10 Principles for Business Success
Starting a business is half the equation, while making your business sustainable and successful is the other half, which is just as important. Here are the 10 principles for building a successful business:
Identify a Human’s Social Need: Without a human’s need to fulfill, there’s no business. Offer a service, skills or a product that truly fulfills a great need. Without a demand you will have more difficulty selling a supply.
Be Enthused and Inspired: Find those needs you would love to have yourself as a consumer and are inspired to fill those gaps. When you can’t wait to get up in the morning and provide your service, people can’t wait to receive and use your services.
Identify what Priorities Fulfills those Needs: If you’re inspired to do things that are most important, you will increase your business. Fill the better part of your day with your highest priorities, most productive and profitable actions.
Delegate Low Priority Items: Hire people to do what you are not inspired to do, so that you can focus on what truly inspires you the most.
Maximise Profits: Make sure you are doing what’s important both effectively and efficiently. Serving customers/clients and maximising profits is the purpose of a business. Keep asking yourself daily: “how can I do what is most important and most profitable more efficiently and effectively.”
Build and Sustain an Adequate Liquid Savings’ Cushion: When you have a large cushion of liquidity, you will have a more stable business, will attract higher quality clients and be able to take advantage of market bargains.
Invest: Make your money work for you. Invest in progressively higher levels of risk and return. Invest or return some of your profits back into your own business and some into other businesses to hedge against industry market cycles.
Consider your Customers’ and Employees’ Highest Values: If you communicate your company’s mission, vision, primary objectives and job duties in terms of employees’ highest values, they will be more productive. Also, consider your clients’ highest values or needs regarding sales, advertising and marketing. Helping customers get what they want helps you get what you want.
Your’s and your Company’s Vision: These should be the same. Otherwise you’ll plateau your business and your wealth. The greater and clearer your vision the greater and more sustainable your business outcome.
Conduct Research and Innovate: This way you will attract more opportunities. When you are inspired by your new products, services or ideas you will be more likely to inspire your customers.