The Top 10 Reasons Businesses Succeed


The Top 10 Reasons Businesses Succeed

The Top 10 Reasons Businesses Succeed
The Top 10 Reasons Businesses Succeed

Only one out of every 5 enterprises survive to the 5th year of its activity, and even fewer survive to 10 years. What do successful companies have in common?

Reason 1

Experience and skills of top managers. More than half of business failures are directly related to the incompetence of managers.

Reason 2

Energy, perseverance, and resourcefulness (will to business success) of top managers. Many business owners have failed several times or were close to it before achieving "instant" success. Don't give up.

Reason 3

A product that is at least a cut above the competition, and a service that does not prevent people from buying. There must be a good reason to buy: the product is great, people love to provide services, and the buying process is easy and fun.

Reason 4

The ability to create "hype" around the product through aggressive and strategic marketing. Consider the scarce marketing resources. Do as much homework as possible about your customers and their choices before investing your marketing dollars.

Reason 5

Skills of making deals to sell a product at the highest possible price, taking into account your market. It all comes down to your customer's perception of the value of your product, and sometimes the strength of your personality.

Reason 6

The ability to continue developing new products to retain and build a customer base. Consider gradually developing a product based on improvements to the current product line and selling to the current customer base.

Reason 7

Transaction skills to work with resource providers to reduce costs. The key is to keep costs lower than competitors and continue to find ways to reduce costs, even when the business is profitable.

Reason 8

Maturity in fair and respectful treatment of employees, suppliers, and partners. Trust and respect lead to increased productivity in a way that can be difficult to see and quantify.

Reason 9

Excellent location and/or promotion, creating a link between your product and where it can be obtained. Research has shown that it may take seven times to see your product or name before a customer is ready to buy.

Reason 10

A constant source of business both in good economic times and during downturns. In the long term, develop a product range that will include winners in good economic times and other winners in difficult times.