Wednesday, October 17, 2007

6 Things Every Successful Business Owner Realizes

All successful entrepreneurs employ the same 6 basic
business techniques, no matter what is the business or
the industry.

They all start with the same knowledge, wherever it was
learned. Remember these basics and keep them first and
foremost in your mind; they will apply to any business you
start.

1.To Thy Own Self Be True
To be successful in business, you must be very
self-aware. Many people really don't know their
strengths and weaknesses, or don't plan to take
advantage of strengths and minimize weaknesses.
Consider your strengths and weaknesses honestly,
and write them down. Discover ways to ameliorate your
weaknesses, but don't devote all your time to them.
Place your efforts into things you are good at. Build your
strengths, don't fix your weaknesses, as it is put by the
Gallup Organization in "Now Discover Your Strengths," this
can put you on the path to success.

2.Customers Are Your Main Priority
In every successful business customers come first. If you
forget the importance of the customers, you'll risk the stale
state of mediocrity among your competition. However you
label them - customers, clients, or consumers, must be at the
center of all you do. (remember yesterday's story of the 2
doctors?) Beware, don't just pretend to care, because they
can detect a phony at a distance Make sure to understand
the world as seen by your customers. Ask questions, and
take the time to listen to their answers. And be sure to read
between the lines and listen to what they’re NOT saying.
Pay close attention to nonverbal cues, including body language.
The more effort you put into getting to know your customer,
the more your business will succeed.

3.Relationships Reign Above All
Businesses have never succeeded without networking.
Begin to build relations ships with important people,
whether they be colleagues, experts or mentors, it will
pay off in the end. In a stable environment, a good network
helps your business grow; in uncertain times, the support
of a network helps your business stay on track.

4.Expect Change
We cannot expect things to remain the same. Business's
are much like the human body; they grow, develop, mature,
and transform. Expect and welcome that change it when it
comes. Being aware of potential unexpected events will help
you cope with set backs without sacrificing your sanity. Running
a successful business will take flexibility--straying away from a
set strategy is often necessary to avoid losses. Don't sweat
the details, they most likely will change; try and envision all
the possible outcomes so they do not blind side you. Analyze
your options, and embrace the situation as an opportunity to
overcome by simply taking a deep breath.

5.Keep Progressing
Businesses and those people that own them never cease in
movement. From small day to day actions to major decisions,
a thriving organization is marked by productivity. Think about
how to be more productive and that will then increase your
sales and profits. Don't overlook the possibility of increasing
your business efficiency with new technology. Perhaps, the
remedy for your production problems is automation, or
possibly the solution for your overwhelming internal workload
is outsourcing. It is possible to increase your productivity with
a variety of methods. Find what works for your business and
go with it. A good investment will pay for itself with increased
savings or better sales.

6.Balance Is Key
Business has the tendency to take over a person's life. If not
kept under control, it will. The most outstanding business
owners are summed up not only by their bottom line, but their
top line as well. Their business doesn't take over their life
because they keep life in balance. Due to the difficulty of keeping
a balance between one's private life and one's work, some people
find it necessary to set aside appointment time explicitly for
themselves and their families. This is a great idea! In the same
way that you'd set aside time for a business appointment,
explicitly write "sit down and relax" or "go on a walk with the
kids" in your planner--and then do it! Once you plan out your
day, you can balance out the time you have. Work and life
balance actually increases your chances for business success.

Quote of the post
"Screw it, let's do it" - Richard Branson

1 comment:

Emmanuel said...

Hi,
U said it all. Every business owner must know the importance of customer satisfaction. The saying that 'Customer is King' is true. Customers are the only reason why you are in business. So, you must do everything to please them.

When I talk about customer, I am talking about both your external customer and internal customers (employees). If your employees are not happy, it will reflect on their interaction on your customer and eventually on sales figure.