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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

More by this author

Saminu Abass

Content Writer and Blogger

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Last Updated on December 9, 2019

7 Techniques to Stay Focused and Avoid Distractions

7 Techniques to Stay Focused and Avoid Distractions

The world has become a very distracting place, you don’t need me to tell you that. Where once we could walk out of our house or office and disappear into our own world with our own thoughts, we are now connected 24 hours a day to a network that’s sole purpose is to make us available to anyone and everyone at any time they choose to disturb us.

Of course, it is very easy to sit here and say all you have to do is turn off your electronic devices and just allow yourself several hours of quiet solitude; but the reality is far harder than that. There is an expectation that we are available for anyone whenever they want us.

However, if you do want to elevate yourself and perform at your best every day, to produce work of a higher quality than anyone expects and to regain control over what you do and when you will need to regain some control over your time, so you can focus on producing work that matters to you…

The good news: You do not have to become a recluse. All you need are a few simple strategies that will allow you enough flexibility in your day to stay focused to do the work that matters and still allow you to deal with other people’s crises and dramas.

Here are 7 ways you can stay focused and be less distracted.

1. Find out When You Are at Your Most Focused

According to research, brilliantly documented by Daniel Pink in his latest book, When: The Scientific Secrets of Perfect Timing, our brains have a limited capacity to stay focused each day.[1]

From the moment we wake up to the time we turn in for the day, we are using up our brain’s limited energy resources and, depending on the time of day, we will be moving between strong concentration and low concentration.

This means that for most people, their optimum time for sustained concentration and focus will be soon after they wake up. For others, it could be later in the evening—a kind of second wind—but that is rare.

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Once you understand this, you can take time to learn when you are at your best and to protect that time on your calendar as much as possible. If you can, block it off and use that time for the work you need to do that requires the most concentration each day.

2. Get Comfortable Using ‘Do Not Disturb’ Mode

We have the ability to switch our electronic devices to do not disturb mode. Where all notifications are off and your phone or computer will not alert you to a new email or message.

Now after testing this function for a number of years, I can happily report that it does work.

When I sat down to write this article, I put all my electronic devices to do not disturb, closed down my email and began writing. I am safe in the knowledge that until this article is written, and I turn do not disturb off, there will be no interruptions or distractions.

Of course, it is not really about whether do not disturb works or not, it is whether you are willing to turn it on or not.

Most people believe they have to be constantly available for their boss or customers. This is not true at all. What has happened is because of your always available status, you have conditioned these people to turn to you first whenever they have a problem.

You are not actually helping them at all. You are preventing them from having to think for themselves and develop the skill of problem-solving. By not being so readily available, you help them a lot more.

What it comes down to is your boss and customers are going to be far more positive with you, if you deliver your work to the highest quality and on time than you being available 24/7. Trust me on that. I also tested that one.

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3. Schedule Focus Time Every Day

This technique is a lot easier than you may think.

First, you figure out when you are least likely to be disturbed. For me, that is between 6 and 9 am. for a lot of my clients, they find the first 90 minutes in the morning at their workplace is when they are not likely to be disturbed. This is important because you want to be building consistency.

Most people start their day by checking their email and other messages. While they are doing that, they are not going to be bothering you. Now there is no rule about when you should be checking your email. The chances are email is not going to be where you want to spend your most focused time, so you can decide to check your email at say 10:30 am.

Dedicate 30 minutes from 10:30 am to 11:00 am for email processing and use the first 90 minutes of your day for doing your most important work. You will surprise yourself by how much work you get done in that ninety minutes.

4. Plan Your Day the Night Before

One of the inevitabilities of life is there is always a plan for the day. The choice is whether the plan you have is a plan of your own making or not. If you don’t have a plan, then the day will take control of you. Other people’s priorities, urgencies and dramas will fill your day. As the late Jim Rohn said:

“Either you run the day or the day runs you.”

If you take control and make it a habit to plan out what you want to accomplish the next day before you go to bed, you will find yourself staying more focused on your work and be less likely disturbed.

Now when I say plan your day the night before, I do not mean you need to spend an hour or so planning and mapping out every minute of the day. Planning your day should only take you around 10 to 15 minutes and you only need to decide what 10 things you want to complete — 2 “must do” objective tasks and 8 “would like to do” tasks. What I call the 2+8 Prioritisation Technique:

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Do not be tempted to go beyond 10 tasks for the day. When you do that, you do not have enough flexibility in your day to handle crises and other unknown issues that will pop up throughout the day.

When you do not build in flexibility, you will soon stop planning your day. Only plan tasks that will have the biggest positive impact on your work and projects.

5. Learn to Say “No”

I am sure you’ve been told this before. We are wired to please and this results in us wanting to say yes to every opportunity that comes our way. The problem is we cannot do everything and every time you say “yes” to one opportunity, you are saying “no” to another opportunity. You cannot be in two places at the same time.

Jay Shetty shared an inspiring video on JOMO “Joy Of Missing Out”. Here’s the video:

Rather than allowing ourselves to be succumbed by FOMO (the Fear Of Missing Out), we should replace that ‘fear’ with the “joy” of missing out. Because of our need to please, we say yes to things we really don’t want to do; yet when we do that, we miss out on doing things that bring us joy—creating something special, spending time educating ourselves and just having some quiet alone time with ourselves.

Learn to say “no” every time you get a notification to your phone. Ignore it. Learn to say “no” to your colleagues when they want to gossip. Learn to say “no” to volunteering when the thing you are being asked to volunteer for does not excite you. Just learn to say “no”.

By saying “no” to opportunities, distractions and interruptions, you are saying yes to better and more meaningful things. Things you do want to focus your attention on.

6. Create a Distraction-Free Environment for Your Focused Time

This has been possibly the most powerful tip I learned when it comes to focusing on what is important. Have a place where you do only focused, high-concentration work.

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Now this place needs to be clean and only have the tools you need to do your work. If it is writing a report or preparing a presentation, then it needs a table and a computer, nothing more. Files, paper and other detritus that accumulates on and around people’s desks need to go. A clean, cool and well-lit environment is going to do a lot more for your focus and concentration than anything else.

The dining table in our home is where I go for undisturbed, focussed work. I take my laptop or iPad, and only have my writing app open. Everything is closed down and the computer is in “do not disturb” mode. There is nothing else on the dining table just my computer and my water tumbler.

Because that is my designated focus area, I only go there to work when I have something that needs total focus and concentration. I am there right now!

7. Be Intentional

The reality is, if you absolutely need to get something done then you need to be intentional. You have to have the intention of sitting down, focusing and doing the work.

There’s no magic tricks or apps that will miraculously do all your work for you. You need to intentionally set aside time for undisturbed focus work and do it. Without that intention, you can read as many of these articles as you like and you still will not get the work done.

It is only when you intentionally set yourself up to do the work, turn off all notifications and do whatever it takes to avoid distractions will the work get done.

The Bottom Line

The strategies and tips I shared in this post will go a long way to helping you become better at focusing on the important things in your life. No matter what they are, you are in control of your time and what you do with it and where you spend it, never give that control away to anyone else.

Protect it and it will be your servant. Give that control away and it will become your master and that is not a good place to be.

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Featured photo credit: Manny Pantoja via unsplash.com

Reference

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