04 Sep The Success Formula 101
Though success is not guaranteed in business, there are certain steps and actions you can take to put yourself on a winning trajectory. However, it all comes back to you truly reflecting on what you want and being willing to put a plan to execute your vision. Here are the five steps I’ve taken to position my business to perform at its best.
1) Figure out what your customers want. Having a product is one thing, but offering a product or service that your customers actually want to buy is mission-critical. The most successful businesses are those that were able to identify a need/problem and deliver a truly unique solution that customers had to come to them to buy.
2) Make a point to stand out from the crowd. Don’t settle for “good enough”, go over the top with your product or service so customers know that when they spend their money it is on something that they cannot get anywhere else.
3) Let people know what you’re doing. All too often entrepreneurs invest time into creating this amazing business but never market it or don’t market it enough. Get out there, make it easy for customers to find you.
4) Have a great team to execute. Many times the product or service you have won’t sell itself. You have to put in the hard work to get it in front of the customers, to collect feedback, to find ways to evolve and grow. All of these areas requires having a winning team in place to get the job done.
5) Keep an eye on the money – all the time. Consider the margins for the business. Are they attractive, dismal, or negative? Figure out if this is the right market or the right product to sell. Sometime you may have a great idea, but the margins are so low you’d be close to losing money with that endeavor. Also, if you’re making money – protect it. Don’t spend for the sake of spending if it is not something that is needed or that will help you grow the business or enhance your teams’ performance.
These aren’t the end all be all steps to business success, but I’ve found that when I start out with these five I put myself on track to perform and for my business to grow. But, if you find that after doing these steps, you’re still slow to see any positive outcome, then it may be time to pivot. Success is as much rooted in being intentional in what you do, as much as it is about making sure you are in the right space, with the right product, and, more importantly, that you are the right person to get the job done.
In business, having patience and foresight are key to your success. Take the time to reflect often, analyze and pivot when you need to.