What makes a successful business

17 Aug, 2018 - 00:08 0 Views
What makes a successful business

eBusiness Weekly

Robert Gonye
Although it can be defined in one sentence, success is a multi faceted attribute. One could argue that the definition can be coined on an individual basis and one size does not fit all.

The term “Our business is successful” can mean a myriad of things to different people and/or organisations.

It is likely that when asking a team of individuals what their definition of success is and what defines a successful business, there would be different answers.  We love the definition which alludes to the fact that success is understanding that you cannot keep what you do not give away.

On the other hand, every entrepreneur or business has dreams for their business; set goals which, when attained means they have made it they have been successful at what they set to achieve. 

In this article, we dissect the components and characteristics that successful businesses share, typically in two main phases which we will call the business DNA and the people DNA.

  • A successful business then can mean a lot of things.
  • However, the core attributes which have been known to drive the business DNA include:
  • Is there a market for the business?
  • Is there demand for the product or service?
  • Is the business offering scalable,  ease of access to the consumer?

Level of innovation will also determine the amount of success enjoyed by the business. Technology has  played an interesting role in the success of businesses especially in the past decade or so with the explosion of social media and the public’s desire for instant information. Not only has technology played a role on the company floor in producing products quickly and more efficiently, as an example, but technology has become prominent in communicating with customers and in marketing products and services. Technology is in all the different facets of business today. Companies which are not utilising technology from the past need to start embracing it today and evolve for continued success.

The business systems which drive and manage the business such as software.

Having mentioned all the above, we have seen many businesses close, even with all the attributes mentioned above both locally and on a global scale .  It then stands to note that a business could have the best product or best service, but if nobody wants or needs it, it is not going to sell very well, or be utilised.

The Human DNA attributes which drive a successful business are:

Leaders who can build strong relationships: Relationships when starting and running a business are the key to making everything happen. And by relationships, we mean development, vendor, customer and other various work relationships. It’s having those strong leaders who know how to build relationships, and use those relationships to build and hire other leaders and a team within a company. A business can have a good product, technology and service, and a good plan in place, but if it has a lousy team that can’t work together, then nothing is going to happen.

Hire the right staff: Good leaders want to hire people smarter than they are, inspire others to build top-notch teams and then let them do their job. They know they can’t do everything alone and they give people the freedom to take the lead when necessary.

The right fit: The right team which has a clear vision and feel that they are changing the world are vital to the success of a business.  Passion and enthusiasm trickle down to all employees and then to customers. These drive into the vision for the company, and because of that passion, employees, in turn, buy into that vision.  They become sold out and raving fans for the business and even the customers too.

The Sales machine: Ultimately the key success factor is the sales machine, which is the main driver for our article. The sales machine refers to the sales processes, sales teams which are bringing/generating the life into the business. In business, sales equals  life. No sales no business, no revenue, and no life blood for the business to exist and/or operate.

In our next article we focus on Sales relevance to your business and getting the team sold out to selling. Until then, happy selling, and get geared for real growth.

’’The views given herein are intended solely for information purposes; They are guidelines and suggestions but are in no way guaranteed.’’

Robert Gonye  is a Business Growth Expert and Influencer. He writes in his personal capacity. Comments and views :[email protected]

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