What Makes A Business Successful? Check Out These 3 Common Factors!Businesses may differ in their products and niches, but at their core, the most successful businesses all share common blueprints. Success can indeed be boiled down to a science; there’s a pattern that can be observed. On my journey to building a 7-figure business, I’ve spent countless hours researching and learning from the best.
I want to share with you 3 key elements that the most successful businesses have in common:
Related: The 7 Biggest Mistakes When Starting a Business
A successful business needs a clearly defined path. You need specific goals and a game-plan to accomplish them. Without a game-plan, a business is destined for failure or mediocrity (the same thing in my opinion).
Your business game-plan must outline your value proposition: the product/service, its features, and benefits or uniqueness vs. competition; the size of the market opportunity.
The most successful businesses devote large budgets to researching, developing, and adjusting their game-plan. Just like an NFL team’s playbook, a business game-plan studies the opposition to dominate and take advantage of the current market trends.
Are you doing the same?
Related: Launching 5 Million Dollar Businesses In 1 Year – A Project Overview
2. The right team
Your business needs to run like a well-oiled machine. And to do this, you need the right team. Richard Branson said, “There is nothing more important for a business than hiring the right team.”
One of the most important lessons I’ve learned in building a successful business is that I’m not the best at anything. Realizing that, and casting my ego aside was a major mindset shift. It allowed me to bring experts into my business and give them the breathing room to hit their full potential. Your top guy should be your future CEO. Identify the specific skills that your business needs and have your team take personality tests to identify their strengths.
As the saying goes, “If you’re the smartest person in the room, you’re in the wrong room.” Creating a powerful team requires the humility and ability to surround yourself with much smarter people, without feeling threatened.
Related: 10 Killer Techniques for Boosting Your Charisma
3. Customer service
Customers are your lifeblood. Without customers, you have no business. How you engage and treat your customers is crucial.
Think of the last time you made a purchase, but then for some reason you were unsatisfied. How were you treated? Was there a process in place to ensure the issue was properly handled? Did you receive the support required to sway you from being unsatisfied to then making a repeat purchase with this business?
In this day and age, just one unsatisfied customer can tear through your online reputation like a plague. Realize the power of social media and make sure your staff is trained to respond to unsatisfied customers. Here’s an important fact to remember — it is ten times less expensive to encourage an existing customer to buy again than it is to acquire a new customer. Treat your paying customers like gold, they’re the ones who will ensure your business thrives. Genuinely love your customers and everyone you work with and they will love you back!
Covering these three key elements is crucial to the success of your business. You need to be intentional and consistent. Clearly outline your expectations for your business game-plan, teamwork, and customer service, and work on them daily.
Whether you’re just starting your business or becoming more established, remember to always dig for something more. The worst mistake an entrepreneur can make is to become comfortable. You should always be on edge. Every morning I wake up and rip off my blankets like a crazed maniac — ready to fight for what I believe in! You must do the same, especially when the odds are stacked against you. No one is coming to save you, it’s up to you! DO IT!
It’s funny, I write this article for others to learn and avoid the mistakes I’ve made, but at the same time, I’m reiterating these strategies to myself. I’m also learning as we go.
The three key elements you’ve listed would help any company build a strong foundation. Any success I’ve had has always depended on surrounding myself with a strong team and making sure that everyone was on the same page. I’ve seen numerous companies fail because of the lack of direction. Customer service is probably the most difficult to achieve for a lot of companies because some employees don’t understand the age-old phrase, “The Customer is Always Right.”
Thanks for this informative post, I look forward to reading more of your articles.
Spot on Bro! If you don’t have a plan or team and you don’t take care of the people you serve, your better off flipping burgers at McDonalds. You don’t have to have a 20 page business plan, but you need to know where you are going. If you don’t, you can’t expect your team to.
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