I get asked all of the time what are the elements of a successful business? I give the same answer which is no secret.
So to help you here they are;
If you don’t know where you are going any road is good enough. Many business owners start with an idea but have no plan for the next month let alone the next 10 years.
Now, that 10 year plan may not end up very much like the vision you started with but at least you are starting with a plan.
Imagine going into a railway station and asking for a ticket! The first thing the ticket clerk would say is “Where to?”
You need to have something to sell, a product, skill or a service. Is your product, skill or service in demand? If you are selling typewriters then that may be a challenge. Not only do you need something to sell you will need a great positive mindset. If you think like an employee, you will probably struggle to get the success that you desire.
Your current strategy has given you what you have currentlygot! If you want something different you will have to have a different strategy.
3- Stand out/Position.
How do you stand out in a flooded market? There are very few totally unique businesses out there, the chances are that there are loads of people doing exactly the same as you. So how do you differentiate yourself so that you stand out from the crowd?
4- Ten out of 10/Lead Generation.
How do you generate your leads? Most businesses in advanced growth get between 75 & 85% of their business from referrals. How do you make ten calls and get ten appointments? What is your lead generation strategy?
A lot of sales people are still using a process directly from the 1980’s and have the mind-set of (ABC, Always Be Closing). This is so out dated it’s embarrassing! Worse than that a lot of small business owners don’t even have a sales process.
Relationship selling is the way to go with full engagement with your prospect.
6- Method/Systems & Processes.
All business must have method, systems and processes run businesses and people run systems and processes. From buying the milk to recruitment. From your vision to your customer service, everything must be systemised. When you have a full set of systems and processes you can then look for a better practice and then best practice. Once you have a best practice you can start to innovate.
Is your customer service so good that your clients say “WOW” Is it so good that they go and tell everybody in sight? Is it so good that they keep coming back to buy your next product? Too many businesses get this bit wrong and loose so much follow up business. On average it cost 6 times more to get a new client than it does to look after the ones you’ve already got.
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Watch this video to hear me talk about the 7 steps