Entrepreneurship

The 7 Keys to Your Business Success

Do you know the key factors for business success? You're about to learn the top 7 factors for succeeding in your business.

In recent times, more and more people are getting “stung” by the entrepreneurial bug. This is not unconnected with the growing popularity of the internet as a business tool and the ease of getting started online.

However, building a successful business is more than what most people will want you to believe. It’s more than buying some online course or attending a webinar or reading online business blogs.

To build a business of your dreams you must be ready to roll up your sleeves and work for it. In this blog post I want to share with you 7 proven business success keys that will help you start and build a truly successful business. These keys have been proven over the years and if applied correctly, in any business, will produce the desired results, no matter the type of business.

7 Business Keys to Success

  1. Work On Yourself to Understand People

Business is all about people isn’t it? You have them as customers, you employ them (whether virtually or on location). But few intending entrepreneurs have realized that the absolute key to success in any business is understanding people at a much, much higher level.

Your sales and marketing skills are determined by what you know about people. This is why many businesses spend hundreds of dollars every year for market research. And of course, if you intend to have staff in your employ your leadership skills is what will get them to perform as well as you desire. This is determined by your knowledge of people!

So what’s the best way to learn about other people?

Easy, learn about yourself! You’re a people and the more you learn about yourself the more you automatically learn about other people.

  1. Learn Business Success Principles

There are so many principles to business success, but I’ll emphasize just a few here. One is, you’re in business to make a profit, not just turnover. Turnover is a job, whereas profit gives you a LIFESTYLE. Your aim should be to increase your net profit percentage of turnover, as this allows you to grow and pay yourself whatever you desire.

Net Profit percentage comes from improving everything you do, not just doing more of what you already do. How you answer the phone, how you greet people face to face, how you write your ads, improving your communication and leadership with your staff. All of these are areas to improve.

Another thing you must know when you talk about turnover is cash flow. Cash flow means having the cash in your bank account that should be in your bank account. If customers cost you money before you get any back, that’s negative cash flow, if you get cash before you incur a cost that’s positive cash flow. The better you get at getting money up front with deposits and getting people to pay on time the better your cash flow.

  1. Set Goals and Have A Plan To Achieve Them

Until you set a goal you don’t have a reason WHY you will improve your business, therefore the HOW doesn’t matter. People have to know why, before how. You’ll want to know how to grow your business once you have set a written goal.

After you have gotten a goal then it’s time to look at the relevant strategies for your business. Of course, there are over 300 business strategies out there but you don’t have to have all of them before you get started. What you need is identifying the right strategies you should put to use now and working with that.

Now it is important that you carefully pick your business strategies. This is because strategies are like tools. If you want to build a house and all you have is just a hammer, a saw and nails you will be building it for a long time. Building a business is not different. When people don’t know what strategies are available or suitable for their business ventures how can they effectively grow that business?

A Business Growth Plan is simply the order of implementation of those strategies beginning with the highest priority strategy. When you have documented goals for 3, 6, 9, 12 and 24 months with a list of strategies in order, you have a Business Growth Plan that makes growing your business EASY!

  1. Turn Your Staff Into A TEAM

Unfortunately business owners are trying to do it all on their own. They often don’t train their team regularly with team meetings or one on one allocated time every week. I believe you have one role as a business owner – to be a great teacher! Your aim should be to teach everyone in your business how to do everything you currently do, better than you do!

The result of this is that you as the owner becomes “Obsolete”!

You see, when business owners think “no one can do my job as good as me”, they are only digging a big hole for themselves that they will never get out of. And when this happens they wonder why they are stressed, tired, work long hours and this happens more and more as the business grows.

You should know that TEAM stands for:

T – Training
E – Everyone
A – Achieves
M – More!

  1. Build Foundations for Growth

If you want to build your business to provide a great lifestyle you need to put foundations in, just like building any building. If you don’t intend to really increase your profits then you don’t need foundations. If you want to seriously increase your net profit percentage (even without increasing turnover) you must have strong foundations. When they build a skyscraper they don’t build up, they dig a big hole down.

The foundations in business are 2 things…

First, having documented systems – A system is just a best way of doing something that everyone knows and uses that has been identified and written down. It helps consistency and efficiency and as you grow people are accountable to the systems, not to you the owner. That means you save time checking on everyone. Systems only work when you have worked with your staff to turn them into a TEAM.

Secondly, measuring everything – If you haven’t measured your Key Performance Indicators (KPIs) how will you improve on them? Increasing Net Profit percentage of turnover comes from improving everything you currently do, remember?

This is where a lot of budding entrepreneurs have a lot of problems. I could spend the whole day talking about measuring, for it’s that important, but I can’t emphasize it enough.

When you’ve measured all your KPI’s you’re ready for…

  1. Implement EFFECTIVE Sales and Marketing

Everyone in business is already doing sales and marketing but how effective is it?

You know when you have effective sales and marketing. Here’s how: you won’t get so many price shoppers as your marketing already has “sold” them on buying from you. Your marketing is so effective you only have to run it a third as much because you can’t handle the increase in customers it brings you. And you’ll know your sales and marketing is effective because you put your prices up 20% and also increase your conversion with the price rise!

People in business don’t take responsibility for their sales and marketing and as a result they don’t get the results they desire. If you learn sales and marketing by paying a professional for a few months it will be the best investment you ever make. Once you learn the principles of success you can then add to them yourself, but often you need an expert to get you started.

  1. Manage the Business

Unfortunately businesses aren’t managed at all well. You can tell by these examples… decisions aren’t based on numbers, there aren’t documented systems, regular weekly team meetings aren’t happening nor is weekly one-on-one team training.

Management is all of the above; it’s making decisions on numbers. E.g. you measure how many customers you serve in a week for each team member and measure the number of new customers each week. With these numbers you then work out how your team can service 5 customers each per week. That means if your marketing can produce 5 new customers and if you’re at maximum service capacity you need to be thinking about getting a new team member very soon.

This is what management is, training your team weekly, documenting systems, measuring numbers, making decisions on numbers, setting goals and helping your team to achieve their own.

That’s it, the 7 keys that will help you build a flourishing business any time and in any economic situations. When you dedicate time to learn and then implement these keys, in the order above anything is possible. It doesn’t matter where you are at right now in your business building journey you need to work on these principles if you truly want to see success.

Over to you: What’s your growth potential? Are you realizing it yet? Would you love a personalized internet marketing business training that will help you learn the tips, hacks, and best practices to nurture and grow your business?

If you answer yes to the above then watch out for the upcoming launch of the Web Income Profit Classroom – an online training platform dedicated to your online business success.

Chadrack

Chadrack is writer, author, & digital entrepreneur. He's the owner of the WebIncomeJournal.com and also runs an Online Marketing Agency. He has experience with SEO content, conversion optimization and loves to work with budding digital entrepreneurs to make their dreams a reality.

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