your business you must keep learning. Gaining information from other more experienced people in your field or through the many forms of information available today can make or break your business. It is an ever changing world, in market and customer trends and sales and marketing methods that if you don’t keep evolving as a business it will stagnate and slowly die off. In the start of a business learning about your potential market is a vital part of planning of your business, you must learn about your competitors, your business sector, and your potential customers in order to formulate good business plan.
- YOUR BUSINESS’S REPUTATION the reputation of your business is also a key factor to its success. The reputation within your business sector and in the market place can make or break your business so trying to adhere to the following can give your business a good reputation.
3.1. Honesty being honest goes a long way in business, honesty to you and to your associates and customers. The key to this is delivering on your promises, whether its quality, service or cost based.
3.2. Give Good Service all business success depends on giving the best service it can. This will enhance customer satisfaction and benefit your business but the word of bad service spreads quicker than the positive.
3.3. Communication – communication with old, new and existing customers as well as your associates will enhance your reputation and give you the ability to learn about potential problems and opportunities.
With this article I hope to have highlighted three factors that will make or break your business. These are the three factors that are at the core of business success so good luck out there in whatever profession you choose.