Why does one business fail while another succeeds? Two businesses with very similar resources, manpower and finances can still veer off in wildly opposite directions. More often than not, it comes down to the entrepreneur that’s guiding a business through various stages towards success. One has to be determined, steadfast, and resolute. Following the top key business success principles also helps.
Here are the top 11 key business success principles entrepreneurs should follow:
Work only becomes difficult if you lose the passion for it. Doing what you are passionate about is the way to excel. If you love cars and are running a business selling insurance policies, you might experience success initially but in the long run, you’re going to get frustrated. Finding your passion is something you should do before you set up your business, but then, it is never too late to make a change!
Discipline is the key to maintaining a strong work ethic and healthy work habits. As an entrepreneur, you are a role model for the people working under you. If they view you as a disciplined individual, they are likely to pick up some of those traits from you. Discipline also helps you have a better relationship with your clients and employees. Keep in mind, being disciplined is essential for meeting deadlines and exceeding expectations.
Discipline and organization go hand in hand. If you are not disciplined, you cannot get organized. You need to make plans and set goals before mapping out a blueprint to achieve them. Start off with the small things. When you get to work, spend the first few minutes going over the tasks you need to complete that day. Put them in order of priority. Then, clear your desk of any clutter which might be left over from previous night. Being organized brings great peace of mind.
4. Client Acquisition
Since you’re the person in charge, you don’t need to sell yourself to anyone. But, your business still needs to convince people to buy its products. In this regard, good client acquisition skills would serve you very well. Instead of promoting your products merely as items your clients can buy, sell your business’ vision and message to the people. What are the benefits they receive by working with you and your firm? Offer this information, and more of them are likely to respond to it.
5. Continual Learning and Growing
Continual learning enables you to keep up with the best practices of entrepreneurship which can help you take your business to the next level of success. Also, you can be innovative and improve the workings of your business considerably. If you don’t continually learn and grow, neither will your business.
6. Effective Communication
Communication is a crucial principle for your business’ success. It influences the productivity of your employees as well as the relationship between you and your clients. The first step you need to take is making sure communication is two-way. At the same time, you need to lend an ear to the feedback, queries, and complaints your clients are sending your way. You’ve heard it said before that we all have two ears and one mouth, so we all could be even better listeners.
7. Client Service
The importance of client service has increased exponentially over the years. With substitutes available for almost every product, a business needs to have at least one feature that gives it an edge over competitors. Excellent client service could be the strength on which you base your business’ success. If your clients are satisfied and happy with your products and services, they will come back for more as well as be eager to recommend your business to people they know.
Work smart, not hard. Encourage your employees to work efficiently rather than driving them to the point of exhaustion. Productivity cannot always be judged by quantity. Depending on what your business makes, sells, or provides, you have to work towards making your employees productive. Provide the training, education, and resources they need to be more productive. In addition, improving your own productivity couldn’t hurt!
9. Fiscal Aptitude
An entrepreneur needs to have exceptional money-management skills. The success of your business depends on how well the money is spent and invested. Any business can make money by advertising its products to the masses, but what determines long-term success is how that money is used. You need to develop the fiscal aptitude to manage an ever-increasing amount of money as your business grows.
One of the issues often ignored by entrepreneurs who run small businesses is their own health. Usually, the entrepreneur is the sole person with authority in a small business. If they are rendered incapable of working, the business is going to struggle, and the journey towards success would stall. Hence, it is important that you look after yourself. Preserve your health, so you can work to the best of your abilities and take your business to the next level.
Last, but certainly not least, is quality. Steve Jobs believed in the ‘quality over quantity’ principle, and look where Apple presently stands. But, what is quality? Most entrepreneurs strive to create the perfect product—one which has no side effects or shortcomings. A lot of resources go into researching, developing and then testing the product to make sure it meets a certain standard. But, that is not what quality is about. In fact, what you strive for is perfection, and quality does not mean perfection. Quality is simply fulfilling the customer’s expectations of your business. If you can satisfy your customers, you are delivering quality. Hence, you don’t need to strive for perfection. Rather, you should look at ways you can improve your existing product.
These are 11 key success principles to follow with your business. The risk in running a business is ever-present, but these success principles increase the chances of taking your business to the next level, and we all have a next level.