The Essential Steps to Business Success
The Essential Steps to Business Success: I don’t know a single business owner who doesn’t want to grow their business, take it to the next level, and make more money. That’s what being a business owner is all about, but sometimes we get tripped up on the how to. In the next few blog posts I will outline the nine steps to developing a successful business, because each step is critical to growth and your bottom line.
STEP ONE: Know What Business You Are In
This sounds basic, but it is the foundation upon which your business is built. Take some time to answer the following questions about your business.
- What business are you really in? Dig deep to find the answer. Keep asking the question and drill down to find out what business you are really in. Often it is not the first answer that comes to mind. Think about it from the perspective or your customers/clients.
- What do you do for your customer/client? Too often business owners focus on the mechanics of what they do, not the benefit and results of what they do. People are not interested in the mechanics; they want to know what benefits and results they will receive from doing business with you.
- Where do you see your business in five years, three years, and one year from now? Clarity of direction is one of the most important aspects of a successful business. If you don’t know where you are going, you can’t chart a course to get there—and you won’t know when you’ve arrived.
- If your prospective customers or clients are not buying from you, then who are they buying from and why? What does your competition do or provide that you do not? Know thy competition.
- What are the most important reasons your customers or clients buy from you? You need to know why your customers do business with you. If you don’t know, ask them.
- How is your product or service positioned in the marketplace? High-end, mid-tier, low-end, or price leader? Where do you stand in the marketplace?
- Do you and you and your employees know your vision, mission, and values? You can’t maximize performance unless everyone is on the same page.
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