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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 May 28, 2020

9 Things Successful People Do To Always Get What They Want

9 Things Successful People Do To Always Get What They Want

One of the best decisions I’ve ever made was to take on the job of hosting my own weekly radio show. My radio show is about finding some of the most successful people in the world and bringing them on my show to ask them about what they did to become so successful in life and business.

In this article, I’m going to share with you some of the key takeaways I’ve picked up from talking to – and reading about – thought leaders from various fields about the things successful people do. Here, you can get some insights on how to get what you want.

Ready to dive in? Let’s go.

1. They Know What They Want

The first and most important thing that successful people do to always get what they want is so simple that most people forget about it: they figure out what they actually want.

When you know what you want, you will also know how to get what you want. If you’re unsure about what you want in life and business, I’d suggest picking up some career and self-improvement books to help you gain some clarity and focus.

2. They Are Assertive

Successful people know that they need to be both bold and sincere. Balancing these two characteristics is the essence of assertiveness.

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Oh, and by the way – being assertive is not a natural talent someone is born with. Assertiveness is a learned skill and anyone can do it, including you!

3. They Learn

You may have heard of the old saying, “great leaders are readers”. For the most part, I’d say this is true.

Let me give you an example. On my radio show, I regularly ask successful people about their habits that lead to success. Do you want to know something really neat? Every single one of them reads books.

Successful people read and learn as much as they can about what they want so that they can get what they want. If you’re curious about how to get what you want, then start reading a book. If you’re low on time, subscribe to a book summary site to get the core concepts of the books in your industry quickly.

4. They Make Things Meaningful

One of the most powerful things successful people do to always get what they want is that they make things meaningful. That is, they ensure that whatever endeavor they decide to embark upon is meaningful to them (and not necessarily to anyone else). They know and understand that it’s only worth it if it matters.

5. They Ask

One big thing that successful people always do to get what they want is this: they ask.

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Most people are too shy to ask for what they really want. If you are too shy to ask, you may never know how to get what you want. So, don’t be like most people.

Here’s an exercise you can do to get over it: next time you’re buying something, regardless of what it is, ask for a discount. Just do it. The worst-case scenario is that you’ll get a chuckle from the Barrista at Starbucks. The best-case scenario is that you’ll get comfortable with negotiating when it’s time to buy your next car.

6. They Take Action

Insight without action is useless. Successful people know that to always get what they want, they’ve got to take massive action.

One of the most powerful exercises I’ve ever discovered is this: never leave the sight of a goal without taking some kind of action towards its achievement. In other words, as soon as you decide you want something or as soon as you set a goal of some kind, do something – anything – that shifts you closer towards getting it.

7. They Use Their Time Wisely

Have you ever heard of NET time? It stands for “No Extra Time”.

For example: when you’re driving and sitting in traffic, are you listening to Mylie Cyrus? Or are you listening to an audiobook?

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Successful people take NET time seriously. Get yourself some audiobook so you can start listening to the best business and self-improvement books available – all while you’re on your way to work in the morning.

8. They Choose to Lead

You don’t need to have formal authority to become a leader. You just need to choose yourself. All successful people know this, and so should you. Knowing how to get what you want requires knowing how to lead the way for others and yourself.

Don’t wait for anyone else to do it, because the truth is that most people want to be led anyway. So, just step up and claim authority. Be the leader you wish you always had.

9. They Contribute

Successful people know that to get what they want, they have to be willing to help other people get what they want.

What happens when you stop doing your job? What happens when you stop caring about your schoolwork? What happens when you become emotionally disconnected from a relationship?

You suffer – that’s what happens. Successful people know and understand that in order to succeed, they need to contribute. They need to add value to the lives of others. They need to do their best so that they can become the best.

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So, Now What?

I hope this article has re-ignited the fire that you already had within you to be successful at any endeavor. The reason why I’m stressing the fact that you’ve already got everything you need to succeed and get what you want is that you wouldn’t be reading this if you weren’t already motivated to be successful.

At the end of the day, however, all the insights in the world are worth nothing unless you combine them with action. When it’s all said and done, it’s your decision what you do with this list and how you apply it to your life and career.

But if I may, here’s what I would suggest you consider as you get started doing the things to help you succeed:

Review this list of the 9 things successful people do to always get what they want and then compare it with where you currently are at each one of these 9 things. Rate yourself in each one of the 9 things. Next, pick just ONE of them to work on every week.

For example, if you find that you’d like to learn more about the business side of the company you work for, then go read the best business books to help you do that.

Never stop learning. Always feed your mind with the knowledge you need to become as successful as possible within your area or industry. It doesn’t matter how busy you are. We’re all busy. Make the time to expand your knowledge.

And remember: every key learning should be immediately followed with action.

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Featured photo credit: Austin Distel via unsplash.com

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