Only one in 5 businesses make it into its 5th year, and still in less than 10 years. What do successful businesses have in common?
1. Experience and expertise of senior managers. More than half of business failures are directly related to administrative incompetence.
2. Energy, perseverance and resources of top managers (desire to make the business successful). Many business owners have failed or come close several times before their “instant” success. Don’t give up
3. A product that has at least one cut from the competition and services that people don’t get in the way of buying. There must be a compelling reason to buy. The product is great, people love to provide service, and the shopping experience is easy and fun.
4. Ability to create “buzz” around the product through aggressive and strategic marketing. Count the few marketing resources. Do as much homework as you can about your customers and their choices before investing your marketing dollars.
5. The skill of making a deal to sell the product at the maximum price given to your market. It comes down to the level of your customers’ feedback about the value of your product and sometimes the strength of your personality.
6. Ability to develop new products to maintain and build customer base. Consider the gradual development of the product based on the improvement in the existing product line and sell to the existing customer base.
7. Expertise in dealing with resource resource providers to keep costs low. Keeping costs lower than competitors and finding cost reductions is important even when the business is profitable.
8. Maturity in treating employees, suppliers and partners fairly and respectfully. As a result of trust and respect, productivity increases in ways that can be difficult to observe and quantify.
9. High position and / or promotion creates a link between your product and where it can be obtained. Studies show that a user can see your product or name seven times before they are ready to buy.
10. A stable source of business during both good times and bad. In the long run, create a mix of products that will include winners during good economic times and winners during other times when times are tough.