As an entrepreneur, there’s nothing more important than seeing the business succeed and thrive. You want to prove that your concept works, or that your business can be your ticket to achieve your goals.
Alas, for every business that succeeds, dozens more fail. The last thing you want is to see your business end up as a failure.
So what do you need to make your business successful?
According to the article Key Success Factors of Your Small Business , the key elements of your business to succeed include:
- Sell each unit at a profit
- Continue to reduce overhead costs
- Develop new products while maintaining high quality products
- Find and retain high value customers
- Create and maintain the highest level of customer satisfaction
Kick Start Alliance in their document The Seven Critical Success Factors for Launching & Driving a Successful Business cites the following as critical factors that make a business successful:
- Be realistic about your business objectives.
- Understand your unique value proposition.
- Take a hard look at your competition
- A marketing foundation is absolutely necessary for your success.
- For best results, marketing and sales should work hand-in-glove.
- Be fiscally prudent, but willing to consider targeted investments to build a solid business infrastructure quickly.
- Speed and ruthless execution is everything.
For the maverick entrepreneur Richard Branson, however, the main factor that makes a business successful is when you enjoy what you are doing:
Because starting a business is a huge amount of hard work, requiring a great deal of time, you had better enjoy it …building a business is all about doing something to be proud of, bringing talented people together and creating something that’s going to make a real difference to other people’s lives.