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What makes a successful business?

Jennifer Palmer - Aug 2017

Regardless of your definition, there are a number of common characteristics of a successful business.

Successful business owners focus on the following key areas:

  • Know who your target market is and where they are
  • Develop an offer to attract new customers
  • Decide how you are going to communicate your offer
  • Talk to your customer when marketing – use the word “you”
  • Promote the benefit of your product or service not just the features
  • Use headlines in your advertising telling your customer what’s in it for them (WIIFM)
  • Know what is different about your business and promote this difference
  • Develop a system to show your customer that you care about them
  • Exceed the customer’s expectations…don’t just meet them
  • Develop systems to generate repeat and referral business
  • Develop systems to increase the value of each sale
  • Test everything you do… but do not bet the business on it
  • Know how much it costs to open your business each day
  • Know your breakeven sales
  • Prepare an annual cash flow and budget
  • Prepare a monthly profit and loss account and compare to budget
  • Know what your gross and net margins are
  • Know your conversion rate from enquiry to sale
  • Determine the critical success factors of your business…and measure them
  • Add value to the service you provide, rather than discount your price
  • Create a positive team environment
  • Have fun and enjoy everything you do!

 

If you would like to discuss how you can make your business a success contact terry@sullivandewing.com.au

 


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