Top 10 Reasons Companies Succeed
Only one in 5 companies reaches the fifth year, and even fewer reach 10 years. What do successful companies have in common?
1. The experience and skills of senior managers. More than half of business failures are directly related to managerial incompetence.
2. The energy, persistence, and ingenuity (the will to make the business succeed) of top managers. Many business owners have failed or come close several times before their “instant” success. do not give up
3. A product that is at least above the competition and a service that does not get in the way of buying people. There must be a compelling reason to buy; the product is great, the people love providing service, and the shopping experience is easy and fun.
4. The ability to create “buzz” around the product with aggressive and strategic marketing. Make scarce marketing resources count. Do as much research as you can about your customers and their options before you invest your marketing dollars.
5. Deal-making skills to sell the product at the highest possible price given your market. It all comes down to your customers’ perception of your product’s value, and sometimes the power of your personality.
6. The ability to continue to develop new products to retain and build a customer base. Consider gradual product development based on improvements to the current product line and sold to the current customer base.
7. Deal making skills to work with resource providers to keep costs down. Keeping costs lower than the competition and continuing to seek cost reductions even when the business is profitable is key.
8. The maturity to treat employees, suppliers and partners fairly and respectfully. Trust and respect result in productivity increases in ways that can be difficult to see and quantify.
9. Location and/or superior promotion creating a connection between your product and where it can be obtained. Studies have shown that it may take seeing your product or name seven times before a customer is ready to buy.
10. A constant source of business during good economic times and recessions. In the long term, develop a product mix that includes winners during good economic times and other winners when times are tough.