What makes a successful business?


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


8 views

Liability limited by a scheme approved under Professional Standards Legislation.
Copyright © 2019 Sullivan Dewing Pty Ltd | All rights reserved | 387 Port Hacking Rd, South Caringbah, NSW 2229

Mon-Fri 8:30AM-5:00PM | Ph: (02) 9526 1211info@sullivandewing.com.au