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Will Your Own Business Be a Huge Success? These 8 Predictors Can Tell the Answer

Will Your Own Business Be a Huge Success? These 8 Predictors Can Tell the Answer

Business success is defined by starting with selling every unit with a gross margin of 50 percent or maybe more, building a patent and other intellectual property, and continuous product improvement.

What Are Critical Success Factors (CSF) and How They Can Make Your Business Success Measurable

Critical success factors are usually known as common to many entrepreneurs or businessmen that assist management in measuring whether they are on course in achieving their goals.

With services, running the business often suggests cloning yourself, since you would be the intellectual property and the competitive advantage. You have no shelf life, so you can’t generate income while you sleep. Recently, I read a post published by Deborah A. Bailey saying 5 questions you should ask yourself before going into business.[1] It is pertinent to answer these questions before rushing into any venture.

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Little business owners and professionals desire a way of gauging their success, but the benchmarks for one business type may be different from another type of business. In addition, critical success factors are common to most businesses that assist management in measuring whether they are not deviating from the set goals.

Let’s discuss the factors which can make contributions massive to your success.

Monetary Success Factors

Most business owners will first measure success in conditions of financial factors. But, while a business needs to generate income to survive, if the right technology and workforce are certainly not in place, profits will be more elusive. Using the monetary factor, according to Tribal Lending Company[2] which says making profits are a vital measure of success along with positive cash flow, variable costs and other miscellaneous but financial success indicators can also be different from one industry to another.

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Technology Utilization

Avoid keeping up-to-date with technology at the own peril. The company which utilizes technology to open up new markets, provide customers, increase efficiency and new product and service development has the better chance of besting competition. This success factor, along with your motivated staff, can also help you weather business downturns.

Employee Attitudes

Attitudes drive behaviours that cause change. If your employees do not take initiative, make suggestions, happily stay overdue when necessary and attempt to do their best work all the time, your business will certainly stagnate. A key business success factor is a motivated and committed labor force. Without that, no amount of vision and planning will provide the construction for growth and wealth.

Marketing Consistency

Many organizations make the mistake of not carefully supervising their marketing message. They have different messages venturing out to the same audience at the same time which confuses potential and current prospects. Companies with a constant message across all media platforms, such as websites, paid media and other kinds of marketing security, are the more successful marketers. Let me borrow from the powerful words of one social marketer who believes Instagram marketing [3] and twitter marketing have been effective in this current 21st century of ours. He says, marketing consistency is profitable factor that any company should never overlook.

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Here are the some other factors of business success that are crucial in services we are offering;

Love Your Service

A successful services business, more than a product business, comes from a skill or insight that you have honed from experience. If you don’t have a high level of commitment and passion, you customers won’t seek you out. Now all you have to do is pass it to the many newbies as you grow your team.

Employ Right Personnel

Clients won’t pay to see your new employees learning on the job, and outsourcing the true work to a cheap labour source is a recipe for disaster. Make sure they bring solid base skills, so your training can concentrate on the ground breaking and unique elements that your service brings to the arena.

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Maximize Your Service’s Exposure

Customers can touch and see a great product, but services are a little bit ethereal. You have to communicate how your service is the best to your own team as well as to customers. In case you deliver a great service, but no person knows it, your business will suffer. Help to make sure everyone understands your vision and values.

Ensure Favourable Customers’ Experience

Product companies sometimes equate customer satisfaction with customer service, but it’s more than that, especially with services. Produce sure that every interaction with every customer is positive, the service delivered is exemplary, and always follow up for reference and repeat business.

As entrepreneurs or businessmen who wish to attract investors, they should know that professional investors almost never buy a services-only company. The buyer perspective is that no manufacturing or inventory implies a minimal need for capital up front. They notify these entrepreneurs to sell themselves, execute well and increase organically.

Your services business success totally will depend on you, your skills and resources, and your ability to bring customers to the table.

Reference

[1] Sabtrends: 5 Questions to Ask Before You Go Into Business For Yourself
[2] TribalInstallmentLoans: Home
[3] InstaTopGram: Buy Likes

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Saminu Abass

Content Writer and Blogger

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Last Updated on January 24, 2020

10 Good Habits To Have in Life To Be More Successful

10 Good Habits To Have in Life To Be More Successful

Habits are behaviors and patterns that you showcase by default. They enable you to carry out crucial activities like taking a shower, brushing your teeth, getting prepared for work.

Interestingly, you follow this routine every day without considering them. Your unconscious habits create room for your brain to perform more advanced activities like problem-solving and choosing what book to read.

Everyone has habits, and several of those habits are activated every day. I would classify them into three groups:

  • The first category includes the habits that you hardly notice as they have become a major part of your life- such as brushing teeth or wearing clothes.
  • The second category comprises good habits to have to be more successful-like eating healthily, exercising your body and reading books.
  • The last group consists of those habits that are harmful-like procrastinating, smoking or overeating.

Habits are fundamental to becoming successful in life — or probably ending up a failure. Yet, as significant as habits are, some lack the knowledge of their capabilities.

Habits are default activities that you engage in without giving an afterthought. They are automatic behavioral or mental activities. They help you carry out some actions without exerting too much energy. They simplify your life.

Several people aspire to break bad habits. For instance, some people diet to stop overeating. They exercise to reduce obesity. Habits can hinder or impact your performance and productivity.

That’s why I would share 10 good habits to have to be more successful in life.

1. Begin Your Day with Meditation

I recommend mindful meditation early in the morning. This practice helps you to be in the present moment. Consequently, it enables you to be mindful of challenging situations during the day.

Different stressors may trigger as you go through the day; meditation helps you to remain calm before taking on the challenges.

Personally, it helps me to devise strategies and think about ideas. Meditation is a good habit to have if you want to be connected to what’s significant in your life.

