How To Be Successful In Business

I believe are the seven areas you need to master to be successful in business.


1. Customer Service
- Ignoring your customers is at the heart of why many businesses fail. Your customers are the lifeblood of your business, if you know them, know what they want and satisfy their needs you will have gone a long way towards making your business a continuing success.  In fact Customer Focus says you could add 10% to your sales by taking a customer focus in your business.


2. Product Life Cycles
- products go through phases.  At the launch, it costs more to produce but sales and prices are sky rocketing.  As time goes on the product matures, more people buy into the market until it exits the market (think Sony Walkman).  Knowing where your product stands will help you plan for the future as well as market for today.



3. Compliance 
- Compliance is essential even if it is to ensure you are not hit with massive fines. That is also one reason why businesses fail.   It also helps with knowing where you stand if you know your tax liabilities and that you're not going to be hit with a huge bill to pay somewhere down the track.


4. Industry
- Your industry is important to you (otherwise why would you have got in it?) as is where your competitor's stand and your performance in relation to others in the industry.  Keeping abreast of changes will help you perform well.  Knowing where your industry stands is most important as you will learn what strategic action to apply based on its life cycle, so you don't get caught out and can run a successful business until it's time to exit.


5. Forecasting/Budgeting
- Simply means that our future is dictated by the actions we make today.  If you invest your time in worthwhile endeavours you will ensure your future success.  But if you spend your time on less important tasks the future will be less assured.


6. Management 
- If you don't know where you stand you will be at a loss at what action to take which paralyses you.  Good financial management is essential.   Businesses fail for a lack of it.  If you need help with management training this is a good place to start.


7. Organisation 
- Know how your staff are performance and how your organisational processes are working.  Good Staff and Good Processes equal success so it is imperative that these two are performing at an optimal level.  Start learning how to manage your staff better increases yours and their productivity.


Continual learning is the key to why businesses fail and why others succeed, whether it is learning about your industry, the economic environment or new technologies that are available.  Change is inevitable, and with it, so is learning.