Here are some of the key factors leading to success in business.
1. Plan for success. A good plan increases your chance of success by defining objectives, framing costs, forecasting revenue and defining risks.
2. Management strength: a strong management group is critical. Entrepreneurs should have the confidence to surround themselves with strong people; this will pay dividends in productivity and growth of the business. Those owners who seek individuals who will follow and not lead will be constrained by their own failings.
3. Develop a network. Networks of peers can be a powerful resource for support and direction. It is great if you develop both a network within the organization and a network of peers outside of the business.
4. Customer focus. An unwavering commitment to the customer is invaluable. Understanding their wants and needs provides the best way to gain loyalty. Repeat business is the lifeline to continued success. This also strengthens your reputation in the marketplace.
5. Continuous improvement. In order to stay at or near the lead in your market position there need to be continuous product improvement. Innovation and keeping pace with technological improvements provides that cutting edge performance. This also enhances productivity and profitability of the business.
6. Know your strengths. An honest approach to management of the business can help generate growth. Don’t waste time chasing dreams or ill-conceived ideas that do not match your core values or strengths in the business.
7. Manage time use. Entrepreneurs need to act with a sense of urgency to develop ideas. Learn to manage your time and include leisure activity. If plans are not working adapt to changes that will work even if it requires acquiring skills that may be missing in the organization. Working smart produces quality results which outperform quantity.
I hope there are a few suggestions here of value. Good luck. Please let here your thoughts. gerry@polarisgroupmc.com
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