The Ten Keys to Business Success

There are ten critical areas where your ability to think largely determines the success or failure of your business. The greater clarity you have in each of these areas, the better decisions you will make and better results you will achieve.


 

Key Purpose

What is the purpose of a business? Many people think that the purpose of a business is to earn a profit, but they are wrong. The true purpose of a business is to create and keep a customer. Fully 50 percent of your time, efforts, and expenses should be focused on creating and keeping customers in some way.


 

Key Measure

The key measure of business success is customer satisfaction. Your ability to satisfy your customers to such a degree that they buy from you rather than from someone else, that they buy again, and that they bring their friends is the key determinant of growth and profitability.


 

Key Requirement

The key requirement for wealth building and business success is for you to add value in some way. All wealth comes from adding value. All business growth and profitability come from adding value. Every day, you must be looking for ways to add more and more value to the customer experience.


 

Key Focus

The most important person in the business is the customer. You must focus on the customer at all times. Customers are fickle, disloyal, changeable, impatient, and demanding--just like you. Nonetheless, the customer must be the central focus of everything you do in business.

Key Word

In life, work, and business, you will always be rewarded in direct proportion to the value of your contribution to others, as they see it. The focus on outward contribution, to your company, your customers, and your community, is the central requirement for you to become an ever more valuable person, in every area.


 

Key Question

The most important question you ask, to solve any problem, overcome any obstacle, or achieve any business goal is "How?" Top people always ask the question "How?" and then act on the answers that come to them.


 

Key Strategy

In a world of rapid change and continuing aggressive competition, you must practice continuous improvement in every area of your business and personal life. As Pat Riley, the basketball coach, said, "If you're not getting better, you're getting worse."


 

Key Activity

The heartbeat of your business is sales. Dun & Bradstreet analyzed thousands of companies that had gone broke over the years and concluded that the number-one reason for business failure was "low sales". When they researched further, they found that the number-one reason for business success was "high sales." And all else was commentary.


 

Key Number

The most important number in business is cash flow. Cash flow is to the business as blood and oxygen are to the brain. You can have every activity working efficiently in your business, but if your cash flow is cut off for any reason, the business can die, sometimes overnight.


 

Key Goal

Every business must have a growth plan. Growth must be the goal of all your business activities. You should have a goal to grow 10 percent, 20 percent, or even 30 percent each year. Some companies grow 50 percent and 100 percent per year, and not by accident. The only real growth is profit growth. Profit growth is always measurable in what is called "free cash flow." This is the actual amount of money that the business throws off each month, each quarter, and each year, above and beyond the total cost and expense of running a business.


 

Action Exercise

You should have a growth plan for the number of new leads you attract and for the number of new customers you acquire from those leads. You should have a growth plan for sales, revenues, and profitability. If you do not deliberately plan for continuous growth, you will automatically stagnate and begin to fall behind. Growth is not an accident; so you must plan and map out your growth plan if you want your business to see a bright future.

Comments

Post a Comment

Popular posts from this blog

5-Step Plan to Reverse Diabetes

Image
Step 1: Remove These Foods to Reverse Diabetes Naturally Certain foods negatively affect your blood sugar levels, cause inflammation and trigger immune responses. To reverse diabetes naturally, the first step is to remove these foods from your diet: Refined sugar: Refined sugar rapidly spikes blood glucose, and soda, fruit juice and other sugary beverages are the worst culprits. These forms of sugar enter the bloodstream rapidly and can cause extreme elevations in blood glucose. (7) Even though natural sweeteners like raw honey and maple syrup are better options, they can still affect blood sugar levels, so only use these foods on occasion. Your best option is to switch to stevia, a natural sweetener that won’t have as much of an impact. Grains: Grains, especially gluten-containing grains like wheat, contain large amounts of carbohydrates that are broken down into sugar within only a few minutes of consumption. Gluten can cause intestinal inflammation, which affects hormones like
Read more

Does apple cider vinegar help people with diabetes?

Image
Apple cider vinegar may have various health benefits, such as supporting weight loss and managing blood sugar. These benefits could help people with or at risk of diabetes. However, scientific research has not yet confirmed them. Scientists have yet to back up the majority of the health claims around apple cider vinegar with significant clinical research. However, some evidence has emerged to suggest that apple cider vinegar may have particular benefits for the management of diabetes. Diabetes is a chronic condition that leads to an inability to manage blood sugar levels properly. According to the World Health Organization (WHO), in 1980, around 108 million people had diabetes. Its prevalence has significantly increased over the past few decades to an estimated 422 million in 2014. This article looks at the research that links apple cider vinegar and diabetes, as well as ways to take apple cider vinegar effectively. According to scientists, apple cider vinegar has the potential to
Read more

The Dangers of Ego-Driven Spending: A Call for Reality Check

Image
In a world where status and outward appearances reign supreme, it's all too easy to fall into the trap of ego-driven spending. We live in a society where success is often measured by the size of our possessions and the prestige of our lifestyle. As a result, many of us find ourselves chasing after the latest trends and splurging on luxury items in a bid to keep up with the Joneses. But what if I told you that some of the wealthiest individuals in the world eschew ostentatious displays of wealth in favor of a more modest lifestyle? Take, for example, Warren Buffett, one of the most successful investors of all time. Despite his immense wealth, Buffett is known for his frugal habits, driving the same modest car and living in the same unassuming house for decades. Similarly, tech titan Mark Zuckerberg, founder of Facebook, is often seen wearing a simple gray t-shirt and jeans, despite being worth billions of dollars. And then there's Ingvar Kamprad, the founder of IKEA, who fam
Read more