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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 March 23, 2021

Manage Your Energy so You Can Manage Your Time

Manage Your Energy so You Can Manage Your Time

One of the greatest ironies of this age is that while various gadgets like smartphones and netbooks allow you to multitask, it seems that you never manage to get things done. You are caught in the busyness trap. There’s just too much work to do in one day that sometimes you end up exhausted with half-finished tasks.

The problem lies in how to keep our energy level high to ensure that you finish at least one of your most important tasks for the day. There’s just not enough hours in a day and it’s not possible to be productive the whole time.

You need more than time management. You need energy management

1. Dispel the idea that you need to be a “morning person” to be productive

How many times have you heard (or read) this advice – wake up early so that you can do all the tasks at hand. There’s nothing wrong with that advice. It’s actually reeks of good common sense – start early, finish early. The thing is that technique alone won’t work with everyone. Especially not with people who are not morning larks.

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I should know because I was once deluded with the idea that I will be more productive if I get out of bed by 6 a.m. Like most of you Lifehackers, I’m always on the lookout for productivity hacks because I have a lot of things in my plate. I’m working full time as an editor for a news agency, while at the same time tending to my side business as a content marketing strategist. I’m also a travel blogger and oh yeah, I forgot, I also have a life.

I read a lot of productivity books and blogs looking for ways to make the most of my 24 hours. Most stories on productivity stress waking up early. So I did – and I was a major failure in that department – both in waking up early and finishing early.

2. Determine your “peak hours”

Energy management begins with looking for your most productive hours in a day. Getting attuned to your body clock won’t happen instantly but there’s a way around it.

Monitor your working habits for one week and list down the time when you managed to do the most work. Take note also of what you feel during those hours – do you feel energized or lethargic? Monitor this and you will find a pattern later on.

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My experiment with being a morning lark proved that ignoring my body clock and just doing it by disciplining myself to wake up before 8 a.m. will push me to be more productive. I thought that by writing blog posts and other reports in the morning that I would be finished by noon and use my lunch break for a quick gym session. That never happened. I was sleepy, distracted and couldn’t write jack before 10 a.m.

In fact that was one experiment that I shouldn’t have tried because I should know better. After all, I’ve been writing for a living for the last 15 years, and I have observed time and again that I write more –and better – in the afternoon and in evenings after supper. I’m a night owl. I might as well, accept it and work around it.

Just recently, I was so fired up by a certain idea that – even if I’m back home tired from work – I took out my netbook, wrote and published a 600-word blog post by 11 p.m. This is a bit extreme and one of my rare outbursts of energy, but it works for me.

3. Block those high-energy hours

Once you have a sense of that high-energy time, you can then mold your schedule so that your other less important tasks will be scheduled either before or after this designated productive time.

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Block them out in your calendar and use the high-energy hours for your high priority tasks – especially those that require more of your mental energy and focus. You also need to use these hours to any task that will bring you closer to you life’s goal.

If you are a morning person, you might want to schedule most business meetings before lunch time as it’s important to keep your mind sharp and focused. But nothing is set in stone. Sometimes you have to sacrifice those productive hours to attend to other personal stuff – like if you or your family members are sick or if you have to attend your son’s graduation.

That said, just remember to keep those productive times on your calendar. You may allow for some exemptions but stick to that schedule as much as possible.

There’s no right or wrong way of using this energy management technique because everything depends on your own personal circumstances. What you need to remember is that you have to accept what works for you – and not what other productivity gurus say you should do.

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Understanding your own body clock is the key to time management. Without it, you end up exhausted chasing a never-ending cycle of tasks and frustrations.

Featured photo credit: Collin Hardy via unsplash.com

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