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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

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Last Updated on October 22, 2018

Do You Have to Give Everything Up to Get a Fresh Start?

Do You Have to Give Everything Up to Get a Fresh Start?

There is a common belief that when you want to embark or start on something new, whether it be a project, a hobby, a job or some big life change, a certain sacrifice must be made. “Out with the old, and in with the new” as they say. It’s almost as if we’re not capable of handling more than what we already have unless we let go of something. But is that really always the case?

When I was young, I took up violin lessons. I enjoyed playing the violin, but when I saw a friend playing the guitar, I got interested in that and wanted to start playing the guitar. My parents however, insisted that I continue with violin lessons and felt I should give my full attention to one instrument, rather than a few; they didn’t believe in being a Jack of all trades. And so sadly, I never got to take up guitar lessons.

Afraid of Giving it Up?

Have you found yourself in a similar circumstance? Perhaps you’re at a crossroad right now, and you’re trying to decide on whether to stay on in your current job, or move on to something completely different.

You’re not truly doing something you love or are passionate about, and so you want to make that change… but it’s a risky plunge.

You’re going to have to sacrifice everything that you’ve worked for over the years. You’re going to have to say goodbye to that big salary, the benefits that comes with the job, and you’re going to have to adjust to the changes.

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Thinking of all that is already detering you from stepping out to take that plunge, isn’t it?

Or maybe you have many responsibilities in life and little time for yourself. You have a spouse and children to take care of, maybe you’ve even got aging parents to think of.

At work, you’ve got subordinates waiting on you for advice. As a leader, you have to manage the team. You’ve got conference calls in different time zones to take, business trips to make, decisions to execute.

You have a lot on your plate, and you wish you could just set aside some time to enjoy the pleasures in life. Golf more, take the kids out more, go on vacations more.

Sure, if you wanted all that time, you could take on a lower paying job that would require less of your time. But that would mean a big pay cut and less comfort in your life. If not, you’ll just have to wait till retirement.

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Play It Safe and Regret It Later

In these situations, it usually feels like an all or nothing approach. And, it then becomes the ‘smart’ thing to just ignore the challenge and stay put. Unless you’re overly confident that things are going to work out, or that you have a back up plan in place, most people never truly dare to take on new opportunities after a certain age or stage in life for fear of losing out, falling behind or having to give up whatever it is that they’ve already accomplished thus far.

But this is also where many individuals end up feeling regret much later on in life, perhaps as they approach retirement and have a sense of unfulfillment. There is an emptiness or a lack that they start feeling because they never answered their ‘calling’ or satisfied their heart’s desires. You may end up feeling short changed and unhappy with how things have turned out.

Most people end up feeling more bitter over the regrets of not having done or tried something, rather than in the mistakes they made when they tried something. It’s always the ‘what ifs’ that will go on to haunt you.

No Sacrifice Needed!

The good news is, you don’t actually have to make such a big sacrifice when it comes to change! You can carry on with your existing way of life, your job or your responsibilities while changing or doing something new.

It’s really not that hard because everything that you do in life, whether it’s your career, relationships or even health, are driven by 7 Cornerstone Skills. These are 7 qualities that if you have them, can make you excel at anything. And we already have most, if not all, of these 7 Cornerstone Skills; we just don’t always know how to use them to the best of our abilities.

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Unfortunately, some of us may not even know the importance of these Cornerstone Skills, and how just sharpening one skill can significantly improve the wellbeing of your life.

If you’re that busy professional with far too much on your plate, thinking there’s nothing you can do to lighten the weight so that you can breathe a little and have time to enjoy life, then think again.

Because I can show you some proven techniques that will improve your Focus significantly, and the way you manage your Time. You’ll end up investing in more time, than spending time unnecessarily, thus giving you the ability to enjoy some of that time for yourself.

By learning to Learn again, you’ll be able to grasp knowledge a lot quicker, allowing you to manage your responsibilities in a smart manner.

These are just 3 of the 7 Cornerstone Skills that I’ve mentioned. By harnessing the potential of all 7, you will realize that if you truly want to achieve a certain goal or ambition, you need not worry about having to trade off a certain aspect of your life.  Instead, you’ll be able to work around things, or improve things even faster because of the skills that you’ve now enhanced from understanding how these 7 Cornerstone Skills work together.

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Making a life improvement, career switch or new goal pursuit can easily happen without risky trade-offs once you know how to harness your Cornerstone Skills into your existing life.

Ready to learn more about the 7 Cornerstone Skills and find out why they’re so important? Subscribe to our newsletter today and begin making that change you’ve been wanting to, without sacrifices!

Featured photo credit: Martha Dominguez de Gouveia via unsplash.com

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