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