What are the reasons why businesses succeed? If you don’t want your business to fail or you don’t want to taste failure again, you need to know, learn and understand why a business succeeds. Moreover, these knowledge, lessons and understanding should also be put into consistent practice. There are many factors why a business person triumphs and others fall short. They can be technical, professional and even personal. But to really gain wisdom that will guide you to achieving real success in business, we need to go to the roots and deeply reflect on them. We almost hear and read many reasons and stories why businesses succeed or fail. But most of them can’t just change us to become a better businessman. The reason is that we may gain knowledge from them, but we can’t have understanding and realizations on those specific facts. The following are eight reasons that will give you deep understanding on why businesses succeed.
1. They gather different business choices
Successful business owners and entrepreneurs widen and deepen their imaginations and considerations. They spend time and effort to search for more possibilities. They accumulate knowledge of different kinds of businesses so that they can pick the best among the rest. They don’t make a decision out of a narrow deliberation.
2. They analyze and test them
They also make sure that those business choices above are carefully studied, analyzed and experimented. A successful businessman is prudent and patient enough to invest time and effort just to come up with the best decision. They have diligence and due care. They aren’t hasty.
3. They chose the best business
From the analyses and tests of possible alternatives, the best business starts to appear. This is the first taste of business success. Then they select it. They choose it without hesitations. They are not coward and worried despite of the possible difficulties and hard challenges they might face in starting the best business for them to begin. They have the courage that “businessmen of failure” don’t have.
4. They make a great plan for that business
Then they make a vision for that business by creating the SMARTEST PLAN (Specific, Measurable, Achievable, Relevant, Time-bound, Enthusiastic, Scrutinized and Tested). It is also a set of strategic procedures aligned to their corresponding objectives. This plan is planted in their brain that they always get excited to know if it already grows.
That plan includes steps on how to improve the lives of people: customers, employees, the public and the business owner. It is set out to improve sales by giving value and satisfaction to customers, to increase productivity by making workers happy, to preserve its integrity by helping the community, and to develop the businessman by giving respect and honor for himself.
5. They practice that business plan
Then they do what’s in the plan. They do the steps one by one. To increase productivity and ensure quality, they hire the best people and train them. They also assure that they become worthy employers for these people by becoming a great leader and manager to them. Because of producing quality products or services, they satisfy their customers or clients. They continue to provide answers to customers’ questions and solutions to their problems. These businesses preserve their reputation and good name. It is done by doing their social responsibilities. Then these business leaders continue to learn how to develop themselves to develop others.
6. They stick on that business plan
The owners and management of these businesses are consistent. They don’t give up in times of troubles and hardships. They know how to overcome distractions, whether they are negative distractions or positive distractions. They know how to resist on appealing opportunities that are actually distractions in disguise. They stick to their game plan. They can do that because these businesses have a great value in their lives. They put so much importance that they will stand and fight for their companies in the midst of problems and woes.
7. They live on that business
Successful entrepreneurs have great business habits. They don’t just choose the right business, plan for it, perform it, and stand on it – but they also live on it. Because of their consistent practice of the right business principles, values and attitudes, they become their habits. These form their lives. They live on helping people: uplifting the welfare of their employees, improving the lives of their customers, serving the government and the public, and truly fulfilling themselves. These successful businesses have formed the lives of their owners for good. This happens because these business owners choose it, value it, understand it, fight for it, and live for it. All of these create the great power that brings their business to optimal success.
8. They share that business
Finally, successful business owners ensure that their organizations will exist perpetually. They assure that these businesses will become their legacy, which they can pass on to generations after generations. They search and train for people who will become the next leaders of their businesses. They are generous to share the successes and credits. They share the slices of success and credit to other people. Most successful companies eventually become big corporations to expand and allow other people to become co-owners. This is also to ensure that their businesses will continue to flourish and serve all of its stakeholders. The most successful business owners are great leaders who can hone another group of great leaders.
This is how and why a business succeeds. Let us reflect on them… to your success.