You may wonder what the secret to success in business is. It can keep you awake at night, and maybe you spend hours every day thinking about what to do to leave the competition behind. Entrepreneurs often experience frustration and may feel defeated when they don’t find game changing solutions.
What if we told you that it’s not that difficult to find a way to create a successful business? There are some basic things that people often forget about. The secret is to remember them and implement them consistently every day!
It would help if you refocused on the basics of your business. Here the answer is usually “sales” – the foundation of every company. You need to find out how to create products that answer your customers’ needs and how to make the most profit on them. You won’t even know when you become the face on the cover of, for example, CFO Tech Outlook as the most successful businessman or businesswoman.
In this article, we will present some ways to stay focused on things that bring success to your business.
Create Something of Real Value
There is nothing better than a product that fully meets our needs. Imagine that every customer is looking for something like this, and you have a chance to fulfill their dreams (which they will gladly pay you for).
It is known that reducing costs for more profit is important, but never sacrifice the product’s quality. Sooner or later, it will turn out that the cheaper material for constructing your product performs worse, and customers will simply return it as defective. Remember that saving money isn’t always the best solution.
The same goes for services. If you cut down on the offer and instead of dealing with the whole matter, you only take care of part of it – the client will find a better service provider. Please, offer comprehensive service, but increase your price. Do not be afraid. The price will not scare the customer if their case is taken care of properly.
Be Authentic and Transparent
First of all, don’t promise the impossible. People will see your insincere intentions right away. It is better to immediately provide an offer that you will fulfill than later explain the things you couldn’t deliver. Such a customer misleading strategy does not pay off in the long run. Besides, it generates stress on both sides. Instead of focusing on improving your offer, you lose energy arguing with dissatisfied customers.
Additionally, a defrauded client will not give you a second chance. Why? The market is full of competitive companies, so the customer has a lot to choose from in case of your mistake. Being inauthentic, you don’t risk losing one customer with whom you had direct contact. Unfortunately, (for dishonest firms) information in today’s world travels at the speed of light, and someone may describe the problematic situation on the Internet effectively scaring off others.
Focus on the 80-20 Rule
The 80-20 rule states that 80 percent of the results come from 20 percent of the effort. It is also known as the Pareto principle, after the famous Italian economist who dealt with unequal distribution of wealth. The principle was formulated by Joseph Juran and described as a universal law relating to the allocation of resources.
This principle describes many phenomena in the field of economics and management and allows you to better organize your day, which allows you to achieve maximum results in a minimum time.
The goal is to identify a few tasks with the greatest value for the company’s operation and focus on them. Working on improving these specific tasks (or products) is expected to bring you the most profit. By the way, note how many non-essential tasks are high on the agenda and get rid of them if possible.
We often think that business success lies in working yourself to the bone. It doesn’t have to be so at all. Spending long nights writing strategies and thinking about the next moves hasn’t done anyone any good yet. It’s better to spend this time on good quality sleep and start work in the morning with fresh energy.
Thanks to good time management, the awareness of where most of the profits come from, and taking care of the client’s welfare, you can effectively improve your financial conditions and, at the same time, improve the company’s reputation.
A few lessons of compassion and treating customers as equals are enough to enjoy a wonderfully growing company.