If you search Google for why businesses fail, you will get about 1.8 million results. Many of those articles will talk about the pitfalls and untold reasons why businesses go out of business. Our stance is, instead of focusing on what went wrong, focus on planning and building for success. Outcomes that are focused on are typically the outcomes that are generated. If you want to build a successful business you need to focus on success. We can learn a great deal from businesses that fail and apply that knowledge to action steps that propel a business toward success and away from failure. Here are some important elements of a successful business to consider.
Develop a plan.
You can get where you are going much faster if you have a road map. Developing a plan for your business that includes a vision, objectives, and critical success factors creates a road map. Evaluating potential problems and challenges before they happen often eliminates crisis. Reviewing financial, equipment, and employee needs creates preparation. Developing a marketing, advertising, and customer growth plan ensures focusing on the right activities. Develop a plan, execute against it but also revisit it and update it periodically.
Execution is critical.
Developing a plan is the first step to executing your plan. Daily action steps are what makes it come to fruition. Do you and your team members know what they need to do, focus on, and accomplish in order to make the business goals a reality? Frequent and consistent communication with your team will help ensure that everyone is working towards the right outcomes.
Know your customers.
Who are your customers and why do they buy from you? What makes your product or service different or better? Creating and growing a loyal customer base is the key to business sustainability. If asked, customers will tell you exactly what they need. As the world changes so do customer's requirements of your product or service so ask frequently and listen intently. Also don't forget to apply your own judgement to what you hear.
Evaluate competition.
Who is your competition and how do you compare? Competitive research is well worth the time and effort. Know what your business is up against. Understand competitor's products and services as well as how customers compare those products or services to your company. This knowledge is vital as it allows you to make well-informed advertising and marketing decisions.
Be able to adapt.
Business environments and customers change. The ability to adapt to the ever-changing face of business is just as important as planning. Your plan provides the road map there will be obstacles located in the middle of the road and a course correction will be necessary. Being able to adapt quickly will allow the course correction to be as seamless as possible.
Maintain focus.
Know where you going and what you want to achieve. Distractions can mean death to a business and it becomes easy to lose sight of the big picture you react to every distraction. Again, count on your plan to provide the road map and make goal-oriented decisions.
Creating a successful and sustainable business is not always easy; however, the rewards often outweigh the challenges. Put yourself in a position to win at business by giving yourself all the advantages listed above and the results you desire will follow!
