What Is Your Business? Four Principles To Business Success

Many entrepreneurs, businessmen and women end up in failure for one reason: they don’t know what their business is.What business are you in?This question is important because one major cause of business failure is the inability of the owner or entrepreneur to know what business he is in. Like any human endeavor, one cannot handle a business unless he knows what it is all about and what it is for.So, that is the basic question in any business strategy session. To be able to formulate business plans, implementation timetable, marketing strategy and profit objective, here are the following four principles to consider:1. In any business, regardless of what your product or service is, there’s only two areas or activities that matter: Marketing and Finance.Yes, your business is marketing, because without a market, there is no business. In providing products and services to your customers, always strive for quality products and services and go the extra mile, to earn customers’ loyalty and patronage.In addition, your business is finance, because without the money as capital you can’t generate profit. So, there must be money for investment, investment to generate sales, revenue and profit.2. In any business, strive for customer satisfaction.Why customer satisfaction is important? Because your business exists for the customers. The customers are the most important people in your organization. Without the customers, you have no reason for being.3. In any business, yours is a service business. Service is part of every contract between your business and a prospect or customer. Ultimately, service affects not only how purchasers feel about your business but also their perception of the value and quality of the products you deliver.4. In any business, good service is value added for your customer. Customers make buying decisions based on their perceptions of the product’s or service’s extra value.This is especially true when the products or services offer similar features -as is true with cars, packaged goods, bank loans, computers, grocery items. In this case, good service is the margin of extra value that exerts a positive influence on customer behavior.Therefore, to be successful in business – in any business for that matter, what is important is you are close to the customers, for they are the people who give you your revenue and profit.

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