What are the key points to run any business without failure?



  • AenimaAenima USA, Californiasubscriber Posts: 13 Bronze Level Member
    From my own experience... Don't take too big loans in the start, especially if you're a total newbie in this sphere. Be attentive to what you offer your customers, they should really need your production and it should be always with a good quality. Too high prices are necessary only for some certain products, customers always search for cheaper goods. Sales and marketing are always constant important parts of your business but the last one should be made professionally and don't ignore the web one! Now it's one of the most effective. Always search for ways of increasing profits.
    These ones are the most important in my opinion.
  • salenadamsalenadam Canadasubscriber Posts: 99 Silver Level Member
    The key points to run any business without failure are:

    1.Great product.
    2.Excellent resources & financial records.
    3.Excellent marketing skills.
    4.Ensure that each job function should have a current job description on file.
    5.Create Standard Operating Procedures (SOP).
    6.Develop critical factors of success for the future performance of the successor.
  • Benedicta DdcostaBenedicta Ddcosta Bangaloresubscriber Posts: 16 Bronze Level Member
    Thanks to everyone for adding your valuable point here,
    I'm also adding here the 6 Keys matrics to Start a Successful Business.
    1. Is your concept unique?
    2. Do you have barriers to entry?
    3. Choose an emerging market.
    4. You need a good network.
    5. You have to have passion.
    6. Have good credit.
    Considering these all point can lead the business successfully.
  • Helen LarsenHelen Larsen Lewes, USAsubscriber Posts: 58 Bronze Level Member

    Do your own research. You want to make sure you understand the industry you'll be involved in so you can dominate. No matter how unique you might think your business idea is, you should be aware of competitors.
    Hire help. Starting a business should not be an independent journey, no matter how tempting. Hiring help along your journey will set you up for success.
    Find out the needs of your customers. After identifying a problem in a specific industry and creating a business plan that can potentially solve it, validate the idea and business plan. It is possible to do this by picking up the phone and calling the types of potential customers who face the identified problem. 

  • Kristian GolickKristian Golick subscriber Posts: 3 Member
    If I could just add one comment to @sinGN post. All of those steps listed are 100% accurate. My only input would be to move #5 up to #2, if the steps are supposed to be taken sequentially.

    Once you find out what people actually want to buy, make massive attempts to connect with that audience, engage with that audience, become a trusted name to that audience.

    The reason I feel like this should be done before all of the other technical components of your business, is because as long as you have an audience that trusts you, you will never go out of business from lack of sales. Even if you have the most effective and efficient business strategie, you will go out of business if you don't have an audience to sell to.
  • Shirley D HallerShirley D Haller subscriber Posts: 4 Member
    This is a very broad question. Business success depends on many factors including your experience in the industry. Solid plan and implementation, managerial skills and long term vision are among the important factors to consider.
  • Tom AdamsTom Adams subscriber Posts: 70 Bronze Level Member
    The best way to avoid failure in your business is to put it to yourself in the first place, doing "homework" and becoming competent in your business - and all this BEFORE how to spend your seed money
  • Urvi KashyapUrvi Kashyap subscriber Posts: 18 Bronze Level Member
    There is just one rule to become successful in business.
    Work hard, hustle everyday as if you dont fight that day your company is gonna die and keep repeating.
    All the best
  • saravanansaravanan subscriber Posts: 389 Silver Level Member
    Goal of life
    Find out the weak stone
    Pitch deck to right people
    No to Marketing in last
    customer is the king
    Set your brand according to the competitive market
    Investors to avoid

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