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2. Be Grateful for What You Have

Sometimes, you waste time thinking of what’s not enough. You become immersed in those daunting challenges. However, challenges justify the presence of hope. When you have life, you have expectations. You will be free from challenges when you are six feet under. The only strategy you have to stop focusing on your problems is to focus on what you have.

Gratitude is a time-tested pathway to success, health, and happiness. It redirects your focus to what you have from what you lack. Here’s what James Clear does every day,[1]

“I say one thing I’m grateful for each day when I sit down to eat dinner.”

3. Smile

Can you pause and smile before you continue reading this?

Now here is what just happened based on research conducted by the Association for Psychological Science; you set a pace for living a happier life when you smile. A genuine smile or what’s called a Duchenne smile is a good habit to have if you want to find spiritual, emotional and mental peace of mind.[2]

Smiling induces the release of molecules that function towards fighting stress. The physiological state of your body determines the state of your mind. When you slouch or frown, your mind takes cues relating to unhappiness and depression. But, once you adjust yourself by putting up a smile, you begin to feel a new level of excitement and vibrancy.

Can you smile again?

4. Start Your Day with a Healthy Breakfast

Starting your day with a healthy breakfast is a good habit to have and forms a crucial part of your life. Nevertheless, about 31 million Americans skip their breakfast each day.[3]

If you are fed up hearing that breakfast is a crucial component of your day, you are only fighting the truth. If you want to become more successful, you need to ‘break your fast’ with healthy foods every morning.

This habit is not difficult to form if you usually rush out the door every single morning. You can wake up earlier to fix yourself a meal so you don’t break down during the day.

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Get inspired by these 20 Healthy Breakfast Choices That Will Save You Time.

5. Exercise Daily

One of the good habits to have is to exercise your body and muscles every day. You don’t have to run a marathon or lift a weight. You only need to engage in less strenuous activities that oxygenate your blood and inject endorphins in your body.

Jack Dorsey, the CEO of Twitter, classified exercise as a good habit to maximize his already jam-packed schedule.[4] He said,

‘I wake up by 5, meditate for 30 minutes, seven-minute workout times three, make coffee, and check-in.’

He said on Product Hunt that he follows this routine every day as it gives him a steady-state that empowers him to be more productive.

6. Manage Your Time as You Manage Your Finance

Another good habit is the act of managing your time effectively. This goes a long way to impact your achievement.

Time management is what separates the successful from the rest of the world as we all possess the same amount of time. How you leverage time determines your potential to succeed in life.

So how do you manage your time effectively?

Here’s Jack Dorsey’s recommendation in one of the Techonomy events;

“I accomplish effective time management by theming my days and practicing self-discipline. These themes help me handle distractions and interactions. If a request or task does not align with the theme for that day, I don’t do it. This sets a cadence for everyone in the company to deliver and evaluate their progress”.

And this is Dorsey’s weekly theme:[5]

  • Monday – Management
  • Tuesdays – Product
  • Wednesday – Marketing and growth
  • Thursdays – Developers and partnerships
  • Fridays – Culture and recruiting
  • Saturdays – Taking off
  • Sundays – Reflection, feedback, strategy, and preparing for Monday

No wonder he was able to run two companies when others were struggling with one job.

7. Set Daily Goals with Intentions

Everyone has goals. It may relate to business or personal life. The truth is, we’re all tending towards a particular direction or another. Nevertheless, while long-term goals can offer you direction, it’s your daily goals that you establish that help you develop short-term goals that are essential for your success.

Long-term goals may not give you the motivation you need to keep on. But when you implement your short-term milestones daily, you become fired up, and you can overcome the challenges that come with taking on bigger tasks.

Here’s the main truth:Successful people don’t set goals without establishing their intentions. According to Jennifer Cohen of Forbes,[6]

“What helps you to achieve your desired expectation is ensuring intentions accompany your daily goals.”

Be intentional about your daily goals!

8. Seek Inspiration

It is usually difficult to be inspired for a considerable length of time. Sometimes, you become discouraged and feel like giving up on your goals when things are not working out as intended.

A practical approach to stay on top of the situation is to inspire yourself each day. When you wake up in the morning after meditation, watch some motivational videos, and let the story of great leaders inspire you.

Establish what Anthony Robbins called the ‘hour of power.’ Determine how many minutes you spend but make it count. Inspiration is the fuel for achievement because when you can conceive it in your mind, you can accomplish it.

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Michal Solowow, an investor and the founder of Mitex, a construction company puts it this way,[7]

“The problems I encounter in everyday life motivates me to find solutions. This is a self-propelling mechanism. becoming a billionaire was never a motivating factor.”

9. Save Steadily, Invest with All Prudence

I can exhaust the good habits to have without talking about saving and investing. Most times, you overlook the significance of saving for the future when you are living in your present moment. According to CNBC, a $1000 emergency will propel several Americans into debt.[8]

However, it is not enough to save, and you must invest your fund and be wise with it. If you pay attention to this now, you will set yourself for a life of success in the future. Ensure you save at least six months in your emergency account so you can be prepared for any future emergency.

10. Budget and Track Your Spendings

Benjamin Franklin warned of taking the precaution of little expenses. He said,

“A small leak sinks a great ship.”

It is easy to discard little expenses, but the truth is they always add up. This happens when you fail to budget.

Budgeting is a good habit to have, which can impact your financial life significantly. The money you spend on extravagant lifestyles can be saved and invested in your future.

The Bottom Line

Endeavor to cultivate these good habits to have to become more successful as you journey through life. The quicker you cultivate them, the faster you achieve your goals.

More About Habits

Featured photo credit: Andrijana Bozic via unsplash.com

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Reference

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