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What Brings Success in a Philly Business

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When an entrepreneur starts a business, he/she aims to succeed. There exist many theories that explain the secrets to success in business. Some of these arguments are misleading and cause the failure of many companies. A recent study has revealed that for every five new companies, only one remains functional by the fifth year. This research shows that majority of businesses fail at some point. The few that manage to become successful follow the following principles:

1. Experience of managers

Managers are tasked with overseeing the operations of the business. Therefore, having an inexperienced manager can be harmful to a business. A manager who is not well conversant with a particular company's operations is likely to mislead the other employees. This together with the employee experience in the business plays a crucial role in its success. It is therefore crucial for an entrepreneur to recruit a manager who has massive experience in the industry.What Brings Success in a Philly Business

2. Attitude

This is another primary factor that determines the success of the business. This defines the employee’s demeanor towards the company. For a business to succeed, the employees should have a positive attitude towards everything. At times, employees tend to give up when encountered with difficulty. This, however, proves to be a great undoing of many businesses. Success in business requires persistence and perseverance even when things are not working.

3. Product and service quality

Most companies face competition from others that offer similar products and services. For a product to remain marketable, it has to have a unique characteristic that separates it from others. This also applies to the services. Customers gauge a company based on the service delivery. Thus, high-quality service is a core factor in ensuring customer retention. It also makes it easier to draw new customers.

4. Product innovation

When a particular product is offered for an extended period, it tends to lose value. A business should continuously improve the products and services. This allows a company to remain relevant since the customer’s tastes and preferences keep changing. Most enterprises fail in this aspect.

5. Low operational costs

For a business to be profitable, the operational costs should be kept as low as possible. A company should, therefore, come up with measures to ensure that inputs are made as cheap as possible. For maximum profits, the operational costs should be kept low even when the business is generating massive profits. The costs should be regularly reviewed regularly and adjustments made accordingly. Companies that are reckless about their operational costs are highly prone to failure.

6. Good employees and supplier relation

This applies to the managers of a business. When employees are treated well, they are likely to be highly productive. It is thus crucial for the manager to manage other employees with utmost respect and professionalism. Suppliers and other business partners should also be treated with respect. The success of a business depends on all the stakeholders. If there exists a skewed relationship between the business management and the suppliers, there is an increased likelihood of failure.

7. Business location

A business should be situated in an accessible location. Clients should not experience difficulties in reaching the business premise. Clients are likely to avoid visiting shops that are located in inaccessible areas. Additionally, a business that deals with production should be located proximal to the raw materials. This helps to cut the production costs and thus to increase the profits.

 

The success of a business, therefore, depends on the above-listed factors. In all businesses, customer satisfaction should always come first. Businesses that regard customers highly remain in operation for many years. On the other hand, disgruntled customers are likely to avoid the business institution. Getting customer feedback is crucial in identifying the feelings of clients towards a product or service. An active feedback mechanism should, therefore, be initiated. When the above factors are strictly followed, the business has a significant chance of succeeding.

 

Lee Flynn is from the Wasatch Mountains near Salt Lake City, UT. After Lee spent years preparing himself, his home and his family, he decided he had to do more. In his free time, Lee helps educate those who want to do the same. Through small local workshops and articles, Lee trains and teaches others on home preparation, food storage techniques, wilderness survival and self reliance. After obtaining a bachelors degree from the University of Utah, Lee moved to the Salt Lake Valley where he now lives with his wife and daughter.

 

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