Success in business: 10 determining factors to obtain it

Success in business
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Success in business: did you know that there are 10 determining factors to obtain it?

The clearer your vision will be on these 10 elements, the better your decision-making will be; the better the results you will achieve.

Brian Tracy: A successful author and entrepreneur

Recently, I received the successful newsletter from Brian Tracy, one of the greatest motivators in the Mr. Success: Brian Tracyworld and an invaluable source of inspiration for me. I have known him for 30 years, having followed one of his personal development training courses in Montreal: “Peak Performance Training”. it was this excellent training that motivated me in 1989 to leave my well-paid job to go into business and thus live from my passion.

Obviously, I’m a fan of the author. I warmly recommend his books, conferences and audiobooks (also available on iTunes). His teachings are so powerful that I allow myself to share with you here the content that I adapted from his newsletter: the 10 determining keys to the success of his businesses.

Here are his 10 keys to success that I summarize here:

What is the purpose of your business? If you answered “Making a profit”, you are missing the point. The true raison d’être of a company consists first of all in meeting the needs of customers. Without a customer, there is no salvation!

According to Mr. Tracy, 50% of your time, effort and expense should be to grow your customer base and keep them loyal.

Customer satisfaction: the engine of growth

Have the ability to satisfy your customers to such a degree that they then demand to be served by you, and by no one other than you; to buy your products again and again; tell all their friends about it and refer you. This scenario is definitely a determining factor of growth and profitability for your company.

Make a difference in the lives of your customers

Every day, reflect on creative ways you can add value to your customer’s experience.

See every situation through the eyes of the customer (always)

The most important element of a business is its customers. He’s the one with the money in his pocket and asking for your help. He is the creator of everything Today’s customer is impatient, unfaithful, indecisive, demanding, sometimes incoherent – ​​just like you can be!

Whatever the case, the customer must be at the center of your concerns at all times and at the heart of each of your decisions.

Contribute to the success of others

The more you help people get what they want, the more success you will have with your business. It is directly proportional. Be willing to help others: whether in your business, for your customers, in your community. Become a person of precious and essential help.

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This is the most important question to ask yourself in order to solve a problem, overcome an obstacle or even achieve your goal. ” How ? Then perform the actions according to the answers you get.

Continuously improve

The business context is changing more and more rapidly and competition is coming from everywhere. From then on, you need to constantly improve in all aspects of your business and your personal life.

According to Pat Riley, a basketball coach, “If you’re not moving forward, you’re going backwards. »

“always sell more!” »

According to Dun & Bradstreet, a firm that does credit assessments, after doing a study of several thousand businesses that have closed down over the years, they came to the conclusion that the #1 reason for business failures companies was the weakness of their sales. Obviously, the #1 factor in the success of a business is the magnitude of its sales.

Diversify your sources of income

Money is a vital element in the success of a business. It is the equivalent of air and blood for the brain. You can sell a lot, but if you do so at a loss and you lack financial resources, it can quickly lead to the loss of your business. With a healthy working capital, it’s like walking on a wire, with a net under it.

Bet on a good plan

Every business should have its growth plan … and update it periodically! The plan to achieve your goals should be at the heart of your corporate activities.

The most important number in your growth plan is the one that stays at the bottom of your financial statement page: profit (income minus expenses). This is what will allow you to reinvest, support long-term growth and reward you for your efforts.

Action

Your success plan must include a number of potential customers to attract and convert into customers. Report your sales target into customers to serve. If you don’t draw up such a plan, you automatically increase the chances of stagnating and even backsliding. Growth is no accident. Your plan becomes the roadmap to success and a bright future!

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