Why are some people more successful in business than others? Why do 98% of micro-businesses stay micro? The biggest risk for owners is not that their business will fail, it is that it will stay small. The Profit, knows all about determining the success or failure of a business. “Business success is about the three P’s: People, Process and Product.” Here are Six pillars that make a small business successful.
PEOPLE
If you want your small business to succeed, you need a fantastic team. “Surround yourself with people that are smarter than you.” A company can accomplish amazing things when it has leadership and a team who is inspired, hardworking and believes in the company’s mission.
MARKETING
The most important word in the world is ‘Expectations’. Your marketing will raise expectations – and you need to fulfill them. Identify a market need. Design a targeted, viable, affordable solution .Craft your message. Choose your channels. Schedule the flow. Express the attraction. And repeat…. Remember that Marketing lives on distribution – don’t just create need…. help customers satisfy .
FINANCE
Growth is not just about money – and neither is finance. Get expert advice to determine what you need and when you need it – equity, debt, factoring or trade finance – and cherry-pick investors! Target the spending to the strategy – not the other way round . And remember that businesses don’t fail because they run out of customers.www.iibmindia.in
FOCUS ON BUILDING YOUR AUDIENCE
This is perhaps the one struggle that gets most people. It’s easy to focus on the busy work and all the things that seem important, but it means nothing if you don’t have an audience. You need a group of people who follow and support what you do. Social media, podcast interviews, guest posting, and writing for large media publications are just a few ways you can build a strong and loyal following. Most of your efforts should be focused on building an audience if your following isn’t where it needs to be. The audience is what leads to income.
PROMOTE COMMUNITY AT EVERY LEVEL
Whether you organize a company social every month or send company emails with motivational messages and rewards, keeping the team united is a great way to ensure pride and loyalty. Team members who find meaning in their work and feel indebted to the company will be more proactive in maintaining its stability and making improvements any chance they get.
PRODUCT
Does your product solve a problem? Does it exist yet? Is there something that is out there that your product does in a different way? Is there a demand for your product? Success in business requires doing something you’re passionate about that fills a need in the marketplace.
