Factors of Success in Business
Seven Factors of Business Success
One of the most crucial factors of business success is the ability to match up products to the needs of the customer. Satisfying the customer's needs requires focus in several areas.This includes providing better value than the competition, growing at an adequate pace, and making sure the right people are in charge.
The following are 7 factors of success in business
- Quality of product - How much of an edge do you have over the competition in terms of uniqueness, price, quality, features, or benefits. Think of ways to gain a competitive advantage over competitors.
- Is your company providing deals - If it makes economic sense to purchase your products, and the customer does not lose much value, then you can have a successful business.
- Work environment - how does your team mesh together? Try to eliminate bad apples, and develop a good team moral.
- Distribution technology - how good your logistics are can effect your entire operation. Plan ahead, and do not grow to large overnight.
- Market size - Good research on how much demand there is for the products or services that you are trying to sale is an important part to the success of a company. Make sure that you do not need 100% of the market to make money!
- Market driven process - The marketing and distribution process is planned and executed efficiently. Making sure the customer gets the products that suit his needs, wants, and buying behavior.
- Customer service - Your company can live and die by the way you treat the customers. Make sure that your team is friendly, prompt, courteous, and efficient.
This list is not all inclusive, but for the most part these are the factors that will effect whether your business will thrive or not. Make sure that you have these seven worked out, and feel free to read through some of my other related posts that deal with marketing, business, and advertising.
Let me know if you have any other successful business factors
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