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Consultancy

4 key elements of a successful business-2020

The elements of a successful business are infinite. Some of them are important, while others are less important. But, there are some crucial elements that may have a huge impact on your company’s potential energy. For your business to be successful you need to understand the 4 most important elements of a successful business, they are called the great 4Ps;

elements of a successful business

1. PEOPLE;

These are made up of employees, customers, and suppliers, they are important in the mix because they are the engine of the whole company, without them, there would be no company. You have to plan for each group and understand how they contribute to the overall success of the company’s goal and mission. Knowing their contribution will help you understand how to interact with each group.

Takeaways

Employees; train them to understand what part they play in the overall success of the company goals and mission, how to be customers centric, and how to deliver their best on the job.

Customers; you need to understand your customers, what they want, what they expect from you, their purchase decision-making journey, their worries and concerns, this will help you offer the best solutions or products that can satisfy and delight them.

Suppliers; you need to make sure you choose the right suppliers that will not cause a delay in your product/service delivery to customers, suppliers constitute 50% of how fast you deliver to your customers. Understanding their role in customer satisfaction will help you make important decisions.

2. PROCESS;

This is the fuel that makes the company move from one place to another, if you don’t have good systems in place, it can lead to customer complaints, unproductive employees, order delays etc.

Thus the need for systems for order process, customer complaints, work process, reporting process etc. Good systems are those that capture details of everything and track customer satisfaction, the productivity of employees, and the profitability of the business.

3. PRODUCT;

This is the driver and also one of the core elements of a successful business. It drives to the direction that it should be going, which should always be forward towards the company goal and mission. This means that the product must offer value for customers or end-users, value means it can solve problems that it’s intended to solve or it must offer intrinsic and extrinsic value for the consumers’ money.

You endeavor to build a brand that can stand out and be unique, this depends 100% on how you position your brand and design it’s key attributes that can distinguish it from other brands.

4. PROMOTION;

Even if you have the best product in the world and people don’t know about it, it would not make sense, that’s why promotion is one of the most important elements of a successful business. People have to know about you or your products in some way. They are different ways in which you can promote your company or products, some companies are scared of advertising because they think it’s very expensive but they are different ways in which you and advertise or promote your products or company for example word of mouth, using banners, social media, offering great referral discounts for customers etc.

What’s next related to the elements of a successful business?

You can simply start with:

  • Thinking about potential energy in these business elements of your business.
  • Find at least one possible improvement for all of them.
  • Implement the improvements.
  • Start all over again with the same process.

The success will not be lost!

Need help with your company’s systems or marketing needs? Read more about the marketing solutions we can offer for your business to help you reach your goals and objectives.

 

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