Business Success Model
In today’s time when knowledge economy is creating immense opportunities for businesses.Some people are doing businesses with comfort of sitting at home and earning money when on vacation while some businesses are struggling to survive.
There must be some critical factors which drive the success.I tried to list out some factors and strategies.
Successful businesses have
1. Loyal customer base
2. Right product
3. Right pricing
4. Established distribution channel
5. Visionary leadership
6. Dedicated team
7. Trustworthy image
Try to achieve above objectives i advise to go for time bound strategy to achieve one by one.This needs patience and continuous efforts.
Selection of business
You must have seen many people have started their busienss without by seeing others or inspired by others success.This is not the right strategy.There is no guarantee that you will repeat the success by repeating the strategy due to ever changing market, customer preferences etc.
Selection of business makes the success easy if it done scientifically.I prefer to go for selecting business as per below matrix
Never failing strategies
- Social media will help you to communicate with customers,distributors,employees etc.
- Focus on maintaining good relationship with Distributors
- Invest on your top leadership education and motivation
- Try to bring down cost and add value to products
- Automation and digitization of business
- Earn then invest
Key pillars of successful model
- Start small but plan big
- First earn then invest
- Delegate the work not responsibility
- Respect the market & customer
- Be original do not copy
Sometime outsourcing and strategic alliances will help to become more competitive. So look for them.
For more you can write firstname.lastname@example.org
Read business growth book