10 Reasons for Business Success or Failure
Some Business Succeed While Others Fail
1. - Empowering Leadership. - Transformational leadership is the type of motivational style that draws others in and inspires them to achieve something greater than themselves.
2. - Well-Defined Vision. - Is a scripted understanding of what a company wants to do and how they want to accomplish it. A well-defined vision allows members of an organization to unite for a common cause with singular aim and all energy focused in one direction.
3. - Relevant Knowledge of the Business Market. - A third factor for business success is relevant knowledge of the business market. In order to do anything well, a person or company must do their homework to gain a deep understanding about the factors that are essential for success.
4. - Detailed Business Plan. - The next step is to take what you know and what you want to accomplish and write a detailed strategy for how to make it happen.
5. - Assessment of the Direct and Indirect Competition. - When doing the research the group should ask: who is the competition? What products and services do they offer? What is their pricing structure? What kind of shipping do they offer? and the like.
6. - Availability of Financing. - Most new businesses need some kind of seed money to get them up to speed and thus the ability to secure working capital is critical to keeping the doors open.
7. - Solid Customer Relations Management. - Enterprises that take time to think out common and uncommon situations before they encounter them will be more likely to keep customers coming back.
8. - Well-Managed Supply Chain. - How a company manages its inventory. in order to keep the right mix of products on the shelves, an enterprise needs to think through its supply chain processes.
9. - Proper Timing. - Part of learning about an industry is getting a good feel for its business cycle; although trying to time the market can lead to indecision.
10. - Well-Devised Decision Making System. - One solid decision-making scheme is the nine-step problem-solving model. The steps in the model are:
- Describe the situation in detail
- Frame the "right" problem
- Describe the end-state goals from a broad perspective of values
- Identify the alternatives
- Evaluate the alternatives
- Identify and assess the risks
- Make the decision
- Develop and implement the solution
- Evaluate the results
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Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
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