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

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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.

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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

More by this author

Saminu Abass

Content Writer and Blogger

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Published on September 21, 2021

How Remote Work Affects Your Productivity And Wellbeing (Backed By Data)

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How Remote Work Affects Your Productivity And Wellbeing (Backed By Data)

The internet is flooded with articles about remote work and its benefits or drawbacks. But in reality, the remote work experience is so subjective that it’s impossible to draw general conclusions and issue one-size-fits-all advice about it. However, one thing that’s universal and rock-solid is data. Data-backed findings and research about remote work productivity give us a clear picture of how our workdays have changed and how work from home affects us—because data doesn’t lie.

In this article, we’ll look at three decisive findings from a recent data study and two survey reports concerning remote work productivity and worker well-being.

1. We Take Less Frequent Breaks

Your home can be a peaceful or a distracting place depending on your living and family conditions. While some of us might find it hard to focus amidst the sounds of our everyday life, other people will tell you that the peace and quiet while working from home (WFH) is a major productivity booster. Then there are those who find it hard to take proper breaks at home and switch off at the end of the workday.

But what does data say about remote work productivity? Do we work more or less in a remote setting?

Let’s take a step back to pre-pandemic times (2014, to be exact) when a time tracking application called DeskTime discovered that 10% of most productive people work for 52 minutes and then take a break for 17 minutes.

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Recently, the same time tracking app repeated that study to reveal working and breaking patterns during the pandemic. They found that remote work has caused an increase in time worked, with the most productive people now working for 112 minutes and breaking for 26 minutes.[1]

Now, this may seem rather innocent at first—so what if we work for extended periods of time as long as we also take longer breaks? But let’s take a closer look at this proportion.

While breaks have become only nine minutes longer, work sprints have more than doubled. That’s nearly two hours of work, meaning that the most hard-working people only take three to four breaks per 8-hour workday. This discovery makes us question if working from home (WFH) really is as good a thing for our well-being as we thought it was. In addition, in the WFH format, breaks are no longer a treat but rather a time to squeeze in a chore or help children with schoolwork.

Online meetings are among the main reasons for less frequent breaks. Pre-pandemic meetings meant going to another room, stretching your legs, and giving your eyes a rest from the computer. In a remote setting, all meetings happen on screen, sometimes back-to-back, which could be one of the main factors explaining the longer work hours recorded.

2. We Face a Higher Risk of Burnout

At first, many were optimistic about remote work’s benefits in terms of work-life balance as we save time on commuting and have more time to spend with family—at least in theory. But for many people, this was quickly counterbalanced by a struggle to separate their work and personal lives. Buffer’s 2021 survey for the State of Remote Work report found that the biggest struggle of remote workers is not being able to unplug, with collaboration difficulties and loneliness sharing second place.[2]

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Buffer’s respondents were also asked if they are working more or less since their shift to remote work, and 45 percent admitted to working more. Forty-two percent said they are working the same amount, while 13 percent responded that they are working less.

Longer work hours and fewer quality breaks can dramatically affect our health, as long-term sitting and computer use can cause eye strain, mental fatigue, and other issues. These, in turn, can lead to more severe consequences, such as burnout and heart disease.

Let’s have a closer look at the connection between burnout and remote work.

McKinsey’s report about the Future of work states that 49% of people say they’re feeling some symptoms of burnout.[3] And that may be an understatement since employees experiencing burnout are less likely to respond to survey requests and may have even left the workforce.

From the viewpoint of the employer, remote workers may seem like they are more productive and working longer hours. However, managers must be aware of the risks associated with increased employee anxiety. Otherwise, the productivity gains won’t be long-lasting. It’s no secret that prolonged anxiety can reduce job satisfaction, decrease work performance, and negatively affect interpersonal relationships with colleagues.[4]

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3. Despite everything, We Love Remote Work

An overwhelming majority—97 percent—of Buffer report’s survey respondents say they would like to continue working remotely to some extent. The two main benefits mentioned by the respondents are the ability to have a flexible schedule and the flexibility to work from anywhere.

McKinsey’s report found that more than half of employees would like their workplace to adopt a more flexible hybrid virtual-working model, with some days of work on-premises and some days working remotely. To be more exact, more than half of employees report that they would like at least three work-from-home days a week once the pandemic is over.

Companies will increasingly be forced to find ways to satisfy these workforce demands while implementing policies to minimize the risks associated with overworking and burnout. Smart companies will embrace this new trend and realize that adopting hybrid models can also be a win for them—for example, for accessing talent in different locations and at a lower cost.

Remote Work: Blessing or Plight?

Understandably, workers worldwide are tempted to keep the good work-life aspects that have come out of the pandemic—professional flexibility, fewer commutes, and extra time with family. But with the once strict boundaries between work and life fading, we must remain cautious. We try to squeeze in house chores during breaks. We do online meetings from the kitchen or the same couch we watch TV shows from, and many of us report difficulties switching off after work.

So, how do we keep our private and professional lives from hopelessly blending together?

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The answer is that we try to replicate the physical and virtual boundaries that come naturally in an office setting. This doesn’t only mean having a dedicated workspace but also tracking your work time and stopping when your working hours are finished. In addition, it means working breaks into your schedule because watercooler chats don’t just naturally happen at home.

If necessary, we need to introduce new rituals that resemble a normal office day—for example, going for a walk around the block in the morning to simulate “arriving at work.” Remote work is here to stay. If we want to enjoy the advantages it offers, then we need to learn how to cope with the personal challenges that come with it.

Learn how to stay productive while working remotely with these tips: How to Work From Home: 10 Tips to Stay Productive

Featured photo credit: Jenny Ueberberg via unsplash.com

Reference

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