What Makes a Business Successful?

Attitude for business success - attitude for business success is very important. It ranges from the initial planning and research that goes into a business, developing adequate systems, deliberately setting out to give your customers a WOW! experience, employing capable team members and then adequately training, motivating and rewarding them and at the same time performing the role as leader, coach, motivator and cheer leader to keep the team on track.

Determining what your unique selling proposition is, is an important means of determining why it is that people choose to do business with you or what it is that makes you different from your competitors.

Get your customers to say “WOW”! This can be achieved by utilising a number of methods such as the way your team members are taught to welcome visitors to your business premises, by setting a response-time standard etc.

Building personal contacts will enable you to establish niche markets whereby a different type of service is offered from what big business is offering to their customers. Use any excuse to communicate with your customers at least six times per year.

Show them that you care –one of the advantages of Small to Medium Enterprises (SME’s) is that SME business managers/team members can get closer to their customers and show them that they care.

People want you to lead and educate - people have come to your business because they require something that you have. You need to show leadership as they want to be led. They want to be educated in your product or service by accepting that you are the expert.

Know your target market - successful business operators know their target market backwards! They know the demographics of their key customer groups. They know their likes and dislikes. They know their interests.

Think like the customer - if you truly know your target market and the demographics of your customers, you will be able to think like the customer and not the owner of the business.

Instil a belief that you can be trusted – people want to deal with people they can trust, who deliver what they promise, who turn up on time, deliver the product on which they have quoted and who offer a good after sales service.

The price, from the customer’s point of view – this is the selling price charged for the product or service, plus the perceived added value developed for your product or service through trustworthiness, after sales service, the sales experience etc.

Employ dedicated team members - small businesses will not become successful businesses unless they employ dedicated and well-trained team members.

Get the best team members - it doesn’t matter if you have to pay a few more dollars to get the best team members. The difference in cost between an excellent team member and a mediocre team member is not that much, but the difference in the bottom line of your business can be quite dramatic.

Embrace team member training - successful small businesses embrace team members’ training with a passion. They spend a lot of their planning time in devising team member training that works. They ask for their team members’ input. They develop a network of business colleagues, professional advisors and customers who are prepared to participate in team members training sessions.

You must have self-belief - one of the key factors brought to a business by its Owner or Manager is leadership. Another key factor is self-belief. If you don’t believe that you will ever be successful you never will be. If you don’t display a winner’s attitude don’t expect your team members to act like winners!

Understand the leader’s role - the business leader’s role is to act as coach, facilitator, mentor, planner and leader. You can’t do it all yourself. You have to develop effective delegation skills so that you can properly perform your role.

Find something positive in everything you do - it is essential that you get some joy and fun out of your business experience because you are going to have to put in a lot of hard work and there are going to be some “ordinary” days.

Continually learn - we are living in an age of rapid development of information. Be an active participant in the utilisation of new information and technology.

In conclusion, being able to run a successful business is like having a successful marriage - it is hard work but if you continuously work at all aspects of it you will reap the benefits.

Running a successful business also involves being able to take the good with the bad and realising that there will be hardships but that if you stick at it, work hard, nurture, develop, appreciate and reward your team members and realise that your customers are your bread and butter, then your business will succeed and you will be able to create wealth.

At Nexia ASR we can help you make your successful business more successful or your not so successful business successful. Please contact Gary Graco on ggraco@nexiaasr.com.au or 03 9608 0109, Philip Grant on pgrant@nexiaasr.com.au or 03 9608 0105 or Mark Hammerschlag on mhammerschlag@nexiaasr.com.au 0r 9608 0165

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