Becoming a business owner demands that you know the business success factors. Owning a business is very appealing to so many people or group for a variety of reasons.
Though many people want to be business owners, the motive is as diverse as human character traits. For some, they love to be the boss, others just want to be able to manage their own time. Similarly, many setup their business just to turn their passion into a career.
But the aim of entrepreneur is to make money and succeed. However, success requires knowledge of business success factors that can make your journey smooth.
What Are Business Success Factors?
For short, business success factors means what it will take to launch a successful business. It’s all about the practices a business must imbibe to stand out from others. And to be clear, business success is always measured with the size of their account. Therefore, every factor leads to a better way to grow and make more money.
Certainly, the key success factors of a business are not one-size-fits-all. However, there are some essential elements that are common to successful businesses. These are the factors that can work for you as an entrepreneur.
7 Key Business Success Factors For Every Business
Agreed, there is no perfect list of factors that will turn all businesses around. But the below business success factors should be an essential part of any business that wants to succeed.
1. A Good Business Idea
If you want to carve out a spot for your business in this current business environment, you need to be unique. This is most important if you are venturing into a competitive sector. Innovative marketing ideas alone will not be enough. Because, marketing only bring prospect to your doorstep. What will determine prospect conversion to paying customers is offering real value for their money or a new experience.
According to Magic Johnson, “Research your idea. See if there’s a demand. A lot of people have great ideas, but they don’t know if there’s a need for it. You also have to research your competition”
A closer look at your competition from a customer standpoint will enable you form a strong USP.
2. Have a Strong And Appealing USP
What set businesses apart for success even in the face of stiff competition is a loud unique selling Point (USP). You can only really find a better unique selling point if you think like the customers.
What are the common issues customers face in the sector, what will make your service or product better enjoyed by your clients? Answers to such questions will produce a unique selling point that will endear customers to your brand.
3. Find the Right Team
Finding the right team is a critical business success factor. One of the key success factors of any business is assembling a group of talents to drive the business. After finding the right team, you have to “beat” them into shape to work together seamlessly to achieve success.
In his book Talent Is Never Enough, John C Maxwell opined that talent will only take you to an extent. What will make you a constant success is practice, dedication, learning, perseverance and other factors.
Have a great team, but also ensure you sharpen them for great performance.
You may hire the best hands in the industry, but if they are not team players in issues resolution, your business won’t succeed as it ought to.
4. Strategic And Realistic Goals and Plans.
According to Toughnickel, “Businesses do not succeed flying by the seat of their pants. We want to write and…execute plans to achieve success.”
Similarly, the popular saying by Benjamin Franklin to the intent that failing to plan actually mean planning to fail is apt here. Without a specific business goals/plans, good success is not in view.
Heck, you can have all the money for your startup in excess and still fail big time.
According to Alan Lakein “Planning is bringing the future into the present so that you can do something about it now.”
5. A Consistent Business Marketing Strategy
You can’t talk about the essential business success factors of a company without mentioning a consistent marketing strategy. The success of a business is highly dependent on its marketing strategy.
Implementing marketing as a business success factors involves offline and online marketing. While offline marketing involves actual marketers, use of TV and radio ads, bill board, etc. A successful online marketing strategy starts with a good web design, proper social media usage and email marketing.
According to Kathy Ireland. “I feel I’m able to serve my customer by knowing what she or he wants. One of the ways I’m able to do this is through my website, and email: people give me great ideas, tell me what they want, what they don’t want. It’s really instrumental, and helps me stay in touch with people”
A good and consistent online and offline marketing strategy will do wonder for your business. Ensure you take time to understand your audience and where they can be reached.
6. Find And Retain High-value Customers For Your Business
The 80/20 rule of business states that 80 percent of your business will come from 20 percent of your business customers. As a critical business success factor, It is therefore important that you identify your high value customers and ensure their retention.
Ensure you know your customer lifetime value (CLV). This will help a great deal in implementing business success factor number 5 above.
7. Hard work
As an entrepreneur, if you have not made up your mind to get your hands dirty and work tirelessly, you might as well forget your entrepreneurial dream. A lot of potential entrepreneurs don’t understand that startup is actually difficult. All you will see most time in the media is wealth and private jets but not the sweat.
Don’t be fooled, you will require unflinching dedication to hard work to succeed. Most of your staff are there to collect their monthly pay and nothing else. It is your job to chart a cause of action for everyone, else you may fail quickly.
Ponder on the words of Kevin Hart “Everybody wants to be famous, but nobody wants to do the work. I live by that. You grind hard so you can play hard. At the end of the day, you put all the work in, and eventually it’ll pay off. It could be in a year, it could be in 30 years. Eventually, your hard work will pay off.”
While pondering on that, chew on what Colin Powell said that “There are no secrets to success. It is the result of preparation, hard work, and learning from failure.”
As you look into the causes of business success, remember that the business success factors above are critical to your business growth. You don’t need anyone to tell you about the factors that lead to the success of a small business. All you need now is a deeper knowledge about your niche and you are good to go.
Do you know other business success factors, please share in the comment section.