A study published by the Statista research department around August 2022 outlined the 100 largest companies in the world. And Apple appeared at the top with a market capitalization of 2.64 trillion U.S. dollars.
The data sounds great for every business owner to read. But beyond that, as an entrepreneur, you’re most likely looking for things you can do to make your business successful. Perhaps, not like Apple or Amazon, or Facebook in a rush.
But at least to grow steadily towards the mission and goal of your business.
Running a successful business requires a lot of things to be in place. But in this article, you’ll learn the three (3) things that make a business successful.
Before we delve into it, you must know or get reminded that running a successful business isn’t a piece of cake. It takes a lot of effort to put it together.
3 Things that Make a Business Successful
#1. Effective planning
“If you fail to plan, you are planning to fail,” says Benjamin Franklin. Though starting a business starts with planning, it doesn’t end there.
Running a successful business involves a lot of planning. From strategizing how to source capital, recruiting the best hands to your team, and conducting business meetings to meeting project deadlines.
Below are some of the things that you should plan:
How do you get to your customers?
In every niche and industry, competition seems constant yet steadily increasing. Especially with the rate of technological explosion in the world.
As a result, thinking about your customers is not enough. You have to map out an effective strategy to reach out to them.
Picking one out of many alternatives involves careful research, planning, and making effective decisions. It could be traditional means of advertising or modern formats such as Facebook ads, search engine marketing (SEM), or other electronic means.
Who are your suppliers, and do you find them?
If your business involves getting physical commodities you don’t produce (yourself), you’ll have to find your suppliers. And that will demand you research the best possible supplier to give you the best deals.
You budget how much to spend on supplies by deciding the quantity and what to buy.
Nevertheless, there are other things called proper planning. Everything in business requires effective planning. That way, you can minimize failures in your business operations.
#2. Serving the Need of your client base
As a business owner, one thing you don’t want your competition to do better than you is serving the needs of your client base. Because when that happens and continues to repeat itself, you’ll soon go out of business.
That’s why meeting your customer’s needs should be your primary concern. Because each time you fail to do that, tens of competitors are willing to take your place.
And to do that, you cannot undermine the importance of constantly finding out what you want. Thus, you and your team may want to find answers to these questions:
- Who are your customers?
- Where do they hang out online social media, or/and physically?
- What keeps them awake late at night?
- How do you satisfy the identified needs of your customers more than anyone else in your niche or industry?
While it takes planning to answer these questions, you must map out effective strategies your business and team can execute. Finding a unique selling point for your product or service can give you a competitive edge in your business organization. And in the long run, it leads to the success of your business.
Assets are one of 3 Things that Make a Business Successful
No doubt, starting a business involves lots of assets. What you may call resources. From time and money to human power.
Interestingly, as you need all these to launch your business, you need them to achieve success as an entrepreneur or business owner.
“If you have ideas, you have the main asset you need, and there isn’t any limit to what you can do with your business and life. Ideas are any man’s greatest asset,” says Harvey S. Firestone, one-time American businessman, and the founder of the Firestone Tire and Rubber Company.
You’ll agree that the assets of your business are limited to your properties, tools, equipment, and machinery. But also include your team– your employees.
That’s why you should constantly create a conducive working environment for them. Only then can you get the best from them?
But before that, taking your recruitment process very seriously is essential. Because you want the best hands to be part of your team, right?
Little wonder, Warren Buffett once quoted:
“Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you. You think about it; it’s true. If you hire somebody without [integrity], you want them to be dumb and lazy.”
Tips in addition to the 3 Things that Make a Business Successful
Essentially, building or growing your small business requires a series of strategies. But these strategies or “formulas,” as served by many “business gurus” out there, won’t work without time and energy.
#1. Make Your team Researchers
You and your team need to be consistent researchers. Because that way you’ll be able to keep a tab on what your customers are looking for. Coupled with opportunities in and out of your niche or industry that you can leverage to expand your business.
#2. Continuous training
You’ll agree that the results and performance of any business will depend on the quality of staff you have in your team. Do they have the prerequisite hard and soft skills to carry out their jobs effectively?
To make your response to that question a constant YES, you need to place a premium on the continuous training of your team. Either through organizing physical or virtual seminars, webinars, or workshops intended to equip them with the know-how and hands-on skills they need for success at their jobs.
#3. Treat your customers as KINGS
Many businesses treat this as a cliché in the business space yet want to achieve customer retention. Sadly, that’s not going to happen.
Treating your customers as kings by serving them quality and the best is a pearl of ancient wisdom in the business world. And its relevance is still as potent as it was hundreds of years ago.
#4. Build Strategic relationship
Relationships are priceless in business. “You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you,” says Dale Carnegie.
While that Dale’s quote seems to have a personal effect, it’s also applicable in the business world. When you attend business meetings or participate in networking events, you could make it your goal to create business relationships with others. Be it in or out of your industry.
#5. Practice Corporate Social Responsibility (CSR)
Participating in philanthropic, activist, or charitable engagement that contributes to the societal goal of your business community offers some profound benefits. And they include giving a better public image to your business and, of course, increased customer loyalty.
That’s because members of the community in which your business operates, you’ll see through your corporate social responsibilities and how you treat your employees. However, the overall benefits are that– all CSRs advantages– lead to business success and growth.
A Final Thought on the 3 Things that Make a Business Successful
You’ve learned three things any business owner can pay attention to achieve business success. But that doesn’t negate the fact that there are many factors to consider when starting a business. Just as much as when building a successful business.
They include focusing on your customers and business mission and goals. Others comprise the best minds to join your team, taking advantage of new technology, keeping proper financial records, etc.