Once again I welcome you to our weekly Business and Entrepreneurial Development Serieswith Israel Olutomi.
This week we would be looking at the principles of Business Success
Our business is very much a part of our life. Your ability to understand this system is essential to your achieving everything possible. knowledge can help you be more successful than people who never take the time to learn. My advise anytime I consult for startup businesses is that they get educated in their chosen field and in the art of business as that would set them apart from the uneducated businessman.
80% of businesses close down or disappear within the first two years of startup, many large and established businesses go bankrupt but at the same time, thousands of new businesses thrive & succeed which gives to say that there are unlimited opportunities for the creative minorities, the one who know the laws & principles of business success & who apply them judiciously.
There are some principles and laws that must be strictly adhered to so as to succeed in business. No matter the type of business you are involved in, this principles and laws cuts across board a wide range of business venture.
Principle 1: Purpose. You need to define your purpose for being in Business. Are you in Business for the money or to touch lives and make a difference? If your sole purpose for going into business is to make money then it’s easy for your purpose to be defeated as a result of the compromises you might be forced to make so as to keep making profit when business hits a storm. If your purpose of going into business is to touch and affect lives, your profit margin is bound to soar high as a result of people wanting to keep associating with your brand because of your product & service quality.
Principle 2: Organisation. A disorganised business is bound to loose its customers, its focus and its goals. A proper organisational structure has to be put in place from the inception of your business. As your business expands, the organisational structure needs to expand to satisfy customer needs.
Principle 3: Customer Satisfaction. The sustenance and survival of every business is dependent on the satisfaction your customer derives from doing business with you. The almighty rule The customer is always right is the backbone of customer satisfaction. Your customer has so much power and information to either grow or destroy your business. Every business, either large or small must constantly think of how to please its customers faster, better and cheaper than the competition.
Principle 4: Quality. Your customer demands the highest quality for the cheapest price. Your quality includes both the products and services & the way that it is sold, delivered and maintained.
Principle 5: Innovation. All breakthroughs in business comes from innovation, from offering something better, cheaper, faster, newer or more efficient in the current market place.
You need to make innovation a way of life both for yourself & your business that’s the only way to succeed.Whenever something out of the ordinary happens, ask yourself “Is this a single event or is it the tip of an iceberg” (an iceberg looks tiny on the surface but deep down its more massive than it appears to be), “could this be the beginning of a trend, indicating a major shift in the market place”.
Many great business breakthrough occur as a result of recognising a trend in the market and then moving before anyone else to take advantage of it.
To be continued
I remain Israel Olutomi Business and Entrepreneurial Development Consultant.
Till I come you way again next week do have a great and fulfilled weekend.