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10 CRITICAL ELEMENTS OF A SUCCESSFUL BUSINESS

The rules that a successful business operate by today are very different from the rules of 20 to 30 years ago. The widespread use of technology has dramatically cut response times and elevated customer expectations of service. Competitive advantage is the catch cry Camiseta Thomas Lemar , but most business owners struggle to articulate what their point of difference is. The statistics are well known: a staggering 40% of all new businesses fail within the first 12 months. Within 5 years, more than 80% will have failed. And yet, people are flocking to start up new businesses in ever increasing numbers.

What is it then, that sets apart the successful businesses from the unsuccessful ones? Here are my top ten tips for creating and maintaining a successful business. As you read Camiseta Angel Correa , think to yourself ?how does my business stack up?

1. Successful businesses have repeatable, scalable systems

The processes in the business are clear, usually documented and followed religiously by all. This ensures the customer gets the same experience, every time they deal with the company.

2. They don聮t depend on one person

If all the knowledge and skill resides in one person聮s hands or head Camiseta Nikola Kalinic , then the business is in serious trouble when that person wants to take a holiday, has to go to hospital, breaks an arm or leg etc.

3. Successful businesses can articulate what makes them different from others in their field

Businesses that can do this run the risk of competing on price alone, a war that nobody wins (except the customer)

4. They always add value to the customer聮s experience

The customer perceives that value has been added either through service Camiseta Saul Niguez , product features, distribution etc. The customer聮s perception is what聮s important ?find out what聮s of value to them

5. Use strategies that recognize and reward their employees

Reward and incentive programs should be based on performance, not just years of service or other demographic criteria. Employees are human; they respond to recognition - both financial and non-financial

6. Most successful businesses have a powerful vision

They dream and think big, then they share it with their employees to create a uniting purpose

7. Planning ?short term Camiseta Antoine Griezmann , long term, medium term

There聮s no escaping it ?working out where you want to go and planning to get there, will set you apart from the great majority of businesses that don聮t perform this activity well. Doing a plan at business start-up stage and never looking at it again doesn聮t really count as planning either. Plans should be reviewed at least twice per year, and done properly Camiseta Koke , can be your mostpowerful business tool

8. Product innovation ?re-create or die

The world moves on, people聮s needs change, and so must your products or services. If you don聮t offer it, no doubt your competitors will. Take time out to develop one or two new offers ?road test them with your customers.

9. Surround themselves with the right support

Successful business owners know what their skills are. They also know exactly what skills they don聮t have (and probably will never have). They employ or rent the expertise they don聮t have ?after all Camiseta Thomas Partey , it聮s impossible to be an expert at everything

10. Have an exit strategy

Most people don聮t plan to be in their business until they reach the end of their lives, butmost people fail to plan how they will exit their business. Successful business owners know this before they start, and this drives the actions and decisions they make during the life of their business.

Complete potential is here to help you make more of your business. More profits, more income Camiseta Santiago Arias , more of what you want. Remove obstacles to growth and create new opportunities. To get more practical business strategies and tips, sign up to our ezine - Profits for Professionals - at





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