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What Makes a Business Successful

What Makes a Business Successful PhotoIn today’s time and age where competition – in all of its form and glory – is at its peak, there’s only one thing left to remain one’s business thriving, and that is to return to the basics. So, what are the basics in a business? These are the people who runs it, the product or service, then the business plan and of course the financial resources.

There are many factors that can or will make a business successful, but we can categorize them into four major categories:

Making and/or reviewing the business plan

For companies which are just starting, the basic premise is to create a business plan. And for those companies who have already started and are on their growth or maturity phase, it is always worth going back and reviewing the business plan. Why? Because business plans must and always contain SWOT analysis. With SWOT, the very strengths and advantages of the business over its competitors are listed, as well as its weaknesses (or the areas where there needs some improvements), the opportunities (which can serve as the basis for growth and expansion) and the threats (which reveals about the factors that business owners should be wary of).

Ensure continued innovation of products or service

It is always better to continue innovating than remain stagnant. Customers are always looking for something new. They will remain loyal to products or service that they have been used to getting, but if there’s something that will make them switch is that having another variant or a new form of a product or service.

Innovation does not necessarily mean offering totally different product or service. Some form of variation such as additional menu option, a new flavour, a change in packaging, additional option for colour, any minor change will do, as long as it will give new form of enthusiasm and encouragement to customers.

Planning and implementing affective marketing strategies

There are hundreds of marketing strategies that can be thought out, but not all of these are affective. Affective means it will bring out something to its target recipient, that it will touch both the heart and mind of the customers and will motivate them to buy the product or service. Nowadays, the most effective marketing strategies that truly get the attention of the customers are done through social networks such as Instagram, Twitter and Facebook. Just mere photos or a 30-seconder video can spread like virus through these sites and thus reaching out thousands of audiences across the globe.

Efficient financial management

Business is always about earning money. A business is said to be successful if it is becoming a good financial resource. However good the business plans are, or however moving the marketing strategies are if finances are not managed properly, then the business will not be a success.

It is always good to keep records of income and expenses and check on them regularly. Needless to say maintaining minimal expenses is the best way to gain income. Business income and personal expenses cannot and should not go together.

To some, these four sound so easy, while others may say that all these are challenging as it is, but one thing is for sure, once these four are achieved, it can be safely claimed that the business is successful.